Understanding Swiss real interest rates in a financially globalized world

نویسندگان

چکیده

Abstract This paper proposes long-run estimates of ex ante real interest rates in Switzerland and other developed economies, it describes their relative evolution. Our results highlight the decline in—and convergence of—global that has unfolded over last three decades for all maturities. While Swiss yields stand out as being particularly low stable from a historical perspective, we find have fallen less than many countries during decade. We then examine whether reduction differential is related to lower attractiveness franc. Focusing on difference minus German government bonds yields, significant increase expected depreciation franc somewhat convenience yield bonds—the reflecting non-pecuniary value investors impute liquidity given bond. In contrast, safety premium favor increased therefore cannot explain smaller Switzerland. The part analyzes negative its recent decline. show both purchase by foreign central banks exchange interventions National Bank may contributed this reducing supply versus domestic bonds.

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Food safety in a globalized world

Editorials 212 Access to sufficient safe food is a basic requirement for human health. Ensuring food safety and security in a highly globalized world presents increasingly difficult, and often under-appreciated challenges, for governments, commercial organizations and individuals alike. The risks of unsafe food are substantial , but can be difficult to quantify. Diarrhoeal diseases – both foodb...

متن کامل

Fighting Infection in a Globalized World

Probably the hardest human battle, one that has lasted hundreds of thousands of years, has been the one against infection. Being able to celebrate a 30 birthday was once considered a miracle but only if one survived the perilous years of childhood. Indeed, the CDC reports that in 1900, nearly 30% of deaths worldwide occurred in children 5 and under. It is remarkable how far we’ve come in our ab...

متن کامل

Community-based conservation in a globalized world.

Communities have an important role to play in biodiversity conservation. However, community-based conservation as a panacea, like government-based conservation as a panacea, ignores the necessity of managing commons at multiple levels, with vertical and horizontal interplay among institutions. The study of conservation in a multilevel world can serve to inform an interdisciplinary science of co...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Swiss Journal of Economics and Statistics

سال: 2022

ISSN: ['0303-9692', '1421-2110', '2673-2777', '2235-6282']

DOI: https://doi.org/10.1186/s41937-022-00095-3