Financial sector rescue programs: Domestic and cross border effects
评估奥地利在全球金融危机后采取的金融稳定措施，发现资本重组和公共担保能缓解国内外金融市场压力，但存在风险转移效应削弱其效力，且政策公告本身即能缓解市场压力。
We assess the effectiveness of the financial sector stabilisation measures taken by the Austrian authorities in the wake of the global financial crisis. Employing an event study methodology, we evaluate domestic and cross-border effects involving Central, Eastern and South-eastern European economies. We identify recapitalisations and public guarantees as the most effective sovereign interventions. Both mitigate financial market stress at home and abroad. However, a risk-shifting effect emerges at the sovereign’s expense which undermines their effectiveness relative to monetary policy interventions. Moreover, in complement to the actual implementation, the mere announcement of interventions already mitigates financial market stress, underscoring the extent of policy credibility.