Covered bonds, loan growth and bank funding: The Swiss experience since 1932

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-10-13 DOI:10.1111/infi.12380

Jonas Meuli, Thomas Nellen, Thomas Nitschka

引用次数: 1

Abstract

The global financial crisis triggered discussions about what factors constitute a stable mortgage finance system. This paper contributes to these discussions by empirically analysing the Swiss mortgage finance system from a macroeconomic and banking sector balance sheet perspective. Our analysis is based on a novel and near-comprehensive data set of mortgage bond (Swiss Pfandbrief) issuances over the sample period from 1932 to 2014. The empirical results suggest that growth in the volume of the Swiss Pfandbrief does not induce more loan growth than expected given the state of the economy and that compared with other bank refinancing activities, the Swiss Pfandbrief provides a stabilising source of funding.

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担保债券、贷款增长和银行融资:瑞士自1932年以来的经验

全球金融危机引发了关于稳定抵押贷款金融体系的构成要素的讨论。本文通过从宏观经济和银行业资产负债表的角度对瑞士抵押贷款金融体系进行实证分析，有助于这些讨论。我们的分析基于1932年至2014年样本期间抵押债券(Swiss Pfandbrief)发行的一组新颖且近乎全面的数据。实证结果表明，鉴于经济状况，瑞士Pfandbrief数量的增长并不会导致比预期更多的贷款增长，而且与其他银行再融资活动相比，瑞士Pfandbrief提供了一个稳定的资金来源。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.