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Europe > Switzerland

You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
Macroprudential policy intervention; revaluation loss; stress test scenario; D. policy implication; equity investment; B. natural gas reliance in Switzerland; Mortgages; Natural gas sector; Exchange rate revaluation; Foreign assets; International investment position; Global; Europe
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
D. policy implication; policies equity; liquidity gap; liquidity shortfall; solvency risk; Housing prices; Foreign assets; Pension spending; Retirement; Global financial crisis of 2008-2009; Global; Europe
Cover Policy Papers
New Common Evaluation Framework for IMF Capacity Development
International Monetary Fund
new common evaluation framework for the Fund’s capacity development (CD) activities. The new common evaluation framework is intended to streamline current practices and increase comparability and use of results by adopting for all CD evaluations a common four-step process that includes use of the OECD Development Assistance Committee (DAC) evaluation criteria. Around this common approach, there is flexibility to adapt evaluations to reflect the wide range of CD activities. Key elements of the framework are grouped around the objectives of: producing shorter, more focused, and more comparable evaluations; improving the information supporting evaluations;spending the same level of resources on evaluations while allocating these scarce resources more efficiently; and using the information from evaluations to alter practices or shift the targeting of CD resources.
Keywords:
PP; evaluation framework; evaluation work plan; Fund training evaluation; a bit of TA evaluation; course test; self-assessment evaluation; DAC evaluation criteria; TA project; evaluation summary; evaluation resource; Data collection; Development strategy; Public expenditure review; External balance assessment (EBA); Early warning systems
Cover Policy Papers
2016 External Sector Report - Individual Economy Assessments
International Monetary Fund
The external sector assessments use a wide range of methods, including the External Balance Assessment (EBA) developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (see Annex I of the 2015 External Sector Report, also IMF Working Paper WP/13/272 for a complete description of the EBA methodology). In all cases, the overall assessment is based on the judgment of IMF staff drawing on the inputs provided by these model estimates and other analysis and the estimates are subject to uncertainty. The assessments discuss a broad range of external indicators: the current account, the real effective exchange rate, capital and financial accounts flows and measures, FX intervention and reserves and the foreign asset or liability position. The individual economy assessments are discussed with the respective authorities as a part of bilateral surveillance.
Keywords:
PP; CA gap; U.S. dollar; trade balance; CA deficit; liability position; short-term debt; nominal GDP; fiscal policy; floating exchange rate; terms of trade; Real effective exchange rates; Current account; External balance assessment (EBA); Global; Africa
Cover Departmental Papers
External Assessments in Special Cases
Anna Ter-Martirosyan
,
Ms. Sally Chen
,
Mr. Lawrence Dwight
,
Ms. Mwanza Nkusu
,
Mr. Mehdi Raissi
, and
Ms. Ashleigh Watson
External Assessments in Special Cases presents the pilot External Balances Assessment methodology developed by IMF staff for estimating current account and exchange rate gaps for a group of advanced and emerging market economies, and discusses modifications to take account of special cases. Different approaches to external assessments for countries with special circumstances are evaluated, and some tools presented that could be used to inform sound judgment on the part of those conducting such assessments.
Keywords:
DPPP; DP; exchange rate assessment; CGER method; CA balance; misalignment estimate; IMF staff calculation; assessment toolkit; IMF country team; exchange rate gap; Exchange rate assessments; Exchange rates; Income; External balance assessment (EBA); Global; Middle East; Central Asia; Sub-Saharan Africa; East Asia; pilot External Balances Assessment; IMF risk analysis; open economy; assessment method; EBA methodology; Remittances
Cover IMF Working Papers
The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, official reserves, and external debt. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories that account for this discrepancy.
Keywords:
WP; portfolio equity liability; cumulated portfolio equity outflow; liability position; portfolio equity inflow
Cover IMF Working Papers
Financial Globalization and Exchange Rates
Mr. Gian M Milesi-Ferretti
and
Mr. Philip R. Lane
The founders of the Bretton Woods System 60 years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In particular, large gross cross-holdings of foreign assets and liabilities mean that the valuation channel of exchange rate adjustment has grown in importance, relative to the traditional trade balance channel. Accordingly, this paper empirically explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy implications.
Keywords:
WP; U.S. dollar; exchange rate; trade balance
Cover IMF Staff Country Reports
Switzerland: Selected Issues and Statistical Appendix
International Monetary Fund
The Swiss banking system is characterized by a two-tier structure. The first tier is composed of the two large banks and some smaller banks focused on private banking, all of which have a significant international presence. These banks represent, so to speak, the “international face” of the Swiss banks. They are mostly joint-stock companies or privately owned (unlimited personal liability). The second tier is composed of a varied group of banks, mostly focused on domestic, or even regional, business.
Keywords:
ISCR; CR; asset; bank; cantonal bank; share; portfolio share; portfolio equity assets; foreign assets; asset characteristic; Foreign assets; Current account; Foreign banks; Current account surpluses; Investment banking; Global; Europe
Cover IMF Working Papers
Current Account Surpluses and the Interest Rate Island in Switzerland
Mr. Paolo Mauro
This paper describes some long-run aspects of the Swiss balance of payments, highlighting two macroeconomic phenomena that make Switzerland stand out among other countries: first, it has had a persistent current account surplus and the largest ratio of net foreign assets to GDP in the world; second, its real interest rates have been significantly lower than those of most other industrialized countries, earning it the label “interest rate island”. These two distinctive features may be related, and ultimately both may result from an excess of national savings over investment for many years. The real interest differential may largely be attributed to a foreign exchange rate risk premium, which compensates Swiss residents for holding net assets in foreign currency and foreign residents for bearing net liabilities in Swiss francs.
Keywords:
WP; exchange rate risk; rate of return; return on assets; trade balance; foreign exchange; real interest rate differential; R&D spending; expected return; trade pattern; trading partner; exchange rate risk risk premium; real interest rates in Switzerland; balance of payments; deutsche mark; surplus in Switzerland; Switzerland real interest rates; Foreign assets; Real interest rates; Current account surpluses; Interest rate parity; Purchasing power parity; Global