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Europe > Switzerland

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Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Insurance Stress Testing
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Insurance Stress Testing
Keywords:
ISCR; CR; investment; sovereign bond; capital; holding; bond investment; sovereign bond exposure; coverage ratio; investment holding; investment yield; low-yield environment; Insurance companies; Stress testing; Sovereign bonds; Insurance; Stocks; Global
Cover IMF Working Papers
Quantitative Easing and Long-Term Yields in Small Open Economies
Antonio Diez de los Rios
and
Maral Shamloo
We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National Bank's reserve expansion program. We decompose government bond yields into (i) an expectations component, (ii) a global, and (iii) a country specific term premium to analyze two-day changes in 10-year yields around announcement dates. We find that, in contrast to the Federal Reserve's asset purchases, the programs implemented in these smaller economies have not been able to affect the global term premium and, furthermore, they have had limited, but significant, effect in lowering long-term yields.
Keywords:
WP; yield; asset purchase; expected return; Unconventional monetary policy; event study; signaling; portfolio balance; asset purchases; purchase announcement; long-term yield; purchase program; QE asset purchase; QE program; Riksbank asset purchase announcement; asset purchase announcement; BoE Monetary Policy Commitee; fed funds rate; zero-coupon bond; Yield curve; Unconventional monetary policies; Bonds; Sovereign bonds; Long term interest rates; Global
Cover Policy Papers
Poverty Reduction and Growth Trust?2017 Borrowing Agreements with the National Bank Of Belgium and the Swiss National Bank
International Monetary Fund
The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into new borrowing agreements with the National Bank of Belgium (Belgium) and the Swiss National Bank (Switzerland), effective on August 30, 2017. These new borrowing agreements with Belgium and Switzerland provide new resources equivalent to SDR 350 million and SDR 500 million, respectively, for a total amount equivalent to SDR 850 million in new PRGT lending resources.
Keywords:
PP; Trustee; business day; loan; amount; fund; formula result; bond equivalent yield; SDR rate; loan resource; equivalent to SDR; Loans; Currencies; Bond yields; Poverty reduction strategy; Treasury bills and bonds
Cover IMF Working Papers
Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds
Aaron Howard Clifford Brown
,
Mr. Michael G. Papaioannou
, and
Iva Petrova
This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary policy, and exchange rate movements. Based on a simple Markowitz-model framework, which integrates the specific objectives and constraints facing an SWF and the country's specific characteristics and macroeconomic vulnerabilities (especially in relation to commodity prices and prospective defined liabilities), we derive an SAA. The asset-liability methodology that is applied in the selection of an SWF SAA also allows assessing whether (i) the SAA adequately takes into account the country-specific risks and vulnerabilities, and (ii) its objectives and macrofinancial constraints are consistent. Some analytical and practical issues in determining an SAA model are also discussed, along with key effects of a financial crisis.
Keywords:
WP; expected return; exchange rate; financial asset; Sovereign Wealth Funds; Strategic Asset Allocation; Macrofinancial Linkages; asset class; stabilization SWF; revenue gap; SWF asset portfolio; SWF asset performance; SWF asset investment; asset-liability management framework; SWF resource; commodity price; portfolio return; SWF assets; asset class correlation; Sovereign bonds; Currencies; Oil prices; Stocks; Exchange rates; Global
Cover IMF Working Papers
Financing of Global Imbalances
Maria Teresa Punzi
and
W. Christopher Walker
This paper analyzes the determinants of bond flows, now the dominant source of capital inflows, into the United States, as a means of establishing conditions affecting the financing of the U.S. current account deficit. To test the hypothesis that capital flows have become more responsive to changes in relative interest rates and other conditions across borders, a panel data set, showing bond flows from 12 separate jurisdictions into the United States, is constructed for the period 1994-2006 using adjusted U.S. Treasury International Capital Flow (TIC) data. Panel vector autoregression and instrumental variables approaches are used to estimate the impact of changes in interest rate differentials and other fundamentals on capital flows into the U.S. The paper finds evidence for an impact from interest rate differentials to bond inflows that has increased over time. Under one plausible set of theoretical assumptions, the increased sensitivity can be interpreted as resulting from a reduction in home bias on the part of non-US investors.
Keywords:
WP; interest rate
Cover IMF Staff Country Reports
Switzerland: 2003 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 2003 Article IV Consultation highlights that following a solid expansion in 1997–2000, economic growth in Switzerland is currently stalled as exports have been hurt by the global slowdown and domestic investment has undergone a sharp downward correction from earlier high levels. The important financial sector has been hit particularly hard, in part because of the steep declines in equity prices both in Switzerland and abroad. Unemployment has doubled, although it remains low by international standards. Inflation is negligible, and the external current account is running a large surplus.
Keywords:
ISCR; CR; authority; debt brake legislation; monetary policy stance; debt; federal deficit; trend inflation; debt brake rule; Inflation; Financial sector; Commodity markets; Exchange rates; Deflation; Global
Cover IMF Survey
IMF Survey, Volume 31, Issue 12
International Monetary Fund. External Relations Dept.
Corporate profitability is a source of uncertainty in a generally positive global market outlook, IMF International Capital Markets Department Head and Counsellor Gerd Häusler said at a June 12 press conference. Summarizing the findings (see charts, pages 194–95) of the IMF’s second Global Financial Stability Report, he noted that “the near-term outlook in mature markets is largely free of imminent threats, mainly because the world economy has recovered and has helped build support also for financial markets.” However, emerging markets in South America have come under recent pressure. This report is designed to “detect fault lines in global financial markets,” and a theme running through this issue is the uncertainty posed by the level and quality of corporate profits.
Keywords:
SV; IMF Treasurer's Department; growth facility; IMF staff country; IMF's website; fund Facility; Collective action clauses; Emerging and frontier financial markets; Corporate sector; Dispute resolution; Sovereign debt restructuring; Global; Asia and Pacific; Africa
Cover Switzerland's Role as an International Financial Center
Switzerland's Role as an International Financial Center
Ms. Benedicte Vibe Christensen

Abstract

This paper was prepared by Benedicte Vibe Christensen in the European Department of the International Monetary Fund under the direction of Gyorgy Szapary. It describes developments in international financial transactions conducted through the Swiss banking system until December 1985.

Keywords:
OP; bank; bank secrecy; asset; capital; bond issue; worldwide bank crisis; risk asset approach; market share calculation; fiduciary assets; Oil exports; Bonds; Commercial banks; Foreign banks; Bank legislation; Middle East; Europe; Eastern Europe; Central America; Africa
Cover International Capital Markets
International Capital Markets
Developments and Prospects, 1983
Mr. John Lipsky
,
Mr. Peter M Keller
,
Mr. Donald J Mathieson
, and
Mr. Richard N. Williams

Abstract

This paper provides a description and analysis of recent developments in international capital (banking and bond) markets and an assessment of market conditions and prospects for financing flows, in particular

Keywords:
OP; bank; lending; credit institution; establishment; holding company; parent authority; bank lending; host Member State; parent bank; Foreign banks; Bank credit; Bonds; International bonds; International capital markets; Western Hemisphere; Africa; Middle East; Eastern Europe; Global; bank supervisor; U.S. dollar; bank claim; bank management; bank capital; financing flow; Caribbean
Cover International Capital Markets
International Capital Markets
Developments and Prospects, 1982
International Monetary Fund

Abstract

This paper provides a review of developments and prospects in the international capital markets, including official actions affecting the markets and the role of the markets in intermediation between surplus and deficit countries, in particular the non-oil developing countries.

Keywords:
OP; bank; lending; market; dollar; Eurobond; bank claim; bank assets; bank lending; capital position; market finance; bank liability; Foreign banks; Bank credit; Bonds; International capital markets; International bonds; Eastern Europe; Middle East; Africa; Europe; Western Hemisphere; bank debt; Global; Caribbean