化解货币市场基金风险需要妥协

Money market funds have been an unambiguous benefit to both individual and institutional investors, as well as to non-financial corporations and municipalities in need of short-run financing.

一直以来，投资货币市场基金令个人投资者、机构投资者以及需要短期融资的非金融类企业和市政当局都得到了实实在在的好处。

But now the very existence of the $2.6tn money fund industry is under attack. Both present Federal Reserve chairman Ben Bernanke and former chairman Paul Volcker have called for stronger oversight of money funds because of their destabilising potential. And Treasury Secretary Timothy Geithner recently urged the Financial Stability Oversight Council to push forward new rules to rein in the industry as essential for financial stability.

但对于资产规模高达2.6万亿美元的货币市场基金行业而言，其最基本的生存空间目前正遭到挑战。美联储(Federal Reserve)现任主席本·伯南克(Ben Bernanke)和前任主席保罗·沃尔克(Paul Volcker)都呼吁加强对货币基金的监管，因其可能引发金融市场动荡。近日美国财长蒂姆·盖特纳(Timothy Geithner)则敦促金融稳定监督委员会(Financial Stability Oversight Council)抓紧制定针对货币基金行业的监管新规，以管理好这个对金融体系稳定至关重要的行业。

Some history will illustrate the potential problem posed by money funds. Four years ago the US Treasury took the unprecedented step of guaranteeing the value of money funds to stop a run on the industry and a potential disruption of the ability of non-financial corporations to finance their short-term needs.

有一段历史或能揭示货币市场基金带来的潜在风险。四年前，美国财政部前所未有地为货币市场基金的资产价值提供担保，以防止其遭遇集中赎回，进而影响非金融类企业获得短期融资的能力。

The run began when the Reserve Primary Fund, the first US money market fund, “broke the buck in falling to 97 cents after suffering large losses from the holdings of Lehman Brothers and other risky paper. The resulting investor anxiety led to billions of dollars of outflows from money funds that were only stemmed when the Treasury announced a temporary guarantee of the $1 net asset value for all funds that paid a fee to participate in the programme.

引发集中赎回的导火索是Reserve Primary基金的每单位资产净值跌至97美分，跌破了1美元的票面价值，因该基金所持雷曼兄弟以及其他风险票据发生了重大损失。Reserve Primary是美国第一家货币市场基金。该事件引发了投资者的焦虑情绪，并导致数十亿美元资金流出了货币市场基金。赎回风潮直到美国财政部公布了一项临时担保计划方才得到遏制，财政部将担保所有付费参与该计划基金的单位资产净值不低于1美元。

The guarantee was designed to stop the run that certain institutional money funds were experiencing and to stem the potential disruptions that could result if non-financial corporations and municipalities were unable to finance their short-term needs. While it would be wrong to generalise too much from this example (a small money fund broke the buck in 1994 without triggering a big panic), money market funds are certainly a critically important component of the short-term credit markets.

该担保计划旨在遏止某些货币市场基金遭遇的集中赎回冲击，并根除非金融类企业和市政当局无法获得短期融资而可能引发的市场动荡。在该案例的基础上过度引申并不恰当（1994年某小型货币市场基金的单位资产净值也曾跌破1美元，不过并未引发严重的市场恐慌），货币市场基金确实是短期信贷市场极为重要的组成部分。

One regulatory proposal to deal with money market funds, originally suggested by Mary Schapiro, chairman of the Securities and Exchange Commission, is for the funds to adopt variable pricing. Unfortunately, a fluctuating NAV would severely diminish the attractiveness of money funds and may even have the unintended consequence of making the potential problem of runs worse.

有一项针对货币市场基金的监管提议是引入可变定价法，最初由美国证交会(SEC)主席玛丽·夏皮罗(Mary Schapiro)提出。但资产净值(NAV)的浮动将显著降低货币市场基金的吸引力，甚至可能意外地加剧集中赎回的潜在风险。

Individuals would be less inclined to use these funds as chequing account repositories for a forthcoming college tuition payment, for example, if they were uncertain what the value of their account would be when the tuition payment was due. Institutional investors are also likely to find a vehicle that provides a fluctuating value unattractive.

以未来需要支付大学学费的个人投资者为例，引入可变定价法将导致个人将支票账户余额存入货币市场基金的意愿降低，因为他们无法预知需要支付学费时基金账户的资产价值究竟是多少。机构投资者同样也可能认为价值浮动的投资工具缺乏吸引力。

The unintended consequences of a regulatory requirement to shift to floating NAVs need also to be considered. Runs on money market funds could be even more likely if investors become more sensitive to fluctuating prices. So-called “ultra short investment funds with floating prices experienced substantial outflows during the financial crisis. Floating NAVs would not make money funds more robust during adverse liquidity conditions. And the shifting of money fund deposits to banks could increase systemic risks by making too-big-to-fail institutions even larger. Shifting money fund assets offshore to the unregulated sector would also be undesirable.

切换至浮动资产净值的监管要求可能引发的后果也值得考虑。如果投资者对资产净值浮动变得更为敏感，货币市场基金遭遇集中赎回的可能性甚至将会增大。金融危机期间，所谓的“极短期浮动定价投资基金领域发生了大规模资本外流。浮动资产净值无助于使货币市场基金在不利的流动性条件下变得更加稳剑储蓄资金从货币市场基金流入银行，可能使这些本已“大而不倒的机构变得更为庞大，进而增大系统风险。货币市场基金的资产转移至不受监管的离岸市场也将带来不良影响。

If the SEC’s proposals are not the answer, what changes can be made to make the system more stable? One route suggested by Mr Volcker is to make money fund deposits equivalent to bank deposits, with deposit insurance and all the regulations that would go with it. I doubt the benefits would exceed the costs of that strategy; there are easier ways to make the system less vulnerable.

如果美国证交会的提议都不能解决问题，那么还能采取哪些措施以增强金融体系的稳定性呢？保罗·沃尔克(Paul Volcker)的办法是将货币市场基金纳入存款保险覆盖范畴，并施行与之相关的所有监管法规，使其等同于银行存款。我怀疑这种做法的收益能否大于成本；增强金融体系的稳定性还有其他更简单易行的办法。

For example, the liquidity, duration, and quality standards for money funds could be further strengthened. The SEC made progress in 2010 in establishing minimum requirements, and these could be used as a framework for further discussion.

例如，可以进一步提升货币市场基金资产的流动性、久期以及质量标准。2010年，美国证交会在制定资产质量最低要求方面取得了进展，这可以为更深入的讨论提供一个框架。

Another idea is to establish “circuit breakers that take the form of standby liquidity fees on redemptions. For example, liquidity fees could be imposed if a fund’s liquidity fell below a prescribed weekly level.

另一个办法是对赎回征收备用流动性费用，以此建立“断路器机制。例如，一旦一家货币市场基金的流动性水平跌至预先设定的周平均水平以下，就可以征收流动性费用。

The opportunity now presents itself for the money market fund industry and financial regulators to come back to the table to discuss viable alternative solutions. While a compromise should be based on give and take, neither side should abandon fundamental principles.

对于货币市场基金行业和金融监管当局而言，当前正是回到谈判桌旁探讨其他可行解决方案的大好时机。虽然双方彼此都做出让步才能达成妥协，但任何一方都不应抛弃基本原则。

For the industry, the principles should be based on maintaining a stable, safe, and convenient financial vehicle for their investors. For the regulators, the principles centre on ensuring financial stability. Surely there must be a common ground solution that preserves the product and protects markets.

对于货币市场基金行业来说，其基本原则应基于向投资者提供稳舰安全、便捷的金融工具。对于监管当局来说，其基本原则应以保证金融体系的稳定性为中心。因此，双方一定能基于各自原则中的共同点，找出既能促进货币市场基金发展又能保持金融体系稳定的解决方案。

Burton Malkiel is the author of: ‘A Random Walk Down Wall Street’

本文作者著有《漫步华尔街》(A Random Walk down Wall Street)一书