Cross-border asset and liability holdings allow countries to insulate their consumption streams from idiosyncratic output shocks, i.e. consumption risk sharing. By contrast, banks’ international interconnectedness spread the U.S. subprime mortgage crisis to various economies with adverse macroeconomic consequences. This paper evaluates the partial impact of banks’ cross-border links on the ability of their [...]
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Posted on May 17th, 2012
Posted on April 15th, 2012
Contents: Monetary policy Financial report Key financial figures for the 2011 business year Business report Legal framework Annual financial statements of the Swiss National Bank [...] Posted on March 27th, 2012
Contents: Monetary policy report Monetary policy decision of 15 March 2012 Business cycle trends Business activity Chronicle of monetary events Posted on March 26th, 2012
In Switzerland and in most other mature economies, we live in times of exceptionally low interest rates, be they nominal or real, long- or short-term. This state of affairs is nothing new. The downward trend dates back to the 1980s and has accelerated since then, driven, in part, by the cyclical circumstances associated [...] Posted on March 15th, 2012
Contents: Summary 11 pages
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