Tag Archive: M0 base money

Digital Swiss Francs

2017-05-05

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2017-05-05

The Swiss National Bank held its annual general meeting of shareholders (web TV). In response to one of the questions posed by shareholders Thomas Jordan suggested (2:58–2:59) that possibly a digital Swiss Franc might be introduced sometime in the future.

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The 2015 Update: Risks on the Rising SNB Money Supply

We explain the risks on the rising money supply in Switzerland. We distinguish between broad money supply (M1-M3) and narrow money supply (M0). Both are rising quickly.

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SNB’s IMF data

This IMF data on the SNB website shows SNB Forex and gold reserves in the last month. It is so-called "IMF Special Data Dissemination Standard (SNB Data)"

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No SNB Intervention: Massive Swiss M0 Increase due to Post Finance Transformation into a Bank

2013-09-01

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2013-09-01

Money Printing M0 FX Purchases
SNB did not intervene. Deposits of Swiss Post Finance had been reclassified from other sight liabilities to deposits of domestic banks.

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Why negative interest rates are contractionary, the base money confusion

From FT Alphaville: Excess reserves do not mean banks are not lending, and enforcing negative rates may do more harm than good because it is ultimately contractionary rather than expansionary.

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The Inflation Lie? Why and When Inflation Will Come Back

Money Supply China EU US
The so-called "inflation lie" : money printing does not create inflation. The cyclical slowing in emerging markets shows that it actually did cause inflation, just not in developed economies yet.

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Richard Koo’s newest paper: About the Ineffectiveness of Monetary Expansion



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Definitions of money supply in the context of the SNB

Monetary Aggregates according SNB M0 M1 M2 M3


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SNB Monetary Data Week October 26

2012-10-29

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2012-10-29

swiss m1 vs. gdp and credit 2008-2012
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland Despite the seasonal effects between October and March, the SNB is not able to sell currency reserves consistently. Traditionally the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks appreciation was possibly already anticipated …

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SNB Monetary Data Week October 19

2012-10-22

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2012-10-22

Swiss Trade Balance by regions English
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally both the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks appreciation was …

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SNB Monetary Data Week October 12

2012-10-15

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2012-10-15

Stock market performance per quarter
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally both the USD gets stronger and stocks rise over the autumn months till January. This year’s stocks …

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IMF Data: SNB Forex Reserves and Gold in September 2012

2012-10-12

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2012-10-12

This link  on the SNB website shows the data the central bank provides to the International Monetary Fund (IMF). It shows the SNB Forex and gold reserves in the last month. It is so-called “IMF Special Data Dissemination Standard (SNB Data)” It is released together with the international investment position, some monetary aggregates and the balance of payments two weeks after …

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SNB Monetary Data Week October 5

2012-10-08

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2012-10-08

Stock market performance per quarter
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally the United States and the USD dollar become stronger and stocks rise over the autumn months …

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SNB Monetary Data Week of September 28

2012-10-01

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2012-10-01

snb -expansion
Seasonal effects, the good months for the SNB and the US economy, but weaker ones for emerging markets and Switzerland, have started Given that the seasonal effects between October to March have started, the SNB might be able to sell some currency reserves. Traditionally the United States and the USD dollar become stronger over the autumn months till …

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Do Swiss companies prefer to hold cash at the SNB instead of local banks ?

2012-09-24

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2012-09-24

snb expansion
The most recent SNB monetary data show that more and more companies are increasing their deposits at the central bank at a quicker speed than local banks. Might this be missing trust in the Swiss banking system ?

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Otmar Issing’s new book on the euro crisis

2012-08-10

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2012-08-10

Issing Book
  We well remember when the über-bailouter of the Financial Times Wolfgang Münchau claimed that except some old economy professors like Otmar Issing nobody in Germany would like to abolish the euro. According to Münchau the euro can be saved only via a fiscal and a banking union. The response to Münchau’s post could be … Continue reading...

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Swiss Franc Surges to Record High: Where was the SNB? (March 2010)

2010-03-22

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2010-03-22

1y1
Mar. 26th 2010  Extracts from the history of the Swiss Franc (March 2010)   One of the clear victors of the Greek sovereign debt crisis has been the Swiss Franc, which has risen 5% against the Euro over the last quarter en route to a record high. 5% may not sound like much until you … Continue...

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