of financial crises, showing that money is taken out of circulation when bank loans are paid back. This key insight is at … economy that cannot generate enough demand for its own goods and services. Financial crises result when bank lending slows … down or comes to a halt – while outstanding bank loans are still due for repayment. The mechanism is discussed in detail …

and in Geneva (Before 1848) -- Chapter 4. Free Banking and the Foundation of the Swiss National Bank (1826 … an Unstable World (1914-1945) -- Chapter 7. The Golden Age (1946-1970s) -- Chapter 8. Swiss Banking During Financial … century, how the country and its currency became a financial safe haven after World War I, the golden age of Swiss banking …

Department of Economic Analysis and Research at the Central Bank of Cyprus, and an Adjunct Lecturer at the School of Economics …