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La construction progressive de l'avantage compétitif financier suisse (1914-1936)

Alain Laurent and Guillaume Vallet

Revue d'économie financière, 2014, vol. N° 113, issue 1, 259-274

Abstract: This article aims at explaining how Switzerland succeeded in building a major competitive advantage in the financial sector. From a historical perspective, we show that the period 1914-1936 was decisive in Swiss monetary history, Switzerland moving from a status of minor international financial centre to a major place, with the development of very powerful actors like banks. Hence we highlight that if the banking and financial industry played an important role in this process, such a competitive advantage solidified durably only thanks to a national coalition around the conservation of the value of the Swiss franc. In particular, the industry of goods was at the core of such a coalition. The fetishism of the Swiss franc during this period appears to have been a decisive factor for the financial specialisation of Switzerland. Classification JEL: E58, E65, G21, N14, N24.

JEL-codes: E58 E65 G21 N14 N24 (search for similar items in EconPapers)
Date: 2014
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