EconPapers    
Economics at your fingertips  
 

The impact of international swap lines on stock returns of banks in emerging markets

Alin Marius Andries, Andreas Fischer () and Pinar Yesin ()
Authors registered in the RePEc Author Service: Alin Marius Andrieș ()

No 2015-07, Working Papers from Swiss National Bank

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 responded 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 micro-prudential issues.

Keywords: Swap lines; foreign currency loans; bank stocks; emerging markets (search for similar items in EconPapers)
JEL-codes: F15 F21 F32 F36 G15 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk and nep-ifn
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
https://www.snb.ch/n/mmr/reference/working_paper_2 ... _paper_2015_07.n.pdf (application/pdf)

Related works:
Working Paper: The impact of international swap lines on stock returns of banks in emerging markets (2016) Downloads
Working Paper: The impact of international swap lines on stock returns of banks in emerging markets (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:snb:snbwpa:2015-07

Access Statistics for this paper

More papers in Working Papers from Swiss National Bank Contact information at EDIRC.
Bibliographic data for series maintained by Enzo Rossi ().

 
Page updated 2019-04-16
Handle: RePEc:snb:snbwpa:2015-07