Dominant by Accident
The 1970s was a decisive decade in monetary history as the switch to floating exchange rates made central bankers weighty actors in economic policymaking. This paper will show that this rise in power was not pronounced by decree in the Swiss case. Politicians eyed the Swiss National Bank’s growing i...
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| Формат: | Online |
| Язык: | английский |
| Опубликовано: |
Graduate Institute Publications
2025
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| Предметы: | |
| Online-ссылка: | ONIX_20250306_9782940600588_198 |
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| _version_ | 1869518943861866496 |
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| author | Belser, Jannik Corsin |
| author_browse | Belser, Jannik Corsin |
| author_facet | Belser, Jannik Corsin |
| author_sort | Belser, Jannik Corsin |
| collection | Directory of Open Access Books |
| description | The 1970s was a decisive decade in monetary history as the switch to floating exchange rates made central bankers weighty actors in economic policymaking. This paper will show that this rise in power was not pronounced by decree in the Swiss case. Politicians eyed the Swiss National Bank’s growing influence critically, some flirting with installing fiscal dominance. However, faced with widespread sympathy for central bank autonomy among the business community, political attacks on the SNB were not organised. In addition, many felt that the legal status quo of close cooperation between the Federal Council and the SNB Governing Board would keep decision-making within the reach of elected politicians. In an increasingly complex world of finance, the SNB established a position of expertise vis-à-vis the government and became the dominant force in monetary policymaking. This outcome was not driven by political choice but by structural conditions.We extend our heartfelt thanks to the Vahabzadeh Foundation for financially supporting the publication of best works by young researchers of the Graduate Institute, giving a priority to those who have been awarded academic prizes for their master’s dissertations. |
| format | Online |
| id | doab-20.500.12854ir-153765 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Graduate Institute Publications |
| publisherStr | Graduate Institute Publications |
| record_format | ojs |
| spelling | doab-20.500.12854ir-1537652025-03-06T15:48:20Z Dominant by Accident Belser, Jannik Corsin Swiss National Bank Monetary Policy Central Banking Central Bank Independence bank finance Fixed Exchange Rates Bretton Woods thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJK International business The 1970s was a decisive decade in monetary history as the switch to floating exchange rates made central bankers weighty actors in economic policymaking. This paper will show that this rise in power was not pronounced by decree in the Swiss case. Politicians eyed the Swiss National Bank’s growing influence critically, some flirting with installing fiscal dominance. However, faced with widespread sympathy for central bank autonomy among the business community, political attacks on the SNB were not organised. In addition, many felt that the legal status quo of close cooperation between the Federal Council and the SNB Governing Board would keep decision-making within the reach of elected politicians. In an increasingly complex world of finance, the SNB established a position of expertise vis-à-vis the government and became the dominant force in monetary policymaking. This outcome was not driven by political choice but by structural conditions.We extend our heartfelt thanks to the Vahabzadeh Foundation for financially supporting the publication of best works by young researchers of the Graduate Institute, giving a priority to those who have been awarded academic prizes for their master’s dissertations. 2025-03-06T15:48:19Z 2025-03-06T15:48:19Z 2025 book ONIX_20250306_9782940600588_198 1664-459X 9782940600588 https://directory.doabooks.org/handle/20.500.12854/153765 eng eCahiers de l’Institut image/png Attribution-NonCommercial-NoDerivatives 4.0 International https://www.7switch.com/fr/ebook/9782940600588/from/openedition https://books.openedition.org/iheid/12691 Graduate Institute Publications 10.4000/130bc 10.4000/130bc 72b0526f-f1c9-41b3-a451-219e0317e896 9782940600588 Genève open access |
| spellingShingle | Swiss National Bank Monetary Policy Central Banking Central Bank Independence bank finance Fixed Exchange Rates Bretton Woods thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJK International business Belser, Jannik Corsin Dominant by Accident |
| title | Dominant by Accident |
| title_full | Dominant by Accident |
| title_fullStr | Dominant by Accident |
| title_full_unstemmed | Dominant by Accident |
| title_short | Dominant by Accident |
| title_sort | dominant by accident |
| topic | Swiss National Bank Monetary Policy Central Banking Central Bank Independence bank finance Fixed Exchange Rates Bretton Woods thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJK International business |
| topic_facet | Swiss National Bank Monetary Policy Central Banking Central Bank Independence bank finance Fixed Exchange Rates Bretton Woods thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCZ Economic history thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJK International business |
| url | ONIX_20250306_9782940600588_198 |
| work_keys_str_mv | AT belserjannikcorsin dominantbyaccident |