Wirtschaft im Wandel
Wirtschaft im Wandel Die Zeitschrift „Wirtschaft im Wandel“ will eine breite...
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A Note of Caution on Quantifying Banks' Recapitalization Effects
Felix Noth, Kirsten Schmidt, Lena Tonzer
Journal of Money, Credit and Banking,
Nr. 4,
2022
Abstract
Unconventional monetary policy measures like asset purchase programs aim to reduce certain securities' yield and alter financial institutions' investment behavior. These measures increase the institutions' market value of securities and add to their equity positions. We show that the extent of this recapitalization effect crucially depends on the securities' accounting and valuation methods, country-level regulation, and maturity structure. We argue that future research needs to consider these factors when quantifying banks' recapitalization effects and consequent changes in banks' lending decisions to the real sector.
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IWH European Real Estate Index
IWH European Real Estate Index Die IWH European Real Estate Database ist ein neuer...
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Das IWH auf der Jahrestagung des Vereins für Socialpolitik 2019 "30 Jahre Mauerfall" - Demokratie und Marktwirtschaft
IWH-BROWN-BAG-PANEL "Ost-West-Produktivitätslücke: Ursachen und Folgen" ...
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Reports des European Forecasting Network (EFN)
Reports des European Forecasting Network (EFN) Das European Forecasting Network...
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Arbeitspapiere
Active Driver or Passive Victim - On the Role of International Monetary Policy Transmission ...
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Brown Bag Seminar
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Speed Projects
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Monetary Policy through Exchange Rate Pegs: The Removal of the Swiss Franc-Euro Floor and Stock Price Reactions
Gregor von Schweinitz, Lena Tonzer, Manuel Buchholz
International Review of Finance,
Nr. 4,
2021
Abstract
The Swiss National Bank abolished the exchange rate floor versus the Euro in January 2015. Using a synthetic matching framework, we analyze the impact of this unexpected (and therefore exogenous) policy change on the stock market. The results reveal a significant level shift (decline) in asset prices following the discontinuation of the minimum exchange rate. As a novel finding in the literature, we document that the exchange‐rate elasticity of Swiss asset prices is around −0.75. Differentiating between sectors of the Swiss economy, we find that the industrial, financial and consumer goods sectors are most strongly affected by the abolition of the minimum exchange rate.
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