Raise liquidity rule for property funds – Buba
A new paper looks at data on the liquidity stance of open-ended real estate funds in Germany from 1993 to 2007, a sector less regulated than the banking sector.
The authors find that in non-crisis periods a fund's outflows are driven by past performance and liquidity ratio. Yet in a crisis investors only respond to the likelihood that a liquidity shortage could impact their ability to withdraw from the fund, no past performance.
A higher regulatory liquidity ratio would, the authors contend,
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