HELVETIA PHILATELIC SOCIETY NEWSLETTER Founded in 1946 by Edward H Spiro
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The Historical Origins of the Safe Haven Status of the Swiss Franc1
Aussenwirtschaft 67.2 The historical origins of the safe haven status of the Swiss franc1 Ernst Baltensperger and Peter Kugler University of Berne; University of Basel An empirical analysis of international interest rates and of the behavior of the exchange rate of the Swiss franc since 1850 leads to the conclusion that World War I marks the origin of the strong currency and safe haven status of the Swiss franc. Before World War I, interest rates point to a weakness of the Swiss currency against the pound, the guilder and French franc (from 1881 to 1913) that is shared with the German mark. Thereafter, we see the pattern of the Swiss interest rate island develop and become especially pronounced during the Bretton Woods years. Deviations from metallic parities confirm these findings. For the period after World War I, we establish a strong and stable real and nominal trend appreciation against the pound and the dollar that reflects, to a sizeable extent, inflation differentials. JEL codes: N23 Key words: Swiss franc, safe haven, Swiss interest island, deviation from metallic parity, real and nominal appreciation 1 Introduction The Swiss franc is commonly considered a “strong” currency that serves as a “safe haven” in crisis periods. This raises the question of when the Swiss franc took on this property. Is it associated with the flexible exchange rate regime in place since 1973, or was it already in existence before then? Was the Swiss franc a “weak” currency even in the first decades after its creation in 1850? In order to analyze these questions, we need a definition of a strong currency and its properties. -
Seelsorge Für Ihre Patienten / Bewohner Wir Sind Gerne Bereit, Die Mitglieder Unserer Gemeinde Im Spital, Heim Oder Zu Hause Zu Besuchen
Seelsorge für Ihre Patienten / Bewohner Wir sind gerne bereit, die Mitglieder unserer Gemeinde im Spital, Heim oder zu Hause zu besuchen. Bitte kontaktieren Sie uns! Reformierte GemeindepfarrerInnen und Sozialdiakone: Seewis Grüsch-Fanas Grüsch-Fanas Schiers Furna, Valzeina Valzeina Jenaz, Buchen Pfr. Jochanan Hesse Pfrn Marianna Iberg Sozialdiakon Pfr. Rolf Frei Pfrn Wilma Finze- Tel: 081 328 22 28 Tel: 081 325 12 20 Johannes Kuoni Tel: 081 328 11 48 Michaelsen Mobil: 079 522 22 03 Mobil: 077 418 68 29 Tel. 079 424 94 56 Tel: 081 332 10 05 Fideris, Fideris, Schiers Küblis, Conters Pany, Luzein St.Antönien, Schuders Schuders Ascharina Pfrn Elisabeth SD Peter Pfr. Joachim Berg Pfr. Florian Pfrn Ursina Anderfuhren Anderfuhren Tel: 081 332 14 55 Sonderegger Hardegger Tel: 081 332 14 60 Tel: 081 332 14 60 Tel: 081 332 14 32 Tel: 081 332 15 47 Telefonbeantworter Telefonbeantworter Saas i.Pr. Klosters/Serneus Klosters/Serneus Klosters/Serneus Heimseelsorge Schiers, Jenaz Pfr. Hans-Ludwig Pfrn. Simone Geyda Pfrn Silke Manske Sozialdiakon i.A. Pfr. Markus Just Seim Tel: 081 422 14 56 Tel: 081 422 58 61 Walter Bstieler Mobil: 079 261 10 21 Tel: 081 332 14 62 Mobil: 078 639 57 56 Tel: 081 422 14 49 Mobil: 078 410 67 33 Katholische Seelsorger: Leitung Gebiet: Grüsch, Seewis, Fanas, Valzeina, Altersheim Furna, Jenaz, Fideris, Schiers Schiers Rel.-Päd. Rel.-Päd. Lars Gschwend Daniela Gschwend Zita Gander Tel: 081 325 34 74 Tel: 081 325 34 74 Tel: 081 330 32 64 Mobil: 079 229 02 57 Mobil: 079 287 23 78 Igis, Landquart, Igis, Landquart, Krankensalbungen Herrschaft Herrschaft Bitte zuerst mit dem Ortspfarrer / Gemeindeleiter Kontakt aufnehmen, falls dieser nicht erreichbar ist: Pfr Gregor Rel.-Päd. -
Graubünden for Mountain Enthusiasts
Graubünden for mountain enthusiasts The Alpine Summer Switzerland’s No. 1 holiday destination. Welcome, Allegra, Benvenuti to Graubünden © Andrea Badrutt “Lake Flix”, above Savognin 2 Welcome, Allegra, Benvenuti to Graubünden 1000 peaks, 150 valleys and 615 lakes. Graubünden is a place where anyone can enjoy a summer holiday in pure and undisturbed harmony – “padschiifik” is the Romansh word we Bündner locals use – it means “peaceful”. Hiking access is made easy with a free cable car. Long distance bikers can take advantage of luggage transport facilities. Language lovers can enjoy the beautiful Romansh heard in the announcements on the Rhaetian Railway. With a total of 7,106 square kilometres, Graubünden is the biggest alpine playground in the world. Welcome, Allegra, Benvenuti to Graubünden. CCNR· 261110 3 With hiking and walking for all grades Hikers near the SAC lodge Tuoi © Andrea Badrutt 4 With hiking and walking for all grades www.graubunden.com/hiking 5 Heidi and Peter in Maienfeld, © Gaudenz Danuser Bündner Herrschaft 6 Heidi’s home www.graubunden.com 7 Bikers nears Brigels 8 Exhilarating mountain bike trails www.graubunden.com/biking 9 Host to the whole world © peterdonatsch.ch Cattle in the Prättigau. 10 Host to the whole world More about tradition in Graubünden www.graubunden.com/tradition 11 Rhaetian Railway on the Bernina Pass © Andrea Badrutt 12 Nature showcase www.graubunden.com/train-travel 13 Recommended for all ages © Engadin Scuol Tourismus www.graubunden.com/family 14 Scuol – a typical village of the Engadin 15 Graubünden Tourism Alexanderstrasse 24 CH-7001 Chur Tel. +41 (0)81 254 24 24 [email protected] www.graubunden.com Gross Furgga Discover Graubünden by train and bus. -
Currency Codes COP Colombian Peso KWD Kuwaiti Dinar RON Romanian Leu
Global Wire is an available payment method for the currencies listed below. This list is subject to change at any time. Currency Codes COP Colombian Peso KWD Kuwaiti Dinar RON Romanian Leu ALL Albanian Lek KMF Comoros Franc KGS Kyrgyzstan Som RUB Russian Ruble DZD Algerian Dinar CDF Congolese Franc LAK Laos Kip RWF Rwandan Franc AMD Armenian Dram CRC Costa Rican Colon LSL Lesotho Malati WST Samoan Tala AOA Angola Kwanza HRK Croatian Kuna LBP Lebanese Pound STD Sao Tomean Dobra AUD Australian Dollar CZK Czech Koruna LT L Lithuanian Litas SAR Saudi Riyal AWG Arubian Florin DKK Danish Krone MKD Macedonia Denar RSD Serbian Dinar AZN Azerbaijan Manat DJF Djibouti Franc MOP Macau Pataca SCR Seychelles Rupee BSD Bahamian Dollar DOP Dominican Peso MGA Madagascar Ariary SLL Sierra Leonean Leone BHD Bahraini Dinar XCD Eastern Caribbean Dollar MWK Malawi Kwacha SGD Singapore Dollar BDT Bangladesh Taka EGP Egyptian Pound MVR Maldives Rufi yaa SBD Solomon Islands Dollar BBD Barbados Dollar EUR EMU Euro MRO Mauritanian Olguiya ZAR South African Rand BYR Belarus Ruble ERN Eritrea Nakfa MUR Mauritius Rupee SRD Suriname Dollar BZD Belize Dollar ETB Ethiopia Birr MXN Mexican Peso SEK Swedish Krona BMD Bermudian Dollar FJD Fiji Dollar MDL Maldavian Lieu SZL Swaziland Lilangeni BTN Bhutan Ngultram GMD Gambian Dalasi MNT Mongolian Tugrik CHF Swiss Franc BOB Bolivian Boliviano GEL Georgian Lari MAD Moroccan Dirham LKR Sri Lankan Rupee BAM Bosnia & Herzagovina GHS Ghanian Cedi MZN Mozambique Metical TWD Taiwan New Dollar BWP Botswana Pula GTQ Guatemalan Quetzal -
Swiss Federal Coins – Respectable and Trustworthy
Swiss Federal Coins – Respectable and Trustworthy Switzerland stands aloof from the European Union. But Switzerland too once introduced its own single currency – the first federal constitution of 1848 put an end to Switzerland's previously fragmented coinage. The minting of coins in the individual cantons was abolished, and the coinage became the exclusive responsibility of the central government of the Swiss Confederation. And what the Confederation minted was the Swiss franc – French things were very much in fashion, and the decimal structure of the new currency made it convenient to work with. It's tough too, though, the Swiss franc, like a real mountaineer, strong enough to stand up to the euro any day. 1 von 10 www.sunflower.ch Swiss Confederation, 5 Francs 1850, Paris Denomination: 5 Franken Mint Authority: Swiss Confederation Mint: Paris Year of Issue: 1850 Weight (g): 24.97 Diameter (mm): 37.0 Material: Silver Owner: Sunflower Foundation During the first half of the 19th century, every Swiss canton minted its own coins. The resulting confusion is hard to imagine today – good, valuable money mixed with worthless coins. Only when the sovereign single states joined into the Swiss Confederation in 1848, a legal basis for a complete reformation of the Swiss currency was at hand. Antoine Bovy from Geneva designed the first series of Swiss coins that showed the image of a sitting Helvetia. This type was minted until 1874, when it was exchanged by the standing Helvetia. 2 von 10 www.sunflower.ch Swiss Confederation, 2 Francs 1850, Paris Denomination: 2 Franken Mint Authority: Swiss Confederation Mint: Paris Year of Issue: 1850 Weight (g): 9.97 Diameter (mm): 27.0 Material: Silver Owner: Sunflower Foundation Two years after the introduction of the Swiss federal constitution (1848) the first Swiss coins were issued. -
SWISS REVIEW the Magazine for the Swiss Abroad April 2016
SWISS REVIEW The magazine for the Swiss Abroad April 2016 The “Swiss franc shock” one year on – the impact of the strong currency Major shake-up in the party leadership – SVP, CVP and FDP choose new presidents FC Basel poised to win their next league title – their winning formula In view of its centennial, the Organisation of the Swiss Abroad asks about „Switzerland – part of the world” And you, what’s your vision of Switzerland as part of the world in 2016? Join the conversations and explore the centennial festivities on SwissCommunity.org! connects Swiss people across the world > You can also take part in the discussions at SwissCommunity.org > Register now for free and connect with the world SwissCommunity.org is a network set up by the Organisation of the Swiss Abroad (OSA) SwissCommunity-Partner: Contents Editorial 3 A storm in a teacup? 4 Mailbag Dear readers, I became the new editor-in-chief of “Swiss Review” in Berne last November. As this is my 6 Focus first editorial piece, I would like to extend my best The “Swiss franc shock” and its impact wishes to you all. This issue focuses on the “Swiss franc shock”, an 10 Politics issue that has dominated the news for over a year. The Referenda on 5 June entire Swiss nation has been talking about it since the New presidents for the SVP, CVP and FDP Swiss National Bank abandoned the minimum ex- Results from the February referenda change rate to the euro in January 2015, increasing the value of our currency. The euro rate has slipped below one Swiss franc at times. -
Prättigau Tourismus
Jahresbericht 2016 / 2017 Prättigau Tourismus Conters Fideris Furna Grüsch Jenaz Luzein Schiers Seewis Inhalt Inhalt.................................................................................................................................. 2 Bericht des Vorsitzenden der Geschäftsführung................................................................... 3 Die Schwerpunkte im Überblick.......................................................................................... 4 - 10 Kurz & Bündig ................................................................................................................... 11 Bericht der Revisionsstelle................................................................................................... 12 Jahresrechnung 2016 / 2017.............................................................................................. 13 - 15 Anhang Jahresrechnung 2016 / 2017................................................................................. 16 - 17 Antrag über Verwendung des Bilanzergebnisses 2016 / 2017............................................. 18 2 Bericht des Vorsitzenden der Geschäftsführung Die einzige Konstante im Universum ist die Veränderung, Wenn wir in den gegenwärtigen Strukturen weiterwirken sagte einst Heraklit. Wenn wir im 10. Jahr von Prättigau können, sind wir recht gut aufgestellt, wir müssen aber be- Tourismus von Konstanten sprechen, ist es in erster Linie un- weglich bleiben und offensiv in die Zukunft gehen. Viele sere Geschäftsleiterin Daniela Göpfert. Sie ist seit Anfang -
Country Codes and Currency Codes in Research Datasets Technical Report 2020-01
Country codes and currency codes in research datasets Technical Report 2020-01 Technical Report: version 1 Deutsche Bundesbank, Research Data and Service Centre Harald Stahl Deutsche Bundesbank Research Data and Service Centre 2 Abstract We describe the country and currency codes provided in research datasets. Keywords: country, currency, iso-3166, iso-4217 Technical Report: version 1 DOI: 10.12757/BBk.CountryCodes.01.01 Citation: Stahl, H. (2020). Country codes and currency codes in research datasets: Technical Report 2020-01 – Deutsche Bundesbank, Research Data and Service Centre. 3 Contents Special cases ......................................... 4 1 Appendix: Alpha code .................................. 6 1.1 Countries sorted by code . 6 1.2 Countries sorted by description . 11 1.3 Currencies sorted by code . 17 1.4 Currencies sorted by descriptio . 23 2 Appendix: previous numeric code ............................ 30 2.1 Countries numeric by code . 30 2.2 Countries by description . 35 Deutsche Bundesbank Research Data and Service Centre 4 Special cases From 2020 on research datasets shall provide ISO-3166 two-letter code. However, there are addi- tional codes beginning with ‘X’ that are requested by the European Commission for some statistics and the breakdown of countries may vary between datasets. For bank related data it is import- ant to have separate data for Guernsey, Jersey and Isle of Man, whereas researchers of the real economy have an interest in small territories like Ceuta and Melilla that are not always covered by ISO-3166. Countries that are treated differently in different statistics are described below. These are – United Kingdom of Great Britain and Northern Ireland – France – Spain – Former Yugoslavia – Serbia United Kingdom of Great Britain and Northern Ireland. -
Nber Working Paper Series Financial Markets' Views
NBER WORKING PAPER SERIES FINANCIAL MARKETS’ VIEWS ABOUT THE EURO-SWISS FRANC FLOOR Urban J. Jermann Working Paper 21977 http://www.nber.org/papers/w21977 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2016 Comments from seminar participants at the Wharton School, London Business School, as well as from Philipp Illeditsch, Jakub Jurek, Karen Lewis, Nick Roussanov, and Amir Yaron are gratefully acknowledged. A not-for-publication appendix is available at http://finance.wharton.upenn.edu/~jermann/research.html. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Urban J. Jermann. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Financial Markets’ Views about the Euro-Swiss Franc Floor Urban J. Jermann NBER Working Paper No. 21977 February 2016 JEL No. F31,G12 ABSTRACT Exchange rates and option prices incorporate market participants’ views about the credibility and the effects of exchange rate targets. I present a model to determine exchange rates under policy targets that can be used to price options. The model is estimated with Euro-Swiss Franc exchange rate and options price data. In the first few months of the minimum exchange rate policy, the implied survival probability of the policy for a three month horizon was typically less than 75%. -
Erlebnisprogramm
Sommer 2021 Erlebnisprogramm Conters Fanas Fideris Furna Grüsch Jenaz Pany Seewis St. Antönien Valzeina Gästekarte Prättigau Ihre Zugangskarte für attraktive und erlebnisreiche Angebote im Prättigau Gästekarte Vorname / Name Christa Tünscher 2 Erwachsene 2 Bis 6 Jahre 1 Ab 6 Jahre Gültig vom 01.08.2021 bis 08.08.2021 Erhältlich bei Ihrem Gastgeber oder bei den Gäste-Informations stellen (siehe Seite 19) Nutzen Sie die Gelegenheit und probieren Sie etwas Neues aus! Das aktuelle Erlebnisprogramm finden Sie auf praettigau.info/gaestekarte Programmänderungen vorbehalten. Prättigau Tourismus Valzeinastrasse 6, 7214 Grüsch Tel. +41 81 325 11 11 praettigau.info [email protected] facebook.com/praettigau instagram.com/praettigau.ch youtube.com/praettigau 2 Willkommen im Prättigau Liebe Gäste In dieser Broschüre finden Sie zahlreiche Bitte beachten Sie die Anmeldefristen unvergessliche Aktivitäten und Ange- für einzelne Angebote und weisen Sie bote. Lassen Sie sich inspirieren und bei der Anmeldung auf Ihre Gäste- profitieren Sie von attraktiven Kondi- karte hin. Die Kosten sind in Schweizer tionen mit der Gästekarte Prättigau. So Franken ausgewiesen und bar vor Ort zu wird sich Ihr Ferien-Tagebuch schnell mit bezahlen. Die Versicherung ist Sache der spannenden Erlebnissen und bleibenden Teil nehmenden. Erinnerungen füllen. Wir wünschen Ihnen viel Vergnügen Wir unterstützen Sie gerne bei der Ge- auf Ihrer persönlichen Entdeckungstour staltung eines abwechslungs reichen durch das Prättigau! Aufenthalts mit Ihrer Gästekarte. 3 Wasser Schwimmbad Pany Gültig 29. Mai – 29. August 2021 Die gepflegte und gut eingerichtete Anlage mit 33 m-Becken, Nichtschwimmerbecken Öffnungszeiten und Kinderplanschbecken liegt an herrlicher (bei guter Witterung) Panorama lage oberhalb von Pany. Mo – Fr 10 – 19 Uhr Grosszügige Liegewiese, Grillstelle, verschiedene Sa – So 9 – 19 Uhr Spiele und vieles mehr. -
Erlebnisprogramm
Erlebnisprogramm Bergsommer 2020 Buchen Conters Fanas Fideris Furna Grüsch Jenaz Luzein Pany Putz Schiers Schuders Seewis St. Antönien Stels Valzeina Ihre Zugangskarte für attraktive und erlebnisreiche Angebote im Prättigau Erhältlich bei Ihrem Gastgeber, Gästekarte den lokalen Infostellen oder bei Prättigau Tourismus, Grüsch Vorname / Name Christa Tünscher 2 Erwachsene 2 Bis 6 Jahre 1 Ab 6 Jahre Gültig vom 01.08.2020 bis 08.08.2020 Lokale Infostellen Prättigau Tourismus Gästeinformation Schiers Valzeinastrasse 6, 7214 Grüsch RhB Bahnhof, Bahnhofstrasse 20, 7220 Schiers Tel. +41 81 325 11 11 Tel. +41 81 325 11 11 Öffnungszeiten: Mo – Fr 08.00 – 12.00 / 13.30 – 17.00 Öffnungszeiten: Mo – Fr 07.20 – 11.50 / 13.40 – 16.55 Pany – St. Antönien Tourismus Gästeinformation Seewis Gästeinformation Pany c/o Bazar, Schlossstrasse 2, 7212 Seewis Dorf Panyerstrasse 39, 7243 Pany Tel. +41 81 330 30 17 Tel. +41 81 300 32 22 Öffnungszeiten: Mo – Fr 08.30 – 11.45 / Fr 14.30 – 18.00 Öffnungszeiten: Mo – Fr 09.00 – 11.00, Mi 16.00 – 18.00 Sa 08.30 – 11.45 / 14.00 – 16.00 Telefonische Auskünfte Mo – Fr 08.00 – 11.00 / 14.00 – 17.00 Gästeinformation Fideris c/o Bäckerei Konditorei Gujan, Unterwinkel, 7235 Fideris Gästeinformation St. Antönien Tel. +41 81 332 24 34 St. Antönierstrasse 15, 7246 St. Antönien Öffnungszeiten: Mo 07.00 – 12.00 / Di – Fr 07.00 – 12.00, Tel. +41 81 332 32 33 13.30 – 19.00 / Sa 07.00 – 12.00, 13.30 – 17.00 Öffnungszeiten: 29. Juni – 24. Oktober 2020 Mo, Do, Sa 08.30 – 11.30 Mehr Erlebnisse finden Sie unter: www.praettigau.info/erlebnisse Online-Veranstaltungskalender: www.praettigau.info/events Impressum Gestaltung: AMEDIA Seewis, www.a-media.ch Titelbild: Familien-Klettersteig Partnunblick in St. -
Coins of Zurich Throughout History
Coins of Zurich throughout History Not so long ago it was assumed that Zurich was founded in Roman times, and that the earliest coins of Zurich dated from the 9th century AD. In the meantime we know that Celtic tribes settled in Zurich long before the Romans – and that the first Zurich coins emerged about 1000 years earlier than hitherto believed, namely in the course of the 1st century BC. Hence our tour through the monetary history of Zurich starts in ancient Celtic times. Afterwards, however, no money was minted in Zurich over centuries indeed. Only under Eastern Frankish rule did the small town on the end of the lake become a mint again. And since then the Zurich mint remained in use – with longer and shorter discontuniations until 1848: then the Swiss franc was created as the single currency of Switzerland, and the coins from Zurich as well as all the rest of the circulating Swiss coins were devaluated and replaced. During the 1000 years between the minting of the first medieval coin of Zurich and the last money of the Canton of Zurich in 1848, our money served the most diverse purposes. It was used as means of payment and as article of trade, as measure of value and as savings and, last but not least, for prestige. The coins of Zurich reflect these various functions perspicuously – but see for yourself. 1 von 33 www.sunflower.ch Helvetia, Tigurini, Potin Coin (Zurich Type), Early 1st Century BC Denomination: AE (Potin Coin) Mint Authority: Tribe of the Tigurini Mint: Undefined Year of Issue: -100 Weight (g): 3.6 Diameter (mm): 19.0 Material: Others Owner: Sunflower Foundation Sometime around the beginning of the 1st century BC, Celts of the Tigurini tribe broke the ground of the Lindenhof in Zurich.