A Safe Haven in an Unstable World (1914–1945)

Nils Herger
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Nils Herger: Study Center Gerzensee

Chapter Chapter 6 in Switzerland and its Banks, 2023, pp 75-103 from Springer

Abstract: Abstract The highly unstable period between 1914 and 1939 was a turning point for Swiss banking. Ironically, the global ascent of Swiss banking began in earnest amid these years characterised by wars, political instability, financial disintegration, and economic depressions. The reason was that Switzerland remained relatively stable and tranquil. The big banks benefited from this stability by attracting offshore capital in search of a safe haven. However, the Great Depression of the 1930s and the contemporaneous destruction of the established monetary order through the rise of aggressive forms of nationalism and socialism were severe setbacks for Switzerland’s journey towards becoming an important offshore financial centre. Another noticeable legacy of this period of pervasive instability was the codification of banking secrecy in 1934.

Date: 2023
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DOI: 10.1007/978-3-031-35904-0_6

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