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Taux négatifs: made for Switzerland

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  • Jean-Pierre Danthine

    (CEPR - Center for Economic Policy Research - CEPR, UNIL - Université de Lausanne, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

Une petite économie ouverte dotée d'une monnaie refuge, comme la Suisse, a besoin d'un différentiel d'intérêt négatif avec la zone euro. Sur la durée, un différentiel approprié est la seule possibilité d'éviter une surévaluation excessive du franc. Les perspectives de stagnation séculaire et de taux durablement bas rendent impérative une nouvelle appréciation de l'importance et de l'utilité des taux négatifs pour l'économie suisse. La BNS devrait être autorisée à prélever une redevance sur les retraits anormaux de papier monnaie, et être ainsi à même d'imposer des taux significativement plus bas qu'aujourd'hui afin de restaurer un différentiel d'intérêt proche de sa moyenne historique.

Suggested Citation

  • Jean-Pierre Danthine, 2017. "Taux négatifs: made for Switzerland," Working Papers hal-01884328, HAL.
  • Handle: RePEc:hal:wpaper:hal-01884328
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/hal-01884328v2
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    References listed on IDEAS

    as
    1. Peter Kugler & Beatrice Weder, 2004. "International Portfolio Holdings and Swiss Franc Asset Returns," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 301-325, September.
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    6. Peter Kugler & Beatrice Weder, 2004. "International Portfolio Holdings and Swiss Franc Asset Returns," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 301-325, September.
    7. Kugler, Peter & Weder di Mauro, Beatrice, 2005. "Why Are Returns on Swiss Franc Assets So Low? Rare Events May Solve the Puzzle," CEPR Discussion Papers 5181, C.E.P.R. Discussion Papers.
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