Determinants of municipal loan spreads: empirical evidence from Switzerland

被引：0
作者：
Sigrist F. [1 ]
Köchli P. [1 ]
Lengwiler C. [1 ]
机构：
[1] Institute of Financial Services Zug (IFZ), Lucerne University of Applied Sciences, Grafenauweg 10, Zug
来源：
Financial Markets and Portfolio Management | 2018年 / 32卷 / 2期
关键词：
Bail out; Credit risk; Fiscal policy; Government debt; Interest rates; Regional public finances;
D O I：
10.1007/s11408-018-0307-6
中图分类号：
学科分类号：
摘要：
This is the first study to investigate the determinants of risk premia paid by Swiss municipalities in the German-speaking part of Switzerland. This paper draws on a unique data set for Swiss municipalities collected during four surveys. Our results show that fiscal soundness has almost no impact on risk premia and that the introduction of a no-bailout policy did not result in higher spreads. On the other hand, investors’ general risk aversion, as well as interest rate levels, are strongly related to spread levels. © 2018, Swiss Society for Financial Market Research.
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页码：143 / 166
页数：23
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