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Francs, Fear and Folly
Keywords:
Krugman comments on the Swiss National Bank's decision to give up the peg of 1.20 to the euro made in 2011, and reduce interest rates to a negative 0.75% on Jan. 14, 2015. He points to the dangers of complacency about the deflationary trend in Europe, Japan and the U.S., and deflationary pressures in China in the first quarter of 2015.
Swiss National Bank
01/06/2014
Grouped Articles
Swiss Bank Warns of $10 Billion Loss
Wall Street Journal 01/06/2014
Wall Street Journal 12/19/2014
Franc Soars After Swiss Drop a Cap on Its Value
New York Times 01/15/2015
New York Times 01/15/2015
Swiss Move Roils Global Markets
Wall Street Journal 01/16/2015
The Swiss National Bank's decision on Jan. 14, 2015, to drop the 2011 peg of 1.2 euros to the franc, and reduce interest rates to negative 0.75%
01/15/2015
The Swiss National Bank gives up the effort to maintain the 2011 peg of 1.2 euros to the franc, as the anticipated ECB action for the Jan. 22 ECB meeting to weaken the euro further draws near. By offering negative yields on deposits of francs the bank plans to reduce the attractiveness of the franc as a safe haven. The Swiss franc surged by 15%, stock of exporter Swatch dropped 16% and the Swiss Stock Exchange showed a decline of 9%. Stocks of Nestle and Novartis, other exporters, also declined.
Grouped Articles
Franc Soars After Swiss Drop a Cap on Its Value
New York Times 01/15/2015
New York Times 01/15/2015
10 Takeaways From Lagarde’s Swipe at the Swiss National Bank
Wall Street Journal 01/15/2015
Swiss Move Roils Global Markets
Wall Street Journal 01/16/2015
Swiss Bank Shares Plummet After SNB Move
Wall Street Journal 01/16/2015
Fallout From Swiss Move Hits Banks, Brokers
Wall Street Journal 01/16/2015
The Swiss Franc
08/12/2010
Grouped Articles
Switzerland Takes a Loss Trying to Keep the Franc in Check
New York Times 08/12/2010
Swiss Franc Rises Ahead of Gold Vote
Wall Street Journal 11/15/2014
Swiss Central Bank to Introduce Negative Interest Rates
Wall Street Journal 12/19/2014
Wall Street Journal 12/19/2014
Swiss National Bank to Adopt a Negative Interest Rate
New York Times 12/18/2014
New York Times 01/15/2015
The Swiss Franc and the Euro- 2010-2016
01/15/2015
Grouped Articles
Franc Soars After Swiss Drop a Cap on Its Value
New York Times 01/15/2015
New York Times 01/15/2015
Swiss Move Roils Global Markets
Wall Street Journal 01/16/2015
Switzerland Fights Uphill Battle Against Strong Franc
Wall Street Journal 03/03/2016
The Swiss National Bank, Switzerland's central bank, and policy to preserve Swiss competitiveness
08/12/2010
The Swiss central bank is intervening in currency markets to keep the Swiss Franc at 1.20 to the euro, a peg set in Sept. 2011. The all out effort reaching the size of Swiss GDP by 2013 is designed to preserve Swiss export competitiveness.
Grouped Articles
Switzerland Takes a Loss Trying to Keep the Franc in Check
New York Times 08/12/2010
Swiss Bank Warns of $10 Billion Loss
Wall Street Journal 01/06/2014
Swiss Franc Rises Ahead of Gold Vote
Wall Street Journal 11/15/2014
Swiss Central Bank to Introduce Negative Interest Rates
Wall Street Journal 12/19/2014
Wall Street Journal 12/19/2014
Swiss National Bank to Adopt a Negative Interest Rate
New York Times 12/18/2014
Hungary's story since the fall of the Berlin Wall- a 36% decline in the forint relative to the Swiss Franc since 2004 and half of all mortgage loans denominated in Swiss Francs
11/13/2014
The experience of borrowers since Hungary joined the European Union in 2004 has not been a happy one. Borrowers with little knowledge of the risks in currency markets borrowed in Euros and Swiss Francs. By 2006 growth slowed, unemployment increased, and the economy stuck with litle or no growth since 2006 is smaller now than in that year. The Orban government has taken steps to reduce monthly payments with an increase in the total amount owed, converting loans to forints, and imposing about $3.5 billion in compensation costs to borrowers on the banks- relief that still leaves borrowers in debt that may never be paid off and unable to borrow for other needs. This has increased the popularity of the Orban government, yet no one has emerged a winner. It has also soured Hungary's experience with free markets.
Grouped Articles
Borrowers in Hungary Learn Tough Lessons
New York Times 11/13/2014
New York Times 01/15/2015
Swiss Move Roils Global Markets
Wall Street Journal 01/16/2015
Here's What the Swiss Central Bank Just Did and Why Its Such a Shocker
BusinessWeek 01/18/2015
Central Europe and the Swiss franc: Currency risk
Economist 01/18/2015
Swiss central bank's shift to negative interest rates in Dec. 2014 to keep down the value of the Swiss Franc
12/18/2014
Grouped Articles
Swiss Central Bank to Introduce Negative Interest Rates
Wall Street Journal 12/19/2014
Wall Street Journal 12/19/2014
Swiss National Bank to Adopt a Negative Interest Rate
New York Times 12/18/2014
New York Times 01/15/2015
10 Takeaways From Lagarde’s Swipe at the Swiss National Bank
Wall Street Journal 01/15/2015
Swiss Move Roils Global Markets
Wall Street Journal 01/16/2015
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