"With more than 20 percent, Switzerland is one of the countries with the largest foreign population. Since 1970 the … of immigration policy and its goal has become very weak and the level of foreign population is at an all time high …

In Switzerland a sudden policy uncertainty shock happened in February 2014 with the close and largely unexpected … acceptance of a referendum aiming at limiting free movement of persons. The referendum requires Switzerland to reintroduce annual … important agreements between Switzerland and the European Union, and reduced expected future domestic demand for firms. This …