In this paper, we estimate deseasonalized monthly series for Swiss Gross Domestic Product at constant prices of 1990 for the period 1980-1998. They are consistent with the quarterly figures estimated by the Federal Office for Economic Development and Labour and are obtained by including...

We analyze several identification frameworks based on operating procedures to measure monetary policy in a small open economy. We use a two-stage non-recursive VAR model to identify monetary shocks. We construct then various overall monetary policy indicators based on different residuals...

We estimate monetary policy rules in Switzerland for 1981-1997. In addition to an inflation gap, we find that forward-looking rules with output and exchange rate gaps nicely fit monetary aggregates as well as the call rate. We split the sample in 1990 when the Swiss National Bank replaced annual...

We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Stock returns are found to be significantly related to the degree of financial development. In general, a deeper and higher quality banking system is associated with lower volatility of stock...

We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect...

The level of financial development is an important determinant of the performance of capital markets. We examine stock returns in a cross section of emerging and mature markets (49 countries) over 1980-99. Returns in financially underdeveloped countries have been somewhat lower, but...