Suchergebnisse

This paper provides an econometric analysis of the short-run impact of SNB sight deposits mainly created by intervention on the Swiss franc exchange rate covering the period January 2015 to June 2018 using weekly data. Our model includes both the exchange rate of the Swiss franc against euro and dollar and uses the plausible assumption that foreign interest rates and the euro-dollar exchange rate are exogenous. Besides sight, deposits we include interest rate differentials for 2- and 10-year government bonds, and some exogenous exchange rate determinants. GMM estimation indicates that a one percent increase in the sight deposits leads leads to a 0.41 percent appreciation of the Swiss franc against euro and dollar. ; revised May 2020

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 assumption that foreign interest rates and the euro-dollar exchange rate are exogenous. In addition, we consider not only money market interest differentials, but also those for 2 and 10 year governments bonds. GMM estimation indicates that a one-percentage point increase in the 3-month Swiss franc Libor rate leads to a 3.7 % appreciation of the Swiss franc against euro and dollar. This result seems to be robust with respect to considering only increasing or decreasing interest rates and omitting data around SNB target band adjustments. Our findings appear reasonable and are between the extremely low and high estimates of the impact of Swiss interest rate changes on the exchange rate reported in the literature.

Cover -- Hinweis zum Urheberrecht -- Titel -- Impressum -- Inhaltsverzeichnis -- Vorwort -- 1 Warum Sie dieses Buch lesen sollten -- 2 Kontakt -- 2.1 Kontaktformen -- 2.1.1 Haptischer Kontakt zu Menschen, Tieren und Gegenständen ohne emotionale Komponente -- 2.1.2 Haptischer Kontakt zu Menschen, Tieren und Gegenständen mit emotionaler Komponente -- 2.1.3 Emotionaler Kontakt ohne haptische Komponente -- 2.2 Kontaktaufnahmearten -- 2.2.1 Die Kontaktaufnahmeart »verbal« - Thorsten Otto im Interview -- 2.2.2 Die Kontaktaufnahmeart »nonverbal« - Andreas Luthe im Interview -- 2.2.3 Die Kontaktaufnahmeart »physisch« - Florian Lechner und Kerstin Klink im Interview -- 2.3 Extremformen des Kontakts -- 2.3.1 Hochsensibilität -- 2.3.2 Narzissmus -- 3 Kontakt ist nur ein Gefühl - unsere Definition von »Kontakt« -- 4 Das Kontaktmodell nach Kugler/Gatt -- 4.1 Die Stufen der Kontaktqualität -- 4.1.1 Kontaktfähigkeit -- 4.1.2 Kontaktbereitschaft -- 4.1.3 Kontaktfreude -- 4.1.4 Kontaktunfähigkeit und Kontaktzwang -- 4.2 Ihre Kontaktqualität -- 4.3 Unser Kontaktmodell im Detail -- 4.4 Das Prinzip der Stimmigkeit -- 4.5 Das Kontaktmodell als Grundlage oder Bestandteil bekannter Modelle -- 4.5.1 Bindungstheorie/Bindungstheorie nach John Bowlby -- 4.5.2 Die vier Seiten einer Nachricht nach Friedemann Schulz von Thun -- 4.5.3 Das Riemann-Thomann-Modell -- 4.5.4 Das Johari-Fenster nach Joseph Luft und Harry Ingham -- 4.5.5 Distanzzonen nach Edward Hall -- 4.5.6 Die fünf (Dys)funktionen eines Teams nach Patrick Lencioni -- 4.5.7 Die vier Phasen eines Teams - Tuckmans Teamuhr -- 4.5.8 Grundbedürfnisse nach Klaus Grawe -- 5 Human Resources und Unternehmensentwicklung - das Kontaktmodell in der Praxis -- 5.1 Allgemeine Anwendung unseres Modells -- 5.2 Human Resources -- 5.2.1 Personalmarketing -- 5.2.2 Recruiting -- 5.2.3 Personalentwicklung -- 5.3 Unternehmensentwicklung.

This book describes the remarkable path which led to the Swiss Franc becoming the strong international currency that it is today. Ernst Baltensperger and Peter Kugler use Swiss monetary history to provide valuable insights into a number of issues concerning the organization and development of monetary institutions and currency that shaped the structure of financial markets and affected the economic course of a country in important ways. They investigate a number of topics, including the functioning of a world without a central bank, the role of competition and monopoly in money and banking, the functioning of monetary unions, monetary policy of small open economies under fixed and flexible exchange rates, the stability of money demand and supply under different monetary regimes, and the monetary and macroeconomic effects of Swiss Banking and Finance. Swiss Monetary History since the Early 19th Century illustrates the value of monetary history for understanding financial markets and macroeconomics today

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 benefits of substantially higher capital requirements using empirical evidence on Swiss banks to assess both benefits and costs. The analysis yields two main conclusions. The long-run economic benefits of higher capital requirements are substantial for the Swiss economy leading to a significantly lower probability of banking crises and associated expected losses. In contrast the costs of higher capital requirements as reflected in increased lending spreads and potential output reductions are literally non-existent.

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 benefits of substantially higher capital requirements using empirical evidence on Swiss banks to assess both benefits and costs. The analysis yields two main conclusions. The long-run economic benefits of higher capital requirements are substantial for the Swiss economy leading to a significantly lower probability of banking crises and associated expected losses. In contrast the costs of higher capital requirements as reflected in increased lending spreads and potential output reductions are literally non-existent. As an aside we note that the cyclical component of leverage is a major driver of leverage in the banking sector. This suggests that macro-prudential measures such as the countercyclical buffer could be an important tool against the build-up of systemic banking crises.

We analyze the relationship between M3 growth and inflation within an error correction framework including also the output gap, the 3‐mo EURIBOR, and the 10‐yr government bond yield. We find robust cointegration between money growth and inflation. Shocks in M3 growth account for up to 30% of the inflation forecast error variance, while the effects of output gap and interest rate shocks are mainly transitory. Significantly different dynamics are found during periods at the end of the seventies and beginning of the eighties when interest rate and inflation rate levels were high and real money growth decreasing. (JEL C32, E31, E41)

Current research suggests that the crime‐combating instrument sentence probability is more effective than sentence severity. However, the focus of the simultaneous (or very short‐run) impact of the law enforcement policy on crime impedes a comparison of these two instruments with respect to their long‐term effectiveness. With Swiss data, this article investigates the dynamic interrelationships between enforcement policy and crime and finds that overall, sentence severity is about the same effective as sentence probability. Furthermore, the authors show how the VAR‐modeling technique can be exploited to conveniently distinguish between deterrence and incapacitation effects. More concrete recommendations toward a cost‐effective crime‐reduction policy can be derived. (JEL C32, K42)

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 currency. A decomposition of return differentials into deviations from uncovered interest rate parity and deviations from purchasing power parity reveals that the former contributes most to the puzzle. Two implications follow from these stylized facts: (i) since the puzzle is present in Euro Deposit rates it cannot be due to local factors such as banking secrecy, and (ii) solutions to the puzzle have to provide an explanation for a long run failure of uncovered interest rate parity rather than for real appreciation. Historical evidence is presented that suggests the puzzle may be attributed to a reverse peso problem. The paper discusses the consequences of this interpretation for Swiss monetary and exchange rate policy. ; Diese Arbeit leistet einen Beitrag zu der Debatte über das Rätsel ?Zinsinsel Schweiz? indem es stilisierte Fakten über die Natur dieses Rätsels dokumentiert. Als erstes wird aufgezeigt, dass die langfristigen realen Erträge auf Schweizer Euro Einlagen deutlich niedriger waren als in anderen Hauptwährungen. Eine Zerlegung der Ertragsunterschiede in Abweichungen von der ungedeckten Zinsparität und Abweichungen von Kaufkraftparität enthüllt, dass der erste Faktor den Hauptanteil am Rätsel trägt. Zwei Folgerungen ergeben sich daraus: (i) nachdem sich dieses Rätsel in Euro Einlagen zeigt, kann es nicht durch nationale Eigenschaften wie z.B. das Bankgeheimnis verursacht werden, und (ii) Lösungen für dieses Rätsel müssen eine Erklärung für das langfristige Versagen der ungedeckten Zinsparität liefern und nicht für die reale Wertsteigerung. Aufgrund von historischen Datenreihen folgern wir, dass das Rätsel auf ein ?Peso Problem? zurückzuführen ist und diskutieren die Konsequenzen für die schweizerische Geld- und Wechselkurspolitik.