Banque nationale suisse

Données importantes de politique monétaire pour la semaine se terminant le 22 janvier 2021

La Banque nationale s’attend à un bénéfice d’environ 21 milliards de francs pour 2020

WP - 2021-01-18 - Jens H. E. Christensen and Nikola Mirkov: The safety premium of safe assets

Description: 

Safe assets usually trade at a premium due to their high credit quality and deep liquidity. To understand the role of credit quality for such premia, we focus on Swiss Confederation bonds, which are extremely safe but not particularly liquid. We therefore refer to their premia as safety premia and quantify them using an arbitrage-free term structure model that accounts for time-varying premia in individual bond prices. The estimation results show that Swiss safety premia are large and exhibit long-lasting trends. Furthermore, our regression analysis suggests that they shifted upwards persistently following the launch of the euro but have been depressed in recent years by the asset purchases of the European Central Bank.

Données importantes de politique monétaire pour la semaine se terminant le 15 janvier 2021

WP - 2021-01-15 - Till Ebner, Thomas Nellen and Jörn Tenhofen: The rise of digital watchers

Description: 

Many consumers use payment instruments to control their budget. Previously, such behavior has been associated with checking disposable cash ("pocket watching"). Based on recent survey data, we show that "digital watchers" have emerged, i.e., noncash payers who use digital applications to control their budget. Both watcher types have distinct characteristics. Pocket watchers tend to have lower incomes than other consumers, while digital watchers ascribe low security risk to payment cards. Watching behavior influences current and future payment behaviors. Pocket watchers use cash more intensively than nonwatching cash payers. Digital watchers expect to intensify their reliance on noncash payment instruments more strongly than nonwatching noncash payers.

Données importantes de politique monétaire pour la semaine se terminant le 8 janvier 2021

Données importantes de politique monétaire pour la semaine se terminant le 1 janvier 2021

WP - 2020-12-29 - Lucas Marc Fuhrer, Marc-Antoine Ramelet and Jörn Tenhofen: Firms' participation in the COVID-19 loan programme

Description: 

This paper analyses the determinants of firm participation in the Swiss COVID-19 loan programme, which aims to bridge firms' liquidity shortfalls that have resulted from the pandemic. State guaranteed COVID-19 loans are widely used by Swiss firms, with 20% of all firms participating, resulting in a sizeable programme of 2.4% of GDP. We use a complete firm-level dataset to study the determinants of firm participation. Our results can be summarised as follows. First, participation was largely driven by the exposure of a firm to lockdown restrictions and to the intensity of the virus in the specific region. Second, we show that less liquid firms had a significantly higher probability of participating in the programme. Third, we find no clear evidence that firm indebtedness affected participation in the programme and no evidence that pre-existing potential zombie firms participated more strongly in the loan programme. Fourth, we show that the programme reached younger and smaller firms, which could be financially more vulnerable as they are less likely to obtain outside finance during a crisis. Overall, we conclude that given its objective, the programme appears to be successful.

Données importantes de politique monétaire pour la semaine se terminant le 25 décembre 2020

Données importantes de politique monétaire pour la semaine se terminant le 18 décembre 2020

Pages

Le portail de l'information économique suisse

© 2016 Infonet Economy

Subscribe to RSS - Banque nationale suisse