Exchange Rates and the Swiss Economy

Willem Thorbecke and Atsuyuki Kato

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

Abstract: Safe haven capital inflows, central bank policies, and other factors have produced large changes in the Swiss franc. We find that these exchange rate changes do not affect the volume of exports from Switzerland’s most advanced sectors such as pharmaceuticals and watches, but matter for exports of medium-high-technology products such as capital goods and machinery. We also report that appreciations do not affect stock prices and goods prices for the pharmaceutical and watch industries, but cause both stock and goods prices to tumble for the capital and machinery goods sectors. We conclude with policy lessons for Switzerland, for other countries facing safe haven inflows, and for the rest of the world.

Pages: 39 pages
Date: 2017-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
https://www.rieti.go.jp/jp/publications/dp/17e064.pdf (application/pdf)

Related works:
Journal Article: Exchange rates and the Swiss economy (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:17064

Access Statistics for this paper

More papers in Discussion papers from Research Institute of Economy, Trade and Industry (RIETI) Contact information at EDIRC.
Bibliographic data for series maintained by TANIMOTO, Toko ().