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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. -
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. -
U.S. Government Printing Office Style Manual, 2008
U.S. Government Printing Offi ce Style Manual An official guide to the form and style of Federal Government printing 2008 PPreliminary-CD.inddreliminary-CD.indd i 33/4/09/4/09 110:18:040:18:04 AAMM Production and Distribution Notes Th is publication was typeset electronically using Helvetica and Minion Pro typefaces. It was printed using vegetable oil-based ink on recycled paper containing 30% post consumer waste. Th e GPO Style Manual will be distributed to libraries in the Federal Depository Library Program. To fi nd a depository library near you, please go to the Federal depository library directory at http://catalog.gpo.gov/fdlpdir/public.jsp. Th e electronic text of this publication is available for public use free of charge at http://www.gpoaccess.gov/stylemanual/index.html. Use of ISBN Prefi x Th is is the offi cial U.S. Government edition of this publication and is herein identifi ed to certify its authenticity. ISBN 978–0–16–081813–4 is for U.S. Government Printing Offi ce offi cial editions only. Th e Superintendent of Documents of the U.S. Government Printing Offi ce requests that any re- printed edition be labeled clearly as a copy of the authentic work, and that a new ISBN be assigned. For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512-1800; DC area (202) 512-1800 Fax: (202) 512-2104 Mail: Stop IDCC, Washington, DC 20402-0001 ISBN 978-0-16-081813-4 (CD) II PPreliminary-CD.inddreliminary-CD.indd iiii 33/4/09/4/09 110:18:050:18:05 AAMM THE UNITED STATES GOVERNMENT PRINTING OFFICE STYLE MANUAL IS PUBLISHED UNDER THE DIRECTION AND AUTHORITY OF THE PUBLIC PRINTER OF THE UNITED STATES Robert C. -
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%. -
C381 Official Journal
Official Journal C 381 of the European Union Volume 63 English edition Information and Notices 12 November 2020 Contents II Information INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES European Commission 2020/C 381/01 Non-opposition to a notified concentration (Case M.9954 — Sumitomo/AAR/JV) (1) . 1 IV Notices NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES European Commission 2020/C 381/02 Euro exchange rates — 11 November 2020 . 2 2020/C 381/03 New national side of euro coins intended for circulation . 3 Court of Auditors 2020/C 381/04 Report on the performance of the EU budget – Status at the end of 2019 . 4 NOTICES FROM MEMBER STATES 2020/C 381/05 Value added tax (VAT) Exempt investment gold List of gold coins meeting the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC (special scheme for investment gold) Valid for the year 2021 . 5 EN (1) Text with EEA relevance. NOTICES CONCERNING THE EUROPEAN ECONOMIC AREA EFTA Surveillance Authority 2020/C 381/06 State aid – Decision to raise no objections . 24 2020/C 381/07 State aid – Decision to raise no objections . 25 2020/C 381/08 State aid – Decision to raise no objections . 26 2020/C 381/09 State aid – Decision to raise no objections . 27 2020/C 381/10 State aid – Decision to raise no objections . 28 2020/C 381/11 State aid – Decision to raise no objections . 29 2020/C 381/12 State aid – Decision to raise no objections . 30 V Announcements PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY European Commission 2020/C 381/13 Prior notification of a concentration (Case M.9907 – Exclusive Networks/Veracomp Business) Candidate case for simplified procedure (1) . -
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. -
The Information of the Citizen in the Eu: Obligations for the Media and the Institutions Concerning the Citizen's Right to Be Fully and Objectively Informed
Directorate-General Internal Policies Policy Department C CITIZENS' RIGHTS AND CONSTITUTIONAL AFFAIRS THE INFORMATION OF THE CITIZEN IN THE EU: OBLIGATIONS FOR THE MEDIA AND THE INSTITUTIONS CONCERNING THE CITIZEN'S RIGHT TO BE FULLY AND OBJECTIVELY INFORMED STUDY ID. N°: IPOL/C/IV/2003/04/01 AUGUST 2004 PE 358.896 EN Thisstudy wasrequested by: the European Parliament'sCommittee on Civil Liberties, Justice and Home Affairs Thispaper ispublished in the following languages: EN (original) and DE Author: Deirdre Kevin, Thorsten Ader, Oliver Carsten Fueg, Eleftheria Pertzinidou, Max Schoenthal European Institute for the Media, Düsseldorf Responsible Official: Mr Jean-Louis ANTOINE-GRÉGOIRE Policy Unit Directorate C Remard 03 J016 - Brussels Tel: 42753 Fax: E-mail: [email protected] Manuscript completed in August 2004. Paper copiescan be obtained through: - E-mail: [email protected] - Site intranet: http://ipolnet.ep.parl.union.eu/ipolnet/cms/pid/438 Brussels, European Parliament, 2005 The opinionsexpressed in thisdocument are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposesare authorized, provided the source is acknowledged and the publisher isgiven prior notice and sent a copy. 2 PE 358.896 EN Table of Contents Acknowledgements 3 Abstract 4 Executive Summary 5 Part I Introduction 8 Part II: Country Reports Austria 15 Belgium 25 Cyprus 35 Czech Republic 42 Denmark 50 Estonia 58 Finland 65 France -
(12) United States Patent (10) Patent No.: US 9,043,840 B2 Eastes (45) Date of Patent: May 26, 2015
USOO9043840B2 (12) United States Patent (10) Patent No.: US 9,043,840 B2 Eastes (45) Date of Patent: May 26, 2015 (54) METHOD AND A SYSTEM FOR TELEVISION (56) References Cited DISPLAY OF WEB FEED CONTENT U.S. PATENT DOCUMENTS (75) Inventor: Michael D. Eastes, Greenfield, IN (US) 2003,0004880 A1 1/2003 Banerjee et al. 2005, O262540 A1 11/2005 Swix et al. (73) Assignee: FeedGazer, LLC, Fishers, IN (US) 2006, OO26067 A1 2/2006 Nicholas et al. (*) Notice: Subject to any disclaimer, the term of this FOREIGN PATENT DOCUMENTS patent is extended or adjusted under 35 U.S.C. 154(b) by 1510 days. WO 2004036897 A2 4/2004 WO 2006/017622 A2 2, 2006 (21) Appl. No.: 12/299,471 (Continued) (22) PCT Fled: May 4, 2007 OTHER PUBLICATIONS (86) PCT NO.: PCT/US2007/068250 Thinking Screen Media, Inc. http://www.thinkingScreen.com/ framechannel.html , Mar. 11, 2010. S371 (c)(1), (2), (4) Date: Nov. 4, 2008 (Continued) (87) PCT Pub. No.: WO2OOTA131174. Primary Examiner — James R Sheleheda PCT Pub. Date: Nov. 15, 2007 (74) Attorney, Agent, or Firm — Darrin Wesley Harris (57) ABSTRACT (65) Prior Publication Data A system and method are described that provide television US 2009/O138924 A1 May 28, 2009 content broadcast system Subscribers with convenient access Related U.S. Application Data to aggregated web feed content. In one embodiment, a tele vision content broadcast system (20) maintains a database (60) Provisional application No. 60/797,770, filed on May (21) linking one or more particular subscribers with one or 4, 2006. more sources of web feed content. -
The Big Reset: War on Gold and the Financial Endgame
WILL s A system reset seems imminent. The world’s finan- cial system will need to find a new anchor before the year 2020. Since the beginning of the credit s crisis, the US realized the dollar will lose its role em as the world’s reserve currency, and has been planning for a monetary reset. According to Willem Middelkoop, this reset MIDD Willem will be designed to keep the US in the driver’s seat, allowing the new monetary system to include significant roles for other currencies such as the euro and China’s renminbi. s Middelkoop PREPARE FOR THE COMING RESET E In all likelihood gold will be re-introduced as one of the pillars LKOOP of this next phase in the global financial system. The predic- s tion is that gold could be revalued at $ 7,000 per troy ounce. By looking past the American ‘smokescreen’ surrounding gold TWarh on Golde and the dollar long ago, China and Russia have been accumu- lating massive amounts of gold reserves, positioning them- THE selves for a more prominent role in the future to come. The and the reset will come as a shock to many. The Big Reset will help everyone who wants to be fully prepared. Financial illem Middelkoop (1962) is founder of the Commodity BIG Endgame Discovery Fund and a bestsell- s ing author, who has been writing about the world’s financial system since the early 2000s. Between 2001 W RESET and 2008 he was a market commentator for RTL Television in the Netherlands and also BIG appeared on CNBC.