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

被引：0

作者：

Meuli, Jonas ^{[1
]}

Nellen, Thomas ^{[2
]}

Nitschka, Thomas ^{[2
]}

机构：

[1] Pricenow AG, Reichenbach, Switzerland

[2] Swiss Natl Bank, Borsenstr 15, CH-8022 Zurich, Switzerland

来源：

INTERNATIONAL FINANCE | 2021年 / 24卷 / 01期

关键词：

bank balance sheet management; business cycles; covered bonds; financial stability; mortgage finance system; COINTEGRATION; CRISES;

D O I：

10.1111/infi.12380

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：77 / 94

页数：18