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Ein neuer Verfassungsartikel für die Schweizerische Nationalbank

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  • Thomas VON UNGERN-STERNBERG

Abstract

This paper critically examines the proposed new constitutional article for the Swiss National Bank. The following points are emphasised : a) The SNB distributes only a very small fraction of its profits (as compared to other national banks). b) The SNB holds an exceptionally important and undiversified portfolio of foreign exchange reserves. It clearly wants to pursue this strategy of accumulating foreign government debt, at the expense of the tax- payer. c) In the past it has earned only a very low rate of return on its assets. d) A substantial part of the assets held by the SNB are not required for the purposes of monetary policy, and should be managed by professional asset managers. e) It would be an error to allow the SNB to concentrate itself solely on controlling inflation.

Suggested Citation

  • Thomas VON UNGERN-STERNBERG, 1997. "Ein neuer Verfassungsartikel für die Schweizerische Nationalbank," Cahiers de Recherches Economiques du Département d'économie 9715, Université de Lausanne, Faculté des HEC, Département d’économie.
    • Handle: RePEc:lau:crdeep:9715
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    File URL: http://www.hec.unil.ch/deep/textes/9715.pdf
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    References listed on IDEAS

    as
    1. Hans Genberg & Ulrich Kohli & Georg Rich, 1997. "Recent Developments in Swiss Monetary Policy," Palgrave Macmillan Books, in: Philippe Bacchetta & Walter Wasserfallen (ed.), Economic Policy in Switzerland, chapter 2, pages 8-34, Palgrave Macmillan.
    2. Philippe Bacchetta & Walter Wasserfallen (ed.), 1997. "Economic Policy in Switzerland," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-25875-8, October.
    3. Thomas VON UNGERN-STERNBERG, 1997. "Entscheidungsgrundlagen für ein neues Nationalbankgesetz," Cahiers de Recherches Economiques du Département d'économie 9701, Université de Lausanne, Faculté des HEC, Département d’économie.
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    More about this item

    Keywords

    Swiss National Bank; asset accumulation; asset management; profit distribution; gold reserves; the role of monetary policy;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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