Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/128091
Authors: 
Yesin, Pinar
Year of Publication: 
2015
Series/Report no.: 
Working Paper, Study Center Gerzensee 15.02
Abstract: 
This paper first shows that capital inflows to and outflows from financial centres 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" behaviour 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
Document Type: 
Working Paper

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