Evidence on the international financial spillovers of the New York Bankers' Panic of 1907

Thomas Nitschka

No 2024-07, Working Papers from Swiss National Bank

Abstract: Using a unique dataset of daily returns on all Swiss stocks traded on the Zurich exchange, I use event study methods to show that the New York Bankers' Panic of 1907 affected foreign stock markets earlier than previous studies of the international spillovers of this crisis suggest. Moreover, the spillovers were confined to banks' stocks and did not significantly influence returns on Swiss firms' stocks from other sectors. Key events, such as the news about the bankruptcy of the Knickerbocker Trust or announcements of the Bank of England, coincided with significant abnormal daily returns on Swiss banks' stocks.

Keywords: Banks; Crisis; International spillover; Panic of 1907; Stocks (search for similar items in EconPapers)
JEL-codes: G15 G21 N20 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2024
New Economics Papers: this item is included in nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:snb:snbwpa:2024-07

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