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So far the discussion in Switzerland about the social costs and benefits of higher capital requirements resulting from the new Basel III Accord and the Swiss Too Big To Fail legislation has been heavily qualitative. This paper provides a quantitative view and estimates the long-run costs and...
Persistent link: https://www.econbiz.de/10011390676
This paper contributes to the debate about the puzzle of the Swiss Interest Rate Island. It starts out by establishing some stylized facts about the nature of the puzzle. First it shows that long run real returns on Swiss Euro Deposits have been significantly lower than in any other major...
Persistent link: https://www.econbiz.de/10009442379
The analysis of a quarterly panel of ten countries covering 75 percent of the worldwide opera performances through the years 2014 to 2018 showed that the number of performances depend positively on growth and strongly negatively on unexpected inflation. Furthermore, highly significant country...
Persistent link: https://www.econbiz.de/10012140916
Persistent link: https://www.econbiz.de/10012434979
An empirical analysis of international interest rates and of the behavior of the exchange rate of the Swiss franc since 1850 leads to the conclusion that World War I marks the origin of the strong currency and safe haven status of the Swiss franc. Before World War I, interest rates point to a...
Persistent link: https://www.econbiz.de/10012435213
The econometric analysis of a panel of currencies after the transition to flexible exchange rates indicates that the real exchange rate of the Swiss franc against six major currencies is trend stationary and that the elasticity of the nominal exchange rate with respect to the relative price...
Persistent link: https://www.econbiz.de/10012435232
Ten years after the worst financial crisis of the post-war period, Switzerland has established a Too-Big-To-Fail (TBTF) framework. Under this framework, the two large Swiss banks are subject to substantial capital requirements. It is not obvious whether the TBTF capital requirements are...
Persistent link: https://www.econbiz.de/10013205746
This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also...
Persistent link: https://www.econbiz.de/10013205750
This paper characterizes the relationship between monetary aggregates, inflation and economic activity in Switzerland since the mid-1970s. Traditional forms of money demand and quantity theory relationships have remained stable over the whole period. Broad money excesses over trend values,...
Persistent link: https://www.econbiz.de/10013205818
This paper provides an econometric analysis of the short-run impact of interest rates on the Swiss franc exchange rate covering the period January 2001 to June 2011 using daily data. Our model includes both the exchange rate of the Swiss franc against euro and dollar and uses the plausible...
Persistent link: https://www.econbiz.de/10012614644