Money market funds globally amount to over USD 5tr of investment, and include both retail and institutional investment. They are now utilised to such an extent in certain markets that they are an accepted element of the monetary system. They have experienced almost continuous growth since inception nearly 40 years ago.
This period has included a number of economic downturns and financial market volatility and adversity, none of which had any adverse impact on money market funds. And whilst the recent financial crisis has impacted these funds, it is notable that, when the first break the buck event occurred in 1994 there was no noticeable impact on the product or financial markets more generally...
Institutional Money Market Funds Association