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  • 1
    Online Resource
    Online Resource
    Switzerland: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Switzerland (2015)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845960938
    Format: Online-Ressource (72 p)
    Edition: Online-Ausg.
    ISBN: 1513553607 , 9781513553603
    Series Statement: IMF Staff Country Reports: Country Report No. 15 / 132
    Content: KEY ISSUES Switzerland has once again had to contend with capital flow volatility. Following the exit from the exchange rate floor in mid-January 2015 and the subsequent appreciation of the franc, the Swiss economy faces exchange rate overvaluation, slower near-term growth, and deflation. Both growth and inflation are expected to recover gradually over the medium term—to around 2 percent and 1 percent, respectively—as the economy adjusts to the shock. However, this relatively benign scenario is subject to important risks, most notably that operating in a low inflation environment may prove more difficult than assumed in the central scenario. Monetary and fiscal policies can support faster adjustment and reduce risks. Further monetary easing via purchases of (mainly foreign) assets would help limit the near-term growth slowdown, reduce risks related to low inflation, and lessen franc overvaluation. Central bank communication should also be geared toward building an understanding of policy objectives and ensuring that inflation expectations do not become entrenched at low levels. Scope for fiscal policy to support aggregate demand is limited by Switzerland’s fiscal rule and the small, open nature of Switzerland’s economy. That said, fiscal policy can still support recovery by allowing automatic stabilizers to operate freely, as allowed under the rule. The rule’s escape clause should be triggered in the event of a severe downturn to allow discretionary fiscal stimulus, as monetary policy would likely be overburdened in such a scenario. The financial sector reform agenda should also be completed. The Swiss authorities have made important progress in this regard, and further steps are planned. Specific priorities, as laid out in last year’s Financial Sector Assessment Program (FSAP) update, include raising the leverage ratios of the two large international banks, increasing public disclosure of information on risk weights, reforming FINMA’s use of external auditors, overhauling deposit insurance, and containing housing- and mortgage-related risks. Over the medium term, Switzerland faces a number of structural challenges; the authorities’ ongoing efforts to address them are welcome and should continue. Priorities include adopting proposed pension reforms to ensure the sustainability of the system for future generations; completing ongoing reforms of corporate taxation and financial controls in ways that ensure full compliance with international i ...
    Additional Edition: Erscheint auch als Druck-Ausgabe Switzerland: Staff Report for the 2015 Article IV Consultation Washington, D.C. : International Monetary Fund, 2015 ISBN 9781513553603
    Language: English
    DOI: 10.5089/9781513553603.002
    URL: kostenfrei
    URL: kostenfrei
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    Online Resource
    Open Access Request
    Stabi Berlin
  • 2
    Online Resource
    Online Resource
    Switzerland : Staff Report for the 2015 Article IV Consultation. (2015)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edocfu_9958080553602883
    Format: 1 online resource (114 p.)
    ISBN: 1-5135-4205-2 , 1-5135-3928-0
    Series Statement: IMF Staff Country Reports
    Content: This 2015 Article IV Consultation highlights that Switzerland’s economy has performed relatively well in the aftermath of the global financial crisis, with growth reaching 2 percent in 2014. However, the economic environment became more complicated in late 2014, as increased capital inflows forced the Swiss National Bank (SNB) to start intervening heavily to defend its exchange rate floor of 1.20 francs per euro. Over the medium term, the economy is expected to recover gradually. As the economy adjusts to the exchange rate appreciation, growth is projected to rise gradually back to about 2 percent over the medium term while inflation increases to about 1 percent.
    Note: Description based upon print version of record. , Cover Page; Title Page; Copyright Page; Contents; ANNEXES; TABLES; FIGURES; BOXES; MACROECONOMIC CONTEXT; A. Recent Developments; 1. Selected Economic Indicators, 2010-18; 1. The Long View, 2000-15; 2. Recent Economic Developments, 2011-14; 3. Selected Monetary Indicators, 2010-14; 4. Selected Financial Indicators, 2010-15; 5. Indicators for Global Systemic Banks, 2006-15; B. External Assessment; 2. Balance of Payments, 2010-18; 6. External Accounts and Exchange Rates, 2000-14; C. Outlook and Risks; MACROECONOMIC POLICIES: SUPPORTING SUSTAINABLE GROWTH; A. Monetary and Exchange Rate Policies , 3. SNB Balance Sheet, 2009-14B. Fiscal Policy; 4. General Government Finances, 2010-18; 5. General Government Operations, 2003-12; 1. Guaranteed Rate of Return in Swiss Pension Funds; COMPLETING FINANCIAL SECTOR REFORM; A. The Big Banks; 6. Financial Soundness Indicators, 2007-14; B. Broader FSAP Recommendations; C. Housing Market; 7. Housing Markets, 1980-2014; 2. Measures to Reduce Housing- and Mortgage-Related Risks; STRUCTURAL ISSUES; STAFF APPRAISAL; I. External Sector Assessment; II. Risk Assessment Matrix; III. Debt Sustainability Analysis; IV. FSAP Update-Status of Key Recommendations , V. Authorities' Response to Past IMF Policy RecommendationsFootnotes , English
    Additional Edition: ISBN 1-5135-5360-7
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    FU Berlin
  • 3
    Online Resource
    Online Resource
    Switzerland : Staff Report for the 2015 Article IV Consultation. (2015)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edoccha_9958080553602883
    Format: 1 online resource (114 p.)
    ISBN: 1-5135-4205-2 , 1-5135-3928-0
    Series Statement: IMF Staff Country Reports
    Content: This 2015 Article IV Consultation highlights that Switzerland’s economy has performed relatively well in the aftermath of the global financial crisis, with growth reaching 2 percent in 2014. However, the economic environment became more complicated in late 2014, as increased capital inflows forced the Swiss National Bank (SNB) to start intervening heavily to defend its exchange rate floor of 1.20 francs per euro. Over the medium term, the economy is expected to recover gradually. As the economy adjusts to the exchange rate appreciation, growth is projected to rise gradually back to about 2 percent over the medium term while inflation increases to about 1 percent.
    Note: Description based upon print version of record. , Cover Page; Title Page; Copyright Page; Contents; ANNEXES; TABLES; FIGURES; BOXES; MACROECONOMIC CONTEXT; A. Recent Developments; 1. Selected Economic Indicators, 2010-18; 1. The Long View, 2000-15; 2. Recent Economic Developments, 2011-14; 3. Selected Monetary Indicators, 2010-14; 4. Selected Financial Indicators, 2010-15; 5. Indicators for Global Systemic Banks, 2006-15; B. External Assessment; 2. Balance of Payments, 2010-18; 6. External Accounts and Exchange Rates, 2000-14; C. Outlook and Risks; MACROECONOMIC POLICIES: SUPPORTING SUSTAINABLE GROWTH; A. Monetary and Exchange Rate Policies , 3. SNB Balance Sheet, 2009-14B. Fiscal Policy; 4. General Government Finances, 2010-18; 5. General Government Operations, 2003-12; 1. Guaranteed Rate of Return in Swiss Pension Funds; COMPLETING FINANCIAL SECTOR REFORM; A. The Big Banks; 6. Financial Soundness Indicators, 2007-14; B. Broader FSAP Recommendations; C. Housing Market; 7. Housing Markets, 1980-2014; 2. Measures to Reduce Housing- and Mortgage-Related Risks; STRUCTURAL ISSUES; STAFF APPRAISAL; I. External Sector Assessment; II. Risk Assessment Matrix; III. Debt Sustainability Analysis; IV. FSAP Update-Status of Key Recommendations , V. Authorities' Response to Past IMF Policy RecommendationsFootnotes , English
    Additional Edition: ISBN 1-5135-5360-7
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Charité
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