Have a personal or library account? Click to login

Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure

Journal of Central Banking Theory and Practice
Volume 7 (2018): Issue 1 (January 2018)
By:
Open Access
|Jan 2018

References

  1. 1. Amador, M., Bianchi, J., Bocola, L. & Perri, F. (2016). Reverse Speculative Attacks. Journal of Economic Dynamics and Control, 72, 125 - 137.10.1016/j.jedc.2016.04.005
    Search in Google ScholarBack to article
  2. 2. Baake, E., Hüning, H., Straubhaar, T., & Vöpel (2016). Die Zukunft des Schweizer Franken: Zwischen Unabhängigkeit und autonomen Nachvollzug. Hamburg Institute of International Economics, HWWI Policy Paper 97.
    Search in Google ScholarBack to article
  3. 3. Baltensperger, E. & Kugler, P. (2016). The Historical Origins of the Safe Haven Status of the Swiss Franc. Aussenwirtschaft, 67(2), 1 - 30.
    Search in Google ScholarBack to article
  4. 4. Bank of Japan (2017). Balance Sheets of the Bank of Japan and Financial Institutions. Retrieved from: http://www.stat-search.boj.or.jp/index_en.html (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  5. 5. Bernholz, P. (2015). Der ”Franken-Schock”: Die Freigabe des Schweizer Franken - wer gewinnt und wer verliert?, in: Bernholz, P., Baltensperger, E., Iselin, D., Landmann, O. & Minsch, R. (2015). ifo Schnelldienst, 68(5), 3 - 19.
    Search in Google ScholarBack to article
  6. 6. Calvo, G. & Reinhart, C. (2002). Fear of Floating. The Quarterly Journal of Economics, 117(2), 379 - 408.10.1162/003355302753650274
    Search in Google ScholarBack to article
  7. 7. Copeland, L. (2014). Exchange Rates and International Finance. Harlow: Pearson Education Limited, (6th ed.).
    Search in Google ScholarBack to article
  8. 8. Corsetti, G., Pesenti, P., & Roubini, N. (1999). What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview: Japan and the World Economy, 11(3), 305 - 373.10.1016/S0922-1425(99)00019-5
    Search in Google ScholarBack to article
  9. 9. Deutsche Bundesbank (2017). Monetary Developments and Interest Rates. Retrieved from: www.bundesbank.de/Navigation/EN/Statistics/Euro_area_aggregates/Monetary_aggregates/Tables/tabellen.html?https=1 (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  10. 10. European Central Bank (2012). Verbatim of the remarks made by Mario Draghi, 2012/07/26. Retrieved from: www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  11. 11. European Central Bank (2017). The Balance Sheets of Monetary Financial Institutions (MFIs). Retrieved from: https://www.ecb.europa.eu/stats/11money_credit_banking/mfi_balance_sheets/html/index.en.html (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  12. 12. Eurostat (2017). Quarterly National Accounts, European Commission. Retrieved from: http://ec.europa.eu/eurostat/web/national-accounts/data/database (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  13. 13. Federal Reserve Bank of St. Louis (2017). Monetary Data. Retrieved from: https://fred.stlouisfed.org (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  14. 14. Fischer, A. M. & Zurlinden, M. (1999). Exchange Rate Effects of Central Bank Interventions: An Analysis of Transaction Prices. The Economic Journal, 109(458), 662 - 676.10.1111/1468-0297.00467
    Search in Google ScholarBack to article
  15. 15. Fischer, A. M. & Zurlinden, M. (2004). Are Interventions Self Exciting? Open Economies Review, 15(3), 223 - 237.10.1023/B:OPEN.0000037698.89816.a1
    Open DOISearch in Google ScholarBack to article
  16. 16. Frenkel, M., Pierdzioch, C., & Stadtmann, G. (2004). Modeling the Intensity of Foreign Exchange Intervention Activity. Economics Letters, 85(3), 347 -351.10.1016/j.econlet.2004.03.036
    Search in Google ScholarBack to article
  17. 17. Gärtner, M.& Lutz, M. (2009). Makroökonomik flexibler und fester Wechselkurse. Berlin & Heidelberg: Springer, (4th ed.).
    Search in Google ScholarBack to article
  18. 18. Glick, R. & Hutchison, M. (2011). Currency Crisis. Federal Reserve Bank of San Francisco, Working Paper Series 2011 - 22.10.24148/wp2011-22
    Search in Google ScholarBack to article
  19. 19. Gros, D. (2016). Negative Rates and Seigniorage Turning the Central Bank Business Model upside down? The Special Case of the ECB. VoxEU, CEPS Policy Brief 344.
    Search in Google ScholarBack to article
  20. 20. Hertrich, M. & Zimmermann, H. (2015). On the Credibility of the Euro/ Swiss Franc Floor: A Financial Market Perspective (2015/03/10). Retrieved from: http://ssrn.com/abstract=2290997 (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  21. 21. Jeanne, O. (2000). Currency Crisis: A Perspective on Recent Theoretical Developments. Special Papers in International Economics, Special Papers in International Economics 20.
    Search in Google ScholarBack to article
  22. 22. Jordan, T. (2011): Braucht die Schweizerische Nationalbank Eigenkapital? Statistisch-Volkswirtschaftliche Gesellschaft Basel (2011/09/28).
    Search in Google ScholarBack to article
  23. 23. Krugman, P. R. (1979). A Model of Balance-of-Payments Crisis. Journal of Money, Credit and Banking, 11 (3), 311 - 325.10.2307/1991793
    Open DOISearch in Google ScholarBack to article
  24. 24. Krugman, P. R. (1991). Target Zones and Exchange Rate Dynamics. The Quarterly Journal of Economics, 106(3), 669 - 682.10.2307/2937922
    Search in Google ScholarBack to article
  25. 25. Landmann, O. (2015). Der ”Franken-Schock”: Die Freigabe des Schweizer Franken - wer gewinnt und wer verliert?, in: Bernholz, P., Baltensperger, E., Iselin, D., Landmann, O. & Minsch, R. (2015). ifo Schnelldienst, 68(5), 3 - 19.
    Search in Google ScholarBack to article
  26. 26. Levy-Yeyati, E., Sturzenegger, F. & Gluzmann, P. (2013): Fear of Appreciation. Journal of Development Economics, 101(1), 233 - 247.10.1016/j.jdeveco.2012.11.008
    Search in Google ScholarBack to article
  27. 27. McKinnon, R. and Pill, H. (1996). Credible Liberalizations and International Capital Flows: The ’Overborrowing Syndrome’, Financial Deregulation and Integration in East Asia, NBER-EASE, 5, 7 - 50.
    Search in Google ScholarBack to article
  28. 28. Mirkov, N., Pozdeev, I., & Söderlind, P. (2016). Toward Removal of the Swiss Franc Cap: Market Expectations and Verbal Interventions, Swiss National Bank, SNB Working Papers 2016 - 10.10.2139/ssrn.2804570
    Search in Google ScholarBack to article
  29. 29. N.N. (2015). UBS-Präsident stärkt Notenbank den Rücken, in: Handelsblatt (2015/01/21). Retrieved from: http://www.handelsblatt.com/politik/konjunktur/axel-weber-ubs-praesident-staerkt-notenbank-denruecken/11260766.html (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  30. 30. Obstfeld, M. (1986). Rational and Self-Fulfilling Balance-of-Payments Crises. The American Economic Review, 76(1), 72 - 81.
    Search in Google ScholarBack to article
  31. 31. OECD (2017). Gross Domestic Product. Retrieved from: https://data.oecd.org (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  32. 32. Pierdzioch, C. & Stadtmann, G. (2004). The Effectiveness of the Interventions of the Swiss National Bank - An Event-Study Analysis. Swiss Journal of Economics and Statistics, 140(2), 229 - 244.
    Search in Google ScholarBack to article
  33. 33. Studer-Suter, R. & Janssen, A. (2014). The Swiss Franc’s Honeymoon. Department of Economics, Working Paper University of Zürich 170.
    Search in Google ScholarBack to article
  34. 34. Swiss National Bank (2011). Swiss National Bank sets minimum exchange rate at CHF 1.20 per euro, 2011/09/06. Retrieved from: www.snb.ch/en/ifor/media/id/media_releases?dsrp_4474c485.page=10 (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  35. 35. Swiss National Bank (2014). Gold Initiative. Retrieved from: www.snb.ch/en/ifor/media/dossiers/id/media_dossiers_gold (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  36. 36. Swiss National Bank (2015). Swiss National Bank discontinues minimum exchange rate and lowers interest rate to -0.75% (2015/01/15). Retrieved from: http://www.snb.ch/en/ifor/media/id/media_releases?dsrp_4474c485.page=4, (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
  37. 37. Swiss National Bank (2017). Data Portal. Retrieved from: https://data.snb.ch/de/topics/snb#!/doc/explanations_snb#top (Accessed: 2017/02/22).
    Search in Google ScholarBack to article
DOI: https://doi.org/10.2478/jcbtp-2018-0003 | Journal eISSN: 2336-9205
Journal RSS Feed
Language: English
Page range: 43 - 57
Submitted on: Jun 12, 2017
Accepted on: Jul 10, 2017
Published on: Jan 23, 2018
Published by: Central Bank of Montenegro
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year
Keywords:
Foreign exchange market,
Swiss crisis,
UIP,
Currency crisis
Related subjects:
Business and economics,
Business management,
Business management, other

© 2018 Kristin Berthold, Georg Stadtmann, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Previous articleVolume 7 (2018): Issue 1 (January 2018)Next article