• Adi Sunderam


Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds. Adi Sunderam, December 24, 2013, Paper. "We document frictions in money market mutual fund lending that lead to the transmission of distress across borrowers. Using novel security-level holdings data, we show that funds with exposure to Eurozone banks suffered large outflows in mid-2011. These outflows had significant spillovers: non-European issuers relying on such funds raised less short-term debt financing. Issuer characteristics do not explain the results..." Link Verified October 12, 2014