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News and Business
Aussenwirtschaft; Zeitschrift für internationale Wirtshaftsbeziehungen - Vol. 63 Num. 1, Mars 2008
Unit Labour Costs, the Real Exchange Rate and Swiss Competitiveness
Real exchange rates are a major short-run determinant of any country's capacity to compete. In this paper, we compute a unit-labour-costs-based real exchange rate for Switzerland for the period 1980-2006. This study uses manufacturing sector data on wages and labour productivity in Switzerland and twelve of its major trade partners and present detailed findings on relative labour costs and relative productivity trends. Our main findings are that, measured in these terms, the Swiss real exchan...
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News and Business
Aussenwirtschaft; Zeitschrift für internationale Wirtshaftsbeziehungen - Vol. 62 Num. 1, Mars 2007
Asset Price Bubbles and Monetary Policy: What Can Be Learned From the Swiss Experience?
This short policy paper looks at the implications of asset price bubbles for the Swiss economy over the two last decades, and attempts at inferring policy recommendations. We argue that such bubbles are generally damaging for the overall economy. Further, concentrating our attention on bubbles that are identified, we ask what kind of policy central banks should adopt in two given situations. We argue that in the case of housing price bubbles, emergency measures specifically directed at the ho...
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News and Business
Aussenwirtschaft; Zeitschrift für internationale Wirtshaftsbeziehungen - Vol. 63 Num. 4, Décembre 2008
The Significance of Switzerland's Enormous Current Account Surplus
Switzerland has had a long standing surplus on its current account. But over the past 15 years that surplus has surged to levels unmatched by nearly any other OECD country at any point. This paper looks at the surplus from a balance of payments vantage point as well as from the optic of the excess of national saving over domestic investment. It then seeks possible explanations for the uptrend and assesses whether it results to any extent from market, institutional or policy failures that coul...
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Africa had its own pavilion at Biofach, the World Organic Trade Fair in Nuremberg this year, which marked the first time African exporters were gathered under one roof in a concerted campaign to strengthen and promote 'Brand Africa'. The number of exhibitors more than doubled to 75 this year in an effort to bring more visibility to African exporters. They are, in short, working examples of the ITC maxim 'export impact for good' and the fair was a wonderful showcase for the changing face of Af...
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News and Business
Aussenwirtschaft; Zeitschrift für internationale Wirtshaftsbeziehungen - Vol. 62 Num. 3, Septembre 2007
This article describes general budget support as an instrument of development cooperation. Based on poverty reduction strategies, poorer developing countries are increasingly receiving general budget support which enables their governments to carry out their core responsibilities more effectively. Strengths, weaknesses, opportunities and risks are discussed in a holistic approach. In view of aid effectiveness and efficiency, the author draws on an evaluation which was carried out in the conte...
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News and Business
Aussenwirtschaft; Zeitschrift für internationale Wirtshaftsbeziehungen - Vol. 62 Num. 1, Mars 2007
Bilateral free trade agreements are mushrooming all over the world. The current standstill in multilateral trade negotiations will contribute further to this trend. Since dialogue in the Doha-Round came to a halt in July 2006, bilateral agreements have received additional support. In this paper, the author will analyse the utility of bilateral trade agreements and the systemic disadvantages they have for weaker players. Dispute settlement is a major issue. The question here is whether bilater...
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News and Business
Aussenwirtschaft; Zeitschrift für internationale Wirtshaftsbeziehungen - Vol. 64 Num. 1, Mars 2009
The study tries to answer the following questions: Will exposure to world agricultural prices generate more poverty or less? To what extent will households be affected by changes in agricultural trade polices? Do multilateral agricultural liberalization matter more than bilateral changes? Results of simulations using a computable general equilibrium (CGE) model linked to household survey data suggest that trade liberalization has only modest effects on the level of GDP, but it has a substanti...
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... 10, au titre des intérêts composés et de l'adaptation au taux d'inflation. Selon lui, le remboursement des seules ...... C'est dans ce cadre que les premiers juges se sont référés aux notions d'intérêts, d'intérêts composés, de taux d'escompte et d'inflation. S'agissant des éléments actuariels qui ...
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... De surcroît, une hausse des coûts, qui peut résulter de la seule inflation, justifie en principe une augmentation de loyer (...... b CO); si l'on accordait à la fois une pleine indexation du loyer et une augmentation du loyer pour les hausses de coûts induites par l'inflation, le renchérissement serait partiellement pris ...
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..., que les intérêts sont destinés à compenser l'inflation (Message du Conseil fédéral du 15 novembre ...
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