| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11167 |
| DP11167 The impact of international swap lines on stock returns of banks in emerging markets | |
| Andreas Fischer; Pınar Yeşin | |
| 发表日期 | 2016-03-14 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | 2015 Abstract This paper investigates the impact of international swap lines on stock returns using data from banks in emerging markets. The analysis shows that swap lines by the Swiss National Bank (SNB) had a positive impact on bank stocks in Central and Eastern Europe. It then highlights the importance of individual bank characteristics in identifying the impact of swap lines on bank stocks. Bank-level evidence suggests that stock prices of local and less-well capitalized banks as well as banks with high foreign currency exposures and high reliance on short-term funding responded more strongly to SNB swap lines. This new evidence is consistent with the view that swap lines not only enhanced market liquidity but also reduced risks associated with associated with micro-prudential issues. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | International swap lines Foreign currency loans Emerging markets |
| URL | https://cepr.org/publications/dp11167 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539984 |
| 推荐引用方式 GB/T 7714 | Andreas Fischer,Pınar Yeşin. DP11167 The impact of international swap lines on stock returns of banks in emerging markets. 2016. |
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