This paper provides a model of systemic panic among financial institutions with heterogeneous fragilities. Concerns about potential spillovers from each other generate strategic interaction among institutions, triggering a preemption game in which one tries to exit the market before the others...

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong

Remarks by President Dudley at the Foreign Policy Association Corporate Dinner, New York City.

Remarks hosted by the Institute of Regulation & Risk North Asia, Tokyo, Japan.

This paper introduces a proposal for money market fund (MMF) reform that could mitigate systemic risks arising from these funds by protecting shareholders, such as retail investors, who do not redeem quickly from distressed funds. Our proposal would require that a small fraction of each MMF...