Less is studied about the determinants of the impact of banking crises on the recovery speed of financial markets. In this paper, based on the members from Asian Infrastructure Investment Bank (AIIB), we measure the recovery speed of financial markets from banking crises by financial stress index (FSI). Then the Kaplan-Meier (K-M) survival analysis methodology is applied to depict the stylized features of the recovery speed of financial markets. Further, the Cox proportional hazards model is introduced to investigate the effect of a variety of influencing factors on the recovery speed of financial markets from banking crises. The results indicate that certain factors, such as stationary macroeconomic environment, sound government finance, stable exchange rate regime, moderately open financial market, global financial market with high panic prior to banking crises, and expansionary monetary policy with the price rule after banking crises, contribute to fast recovery of financial markets.

中文翻译：

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如何解释金融市场从银行危机中恢复的速度？

关于银行业危机对金融市场复苏速度影响的决定因素研究较少。本文以亚洲基础设施投资银行（AIIB）成员为基础，通过金融压力指数（FSI）来衡量金融市场从银行业危机中恢复的速度。然后应用Kaplan-Meier（KM）生存分析方法来描绘金融市场复苏速度的程式化特征。进一步引入Cox比例风险模型来考察多种影响因素对金融市场从银行业危机中恢复速度的影响。研究结果表明，宏观经济环境平稳、政府财政稳健、汇率制度稳定、金融市场适度开放、银行业危机前全球金融市场恐慌程度较高、银行业危机后以价格为主导的扩张性货币政策等因素，促进金融市场快速复苏。