The global financial crisis triggered discussions about what factors constitute a stable mortgage finance system. This paper contributes to these discussions by empirically analysing the Swiss mortgage finance system from a macroeconomic and banking sector balance sheet perspective. Our analysis is based on a novel and near‐comprehensive data set of mortgage bond (Swiss Pfandbrief) issuances over the sample period from 1932 to 2014. The empirical results suggest that growth in the volume of the Swiss Pfandbrief does not induce more loan growth than expected given the state of the economy and that compared with other bank refinancing activities, the Swiss Pfandbrief provides a stabilising source of funding.

中文翻译：

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担保债券，贷款增长和银行融资：1932年以来的瑞士经验

全球金融危机引发了关于构成稳定抵押金融体系的因素的讨论。本文通过从宏观经济和银行业资产负债表的角度对瑞士抵押金融体系进行实证分析，为这些讨论做出了贡献。我们的分析基于1932年至2014年样本期内抵押债券（Swiss Pfandbrief）发行的新颖且几乎全面的数据集。实证结果表明，瑞士Pfandbrief数量的增长并不会导致贷款增长超过鉴于经济状况以及与其他银行再融资活动相比，瑞士法郎布雷夫提供了稳定的资金来源。