The Swiss National Bank (SNB) currently holds reserves of more than 40 billion CHF. In the future she wishes to increase her reserves by about 1 billion CHF per year. The new law on the SNB must be used to make the SNB behave according to the same standards as other national banks. Her reserves...

This paper critically examines the proposed new constitutional article for the Swiss National Bank. The following points are emphasised : a) The SNB distributes only a very small fraction of its profits (as compared to other national banks). b) The SNB holds an exceptionally important and...

The paper studies the profit distribution and portfolio management of the Swiss National Bank in comparison with the behavior of other European central banks.It is shown that the SNB's behavior is unique in a number of respects : Relatively to the countries size, it holds the largest gold...

The proposed new law for the Swiss National Bank attempts to establish the SNB as an entity, which is practically uncontrolled by the democratic institutions of our country. The proposal has to be fundamentally remodelled, taking into account the following principles: The more independence the...

The paper studies the profit distribution and portfolio management of the Swiss National Bank in comparison with the behavior of other European central banks. It is shown that the SNB's behavior is unique in a number of respects : Relatively to the countries size, it holds the largest gold...

We argue that there is a natural trade-off between the independence and the accountability of a central bank. Economist's emphasis on the independence aspect has contributed to creating situations, where the central banks' accountability is largely deficient. Attempts to resolve this issue by...

The Swiss National Bank (SNB) currently holds reserves of more than 40 billion CHF. In the future she wishes to increase her reserves by about 1 billion CHF per year. The new law on the SNB must be used to make the SNB behave according to the same standards as other national banks. Her reserves...

This paper studies the profit distribution of the Swiss National Bank (SNB). It is shown that the legislator clearly wanted to create a "lean" central bank, which was supposed to pay out the majority of its profits to the cantons and the federal government. The SNB has systematically avoided its...