Securitisation, loan growth and bank funding: the Swiss experience since 1932
Jonas Meuli, Dr. Thomas Nellen and Dr. Thomas Nitschka
E43, E44, E51, G12, G21, G23, N24
Securitisation, covered bonds, mortgage loans, bank balance sheet management, business cycles, financial cycle, financial stability
This paper empirically analyses securitisation in Switzerland from a macroeconomic and bank balance sheet perspective based on a novel and near-comprehensive data set on a specific form of securitisation over the sample period from 1932 to 2014. The Swiss Pfandbrief is a distinct covered bond with a similar institutional framework as the U.S. Federal Home Loan Bank System.