担保债券、贷款增长和银行融资:瑞士自1932年以来的经验

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2020-10-13 DOI:10.1111/infi.12380

Jonas Meuli, Thomas Nellen, Thomas Nitschka

{"title":"担保债券、贷款增长和银行融资:瑞士自1932年以来的经验","authors":"Jonas Meuli, Thomas Nellen, Thomas Nitschka","doi":"10.1111/infi.12380","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 1","pages":"77-94"},"PeriodicalIF":1.3000,"publicationDate":"2020-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12380","citationCount":"1","resultStr":"{\"title\":\"Covered bonds, loan growth and bank funding: The Swiss experience since 1932\",\"authors\":\"Jonas Meuli, Thomas Nellen, Thomas Nitschka\",\"doi\":\"10.1111/infi.12380\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>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.</p>\",\"PeriodicalId\":46336,\"journal\":{\"name\":\"International Finance\",\"volume\":\"24 1\",\"pages\":\"77-94\"},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2020-10-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1111/infi.12380\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/infi.12380\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/infi.12380","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 1

摘要

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。

查看原文本刊更多论文

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

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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.