Global Financial Crisis, Too-Big-to-Fail Problem, and the End of Banking Secrecy (Since 2008)

Nils Herger
Additional contact information
Nils Herger: Study Center Gerzensee

Chapter Chapter 9 in Switzerland and its Banks, 2023, pp 139-156 from Springer

Abstract: Abstract The Global Financial Crisis of 2008 created a degree of economic instability not seen since the 1930s. In addition, for Switzerland, the years after 2008 created the idiosyncratic challenge of how to deal with two banks that are too big to fail. Furthermore, many countries around the world witnessed a massive increase in public debt. An aggressive clampdown on tax evasion became an obvious political answer to the resulting fiscal problems. Given the status as a large offshore banking centre, Switzerland became a target for international criticism of facilitating tax evasion. This resulted in the dismantling of banking secrecy for foreign customers during the decade after 2010. In general, this decade was characterised by a declining importance of the banking sector in Switzerland.

Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
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:spr:frochp:978-3-031-35904-0_9

Ordering information: This item can be ordered from
http://www.springer.com/9783031359040

DOI: 10.1007/978-3-031-35904-0_9

Access Statistics for this chapter

More chapters in Frontiers in Economic History from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().