Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/186047 
Authors: 
Year of Publication: 
2015
Citation: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 151 [Issue:] 1 [Publisher:] Springer [Place:] Heidelberg [Year:] 2015 [Pages:] 27-75
Publisher: 
Springer, Heidelberg
Abstract: 
This paper first shows that capital inflows to and outflows from financial centers were disproportionately affected by the global financial crisis. Switzerland was no exception. The paper then identifies waves of capital flows to and from Switzerland from 2000:Q1 to 2014:Q2 by using a simple statistical method. The analysis shows that private capital inflows to and outflows from Switzerland have become exceptionally muted and less volatile since the crisis. Further, strong and long-lasting ‘home bias’ behavior can be observed for both Swiss and foreign investors. By contrast, net private capital flows have shown significantly higher volatility since the financial crisis, frequently registering extreme movements driven by extreme movements in bank lending flows. These findings suggest that the financial crisis generated a breaking point for capital flows to and from Switzerland.
Subjects: 
private capital flows
inflows
outflows
surges
stops
retrenchment
flight
JEL: 
F21
F31
F32
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article

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