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Europe > Switzerland

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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 IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Macrofinancial Analysis and Macroprudential Policy
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Macrofinancial Analysis and Macroprudential Policy
Keywords:
ISCR; CR; mortgage loan; financial market; SNB researcher; SNB analysis; risk weight; bank mortgage; banking system; SNB decision; Pension spending; Mortgages; Financial sector stability; Real estate prices; Countercyclical capital buffers; Global
Cover International Monetary Fund Administrative Tribunal Reports, Volume II, 2000-2002
International Monetary Fund Administrative Tribunal Reports, Volume II, 2000-2002
Volume II, 2000-2002
International Monetary Fund

Abstract

This paper discusses that during 2000–2002, the Tribunal considered a number of issues of substantive law upon which it had not previously been called upon to rule. These included interpretation of a provision of the IMF’s Staff Retirement Plan that permits the IMF, pursuant to specified procedures, to give effect to orders for family support and division of marital property issued by domestic courts. Having the benefit of the extensive pleadings of all three parties, the Tribunal rendered a decision resolving the merits of the dispute. The Tribunal considered the evidence offered by the IMF in support of the differential in benefits between the two categories of staff and concluded that the distinction was rationally related to the purposes of the employment benefits at issue. Tribunal also grappled during 2000–2002 with the complexities of its relationship to other elements of the IMF’s dispute resolution system. The IMFAT addressed the question of the admissibility before the Tribunal of an Application following dismissal of the complaint as untimely by the IMF’s Grievance Committee.

Keywords:
MISC PUBS; Misc.; Applicant; court; estate of Mr; tribunal of the International Monetary Fund; rules of procedure; expatriate benefit; tribunal's rule; Administration in revenue administration; Legal support in revenue administration; Retirement; Human capital; Pensions; Africa; Asia and Pacific; Europe; associate judge; evacuation expense; Non-wage benefits; Employment
Cover IMF Staff Country Reports
Switzerland: Financial System Stability Assessment Update
International Monetary Fund
This technical note presents an update to the Financial System Stability Assessment (FSSA) on Switzerland. It reveals that current domestic macroeconomic and financial sector conditions are favorable, and the main downside risks to the financial sector are external. Stress tests confirm the banking system’s resiliency but that some insurers are vulnerable to market risks. Several pension funds are underfunded and need to strengthen their funding levels. Impressive progress has been made to strengthen the financial sector supervisory framework since the 2001 Financial Sector Assessment Program.
Keywords:
ISCR; CR; bank; hedge fund; market; SFBC; Switzerland; large bank; banking sector; credit derivative; bank assets; cantonal bank; Hedge funds; Insurance companies; Commercial banks; Stress testing; Pension spending; Global
Cover IMF Staff Country Reports
Switzerland: 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Switzerland
International Monetary Fund
This 2007 Article IV Consultation highlights that Switzerland’s economy is performing well. The expansion moved into its fourth year with above average growth and employment, and few signs of inflation. This favorable outcome can be traced to a vibrant external environment, including in global financial markets, strong macroeconomic policies, and key structural reforms in retailing and labor markets. The financial sector is performing well in a favorable cyclical setting. Bank profitability is strong, and financial soundness indicators have improved. Economic growth, employment, financial markets, financial sector, bank profitability, and financial soundness indicators have improved.
Keywords:
ISCR; CR; consultation staff report; annex; consultation; debt brake; authority; supervisory authority; brake rule; expenditure growth; current account; IMF staff projection; Inflation; Income; Wages; Global; Eastern Europe
Cover IMF Working Papers
Aging, Asset Allocation, and Costs: Evidence for the Pension Fund Industry in Switzerland
Mr. Rene Weber
and
David S. Gerber
This paper focuses on the nexus between pension funds' balance sheet liabilities, reflecting their age profile and payments obligations, and the investment behavior and costs of these funds. The context of the analysis is the stringent regulatory framework and the highly fragmented and heterogeneous pension fund landscape in Switzerland. Detailed data from the Swiss Pension Statistic are analyzed using multivariate OLS-regressions. The evidence shows that a younger age structure and lower short-term benefits payouts are related to a higher share of equities and lower real estate holdings. Legal form, pension plan type, and size are important for administrative costs. The findings support the view that aging may lead to increased risk aversion and thus to a lower engagement of institutional investors in equities.
Keywords:
WP; asset; cost; liability; investment; ratio
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund
This paper reviews the trade-offs in Switzerland, focusing on challenges for fiscal policy coordination. It reviews the benefits and costs of a highly decentralized government, describes the Swiss institutional architecture, and analyzes Switzerland’s fiscal performance. It also discusses the specific policy challenges related to population aging, reviews the Swiss National Bank works on government financial assets and liabilities, describes the Swiss, Dutch, and the U.K. pension systems, respectively, on the regulation and supervision of the occupational pension pillar, recent reforms, and policy implications.
Keywords:
ISCR; CR; balance sheet; public sector balance sheet; balance sheet data; government; proceeds; General government financial assets; government level; output gap; funding ratio; equity holding; General government expenditure; public goods; Pension spending; Pensions; Fiscal stance; Global; Baltics
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund
This Selected Issues paper attempts to quantify the impact of the demographic shift on growth and public finances in Switzerland. It examines the intertemporal consistency between current policy plans and unfunded liabilities, focusing primarily on social security, and explores policy options. It finds that so far, the impact of aging on the economy has been moderate. The number of pensioners has risen in recent years, but this is mainly owing to early retirees taking advantage of the generous disability and pension systems. The paper also examines the need for health care reforms in Switzerland.
Keywords:
ISCR; CR; Switzerland; asset; cost; government; government majority; asset type; assets of bank; government regulation; high quality asset; Aging; Health care; Health care spending; Insurance companies; Global; Europe
Cover IMF Staff Country Reports
Switzerland: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Securities Regulation, Insurance Regulation, Payment Systems, and Monetary and Financial Policy Transparency
International Monetary Fund
This paper presents key findings of Switzerland’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Banking Supervision, Securities Regulation, Insurance Regulation, Payment Systems, and Monetary and Financial Policy Transparency. Overall, financial institutions in Switzerland are well capitalized, but the risks of the current environment should not be underestimated. The large internationally active banks have suffered from the recent asset market volatility and the global economic slowdown. The domestically oriented banks are well capitalized, but their lower level of underlying profitability makes them sensitive to the economic cycle.
Keywords:
ISCR; CR; interest rate; private banking; cantonal bank; Raiffeisen bank; headline inflation; liquidity position; market share; financial system; monetary policy; central bank; investment fund; Insurance; Insurance companies; Pension spending; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund
This Selected Issues paper examines economic growth in Switzerland. It attempts to analyze whether slow growth is inescapable for Switzerland. The paper suggests that income convergence across countries contributes significantly to slow relative growth in Switzerland, but experience in several advanced industrial countries reinforces the view that slow growth is not inescapable. Higher growth will require raising total factor productivity growth, which remains low by international standards, and to a lesser extent, raising the investment rate.
Keywords:
ISCR; CR; Switzerland; capital; net; productivity growth; phasing-out wealth taxes; capital transaction tax; investment rate; interest income; productivity gain; capital tax burden; Productivity; Total factor productivity; Pension spending; Labor productivity; Employment; Global