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

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  • Dr. Thomas Nitschka

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.

Suggested Citation

  • Dr. Thomas Nitschka, 2024. "Evidence on the international financial spillovers of the New York Bankers' Panic of 1907," Working Papers 2024-07, Swiss National Bank.
    • Handle: RePEc:snb:snbwpa:2024-07
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    File URL: https://www.snb.ch/en/publications/research/working-papers/2024/working_paper_2024_07
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    More about this item

    Keywords

    Banks; Crisis; International spillover; Panic of 1907; Stocks;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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