Will asset managers dash for cash? : implications for central banks / David A. Cimon, Jean-Philippe Dion, Jean-Sébastien Fontaine, Jabir Sandhu. : FB3-6/2025-5E-PDF

"In times of stress, if the potential demand from asset managers for market liquidity approaches or exceeds dealers’ ability to intermediate, it could lead to a precautionary but disruptive dash for cash and may lead central banks to intervene. If the likelihood of such a dash for cash increases in the future, central banks may wish to consider enhancing their tool kits to provide asset managers with greater access to cash-like assets, regardless of dealers’ capacity to intermediate, while managing moral hazard and asset managers’ expectations of support from central banks in a crisis"--Abstract, page ii.

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