Taux négatifs: made for Switzerland

Abstract : As a small open economy with a safe-haven currency, Switzerland needs to have a negative interest rate differential with the euro area. An appropriate differential over the long term is the only way to discourage overvaluation of the Swiss franc. Given the prospect of secular stagnation and persistently low rates, a reassessment of the importance and value of negative interest rates to the Swiss economy is crucial. In order to restore an interest rate differential close to its historical average, the Swiss National Bank should be permitted to charge a fee on unusual cash withdrawals and also be able to impose much lower rates than today.
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Submitted on : Sunday, September 30, 2018 - 6:11:39 PM
Last modification on : Tuesday, October 2, 2018 - 1:10:59 AM

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Jean-Pierre Danthine. Taux négatifs: made for Switzerland. Monetary Economic Issues Today, Orell Füssli Verlag AG, 2017. ⟨hal-01884328⟩

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