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The impact of the European sovereign debt crisis on the recovering from the financial crisis: Equity returns of the banking sector
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Resumo(s)
This paper analyses, through a dynamic panel data model, the impact of the Financial and the European Debt crisis on the equity returns of the banking system. The model is also extended to specifically investigate the impact on countries who received rescue packages. The sample under analysis considers eleven countries from January 2006 to June 2013. The main conclusion is that there was in fact a structural change in banks’ excess returns due to the outbreak of the European Debt Crisis, when stock markets were still recovering from the Financial Crisis of 2008.
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Palavras-chave
Bank returns European sovereign debt crisis Panel model estimation