Does the Swiss National Bank Stabilize the Swiss Franc Exchange Rates?

1987 ◽  
Vol 5 (1) ◽  
pp. 105
Author(s):  
Thomas von Ungern-Sternberg
Keyword(s):  
Exchange Rates ◽  
Swiss Franc ◽  
National Bank

scholarly journals Determining Pak Rupee Exchange Rates vis-à-vis Six Currencies of the Industrial World: Some Evidence Based on the Traditional Flow Model

2001 ◽  
Vol 40 (4II) ◽  
pp. 885-897
Author(s):  
Razzaque H. Bhatti
Keyword(s):  
Exchange Rates ◽  
Coefficient Of Variation ◽  
Flow Model ◽  
French Franc ◽  
Swiss Franc ◽  
Test Statistics ◽  
Industrial Countries ◽  
Japanese Yen ◽  
The U.S ◽  
German Mark

Pak-rupee exchange rates vis-à-vis many currencies of the industrial world have weakened continuously and persistently since Pakistan abandoned fixed exchange rates in April 1982. This proposition is strongly supported by descriptive test statistics, as shown in Table 1, such as mean, standard deviation and coefficient of variation of six Pak rupee exchange rates—against the U.S. dollar, British pound, German mark, Japanese yen, Swiss franc and French franc—over the period 1982q1-2000q4. Based on these descriptive statistics, it is evident that Pak rupee has depreciated persistently against all currencies of the industrial countries in question over the period under investigation; for example, it has depreciated by 324.05 percent against the British pound, 406.360 percent against the U.S. dollar, 344.53 percent against the French franc, 498.48 percent against the Swiss franc, 477.78 percent against the German mark and 986.25 percent against the Japanese yen since April 1982. As evidenced by coefficient of variation, Pak rupee has weakened enormously against all currencies of the industrial world, while it has weakened relatively more alarmingly against the Japanese yen, Swiss franc and German mark.

scholarly journals Modeling the Rwanda Exchange Rates by GARCH Models

2021 ◽  
Vol 8 (1) ◽  
pp. 1127-1145
Author(s):  
Edmond Kazungu Mudahogora ◽  
Denis Ndanguza
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Visual Inspection ◽  
Least Squares Method ◽  
Real Data ◽  
Model Solution ◽  
Mcmc Methods ◽  
Garch Models ◽  
Mcmc Method ◽  
National Bank

Volatility modeling and forecasts are essential tools to all financial sectors. This paper focuses on weekly exchange rate returns of the FRW versus USD from 2012 until 2018 obtained from the National Bank of Rwanda. The aim of this paper is to formulate an appropriate GARCH model which fits the data. The GARCH(1,1) model has been selected after using required techniques of model selection.Parameters have been estimated using Least Squares method first and then validated using MCMC method. Once the chain of parameters are found, both visual inspection and basic statistics are computed and in this study, they have illustrated a good compatibility between simulation and observations. Diagnostic of convergence of the chains of parameters has been checked and ensured the model to beaccurate. The results obtained from the LSQ and MCMC methods have been compared and found to be almost similar. An agreement between the model solution and actual data is obtained and a forecast is done by concluding that the estimated values are almost similar to the real data. Hence, the identified model is accepted for forecasting and recommended for further applications.

scholarly journals Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation

2021 ◽  
Author(s):  
Raphael Auer ◽  
Ariel Burstein ◽  
Sarah Lein
Keyword(s):  
Exchange Rates ◽  
Swiss Franc

scholarly journals Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation

2021 ◽  
Author(s):  
Raphael Auer ◽  
Ariel T. Burstein ◽  
Sarah Lein
Keyword(s):  
Exchange Rates ◽  
Swiss Franc

scholarly journals Polityka pieniężna Narodowego Banku Polskiego od roku 1989

2015 ◽  
pp. 173-192
Author(s):  
Paweł Franka ◽  
Anna Wisz
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Exchange Rates ◽  
Inflation Targeting ◽  
Banking System ◽  
Policy Instruments ◽  
Open Market ◽  
The Past ◽  
National Bank

The article discusses the activities of National Bank of Poland during the past twenty-five year and more specifically in the years 1989–2013 with particular emphasis on monetary policy. During this time, the Polish central bank has undergone fundamental change, starting from the position of the so-called monobank, i.e. bank without autonomy in activities, characteristic of planned economy. The article describes the process of transformation of the National Bank of Poland to the role of a central bank operating in a market economy. The paper emphasizes all the important events in the transformation, including building of a two-tier banking system, the gradual replacement of the administrative measures by monetary policy instruments, currency denomination, constitutional guarantees of the role and independence of the National Bank of Poland, creation of the Monetary Policy Council – a departure from the single monetary policy-making in favor of collegiality, changing the monetary policy strategy to direct inflation targeting, bank exchange rates policy, open market operations.

scholarly journals Modeling the Rwanda Exchange Rates by GARCH Models

2021 ◽  
Vol 8 (1) ◽  
pp. 1525-1544
Author(s):  
Edmond Kazungu Mudahogora ◽  
Denis Ndanguza
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Visual Inspection ◽  
Least Squares Method ◽  
Real Data ◽  
Model Solution ◽  
Mcmc Methods ◽  
Garch Models ◽  
Mcmc Method ◽  
National Bank

Volatility modeling and forecasts are essential tools to all financial sectors. This paper focuses on weekly exchange rate returns of the FRW versus USD from 2012 until 2018 obtained from the National Bank of Rwanda. The aim of this paper is to formulate an appropriate GARCH model which fits the data. The GARCH(1,1) model has been selected after using required techniques of model selection.Parameters have been estimated using Least Squares method first and then validated using MCMC method. Once the chain of parameters are found, both visual inspection and basic statistics are computed and in this study, they have illustrated a good compatibility between simulation and observations. Diagnostic of convergence of the chains of parameters has been checked and ensured the model to beaccurate. The results obtained from the LSQ and MCMC methods have been compared and found to be almost similar. An agreement between the model solution and actual data is obtained and a forecast is done by concluding that the estimated values are almost similar to the real data. Hence, the identified model is accepted for forecasting and recommended for further applications.

scholarly journals Appreciation of the Swiss Franc and its Impact on Romania and other Central and Eastern European Countries

2015 ◽  
Vol 25 (4) ◽  
pp. 11-24
Author(s):  
Delia David ◽  
Shailendra Kumar Rai ◽  
Luminita Paiusan
Keyword(s):  
Great Part ◽  
Banking System ◽  
European Countries ◽  
Swiss Franc ◽  
Eastern European ◽  
Fixed Rate ◽  
National Currencies ◽  
National Bank ◽  
Eastern European Countries ◽  
The Impact

Abstract The decision of the Swiss National Bank of giving up the fixed rate of 1,2 Euro/CHF on the 15th of January 2015, a rate established at its admission to the Monetary Economic Union, had consequences on Central and Eastern European countries because a great part of the credits granted were in Swiss francs. In all these countries, the national currencies depreciated and the financial market rates were reduced. Regional banks started to face difficulties regarding the management of the situation and were under the necessity of finding solutions to avoid the risk of not recovering the granted credits. The issue of the Swiss franc appreciation was treated differently by the analysed countries and took into consideration the particularities characteristic to the credits granted in this currency. The present paper aims at emphasising the impact of the Swiss franc appreciation on the Romanian banking system but also the approach of other countries in Central and Eastern Europe in this respect.

scholarly journals The Limitations of Foreign-Exchange Intervention: Lessons from Switzerland

2013 ◽  
pp. 1-6 ◽  
Author(s):  
Owen F. Humpage
Keyword(s):  
Monetary Policy ◽  
Exchange Rates ◽  
Foreign Exchange ◽  
Developed Countries ◽  
Central Banks ◽  
Recent Experience ◽  
Monetary Policies ◽  
Foreign Exchange Intervention ◽  
Monetary Authorities ◽  
National Bank

Since the mid-1990s, monetary authorities in most large developed countries have backed away from foreign-exchange intervention—buying and selling foreign currencies to influence exchange rates. Switzerland's recent experience goes a long way to illustrate why: Foreign-exchange intervention did not afford the Swiss National Bank with a means of systematically affecting the franc independent of Swiss monetary policy, and it left the Bank exposed to foreign-exchange losses. To affect exchange rates, central banks must change their monetary policies.

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