by George Dorgan
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the elevated property prices and the evidence of high risk appetite translate for the Swiss economy into a state of high vulnerability requiring caution and the exercise of responsibility by all concerned. The activation of the CCB and the adoption of other prudential measures have to be seen in this perspective.
References
Borio, C. (2012): The financial cycle and macroeconomics: What have we learnt?
BIS Working Paper No 395
Keynes, J. M. (1936): The General Theory of Employment, Interest and Money, London, Macmillan; Chapter 12
Minsky, H. P. (1982): Can “it” happen again?, Essays on instability and finance, New York 1982
Reinhart, C. and Rogoff, K. (2009): This time is different: Eight Centuries of Financial Folly, Princeton University Press
Schularick M., and Taylor, A. (2012): Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008, American Economic Review, American Economic Association, Vol. 102(2), pp. 1029–61
Stiglitz, J. and Weiss, A. (1981): Credit Rationing in Markets with Imperfect Information, The American Economic Review, Vol. 71, No. 3, pp. 393–410.
