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Die Schweizer Banken und der Euromarkt
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 100 (1980), Iss. 4 : pp. 363–381
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Abstract
This paper describes and analyzes both quantitatively and qualitatively the interrelationships between Swiss banks and the financial markets abroad (especially the Euromarkets). It is shown that Switzerland's balance of payments, Switzerland's interest rate level, the exchange rate of the Swiss franc as well as Swiss monetary policies are influenced and in part even determined by those interrelationsships. Subsequently, the paper addresses the implications of those interrelationships for controlling the money supply, establishing that even after the emergence of flexible exchange rates, repatriations of Swiss banks' investments on the Euromarket may result in a higher money supply.