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• W1585272123 abstract "ABSTRACT Switzerland has had a long and unique role in international business and finance. Investors have historically been drawn towards Switzerland because of their trust in the stability of the Swiss currency. The Swiss economy attracts many international corporations because of its competitiveness on the tax front and its facilitated access to other European countries. This concentration of multinationals in Switzerland has a direct impact on the utilization of the Swiss franc in international finance. Furthermore, individual investors around the world are drawn to invest in Swiss banks, due in large part to the bank secrecy guaranteed in the Swiss Constitution along with special tax advantages offered in several Swiss cantons. The strong infrastructure that supports the Swiss banking system also adds to the attractiveness of Swiss franc investments. However, the recent financial crisis may have a damaging impact on the reputation of the Swiss banking system. Increased scrutiny is being directed once again at the Gnomes of Zurich. In addition, Switzerland's geographic and economic position within the heart of Europe has fostered speculation on Switzerland possibly joining the European Union. This article examines the past and present role that Switzerland and the Swiss franc have played in the high stakes world of global finance and postulates what its future involvement might be. INTRODUCTION Given the growth in globalization over the past few decades, international trade has become increasingly important. The use of foreign currencies is an unavoidable consequence of engaging in international trade in the highly-globalized and integrated world economy. For most of the twentieth century and beyond, the U.S. dollar has been THE leading international currency, both in terms of its role as the leading foreign reserve currency and its presence in international transactions. Other currencies, most notably the British pound, Japanese yen, Deutsch (German) mark, and Swiss franc have also played significant roles in the global economy. Since 1999 the Euro has operated as the common currency within the European Monetary Union, thereby replacing the Deutschmark and other European currencies. (Seventeen nations have so far adopted the Euro: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, The Netherlands, Portugal, Slovakia, Slovenia, and Spain, while ten other members of the European Union - Bulgaria, Czech Republic, Denmark, Latvia, Lithuania, Hungary, Poland, Romania, Sweden and the United Kingdom - have chosen not to adopt it). The Euro has consequently become the second most important currency in international trade and finance behind the U.S. dollar. Given its geographical proximity to various members of the European Union (EU) and economic ties to its neighbors, increased scrutiny has been directed at the likelihood of Switzerland joining the EU, as well as the possible future of the Swiss franc, vis-a-vis, the Euro. Switzerland has also come under a lot of political pressure with respect to its bank secrecy regulations. Such political affairs could have an impact on Switzerland's status as a leading economic power and concomitantly the use of the Swiss franc in global finance. What follows is an examination of the Swiss economic system and the Swiss franc. Because the present situation cannot be understood without reviewing the past, we begin by offering an historic view of the Swiss economy, looking at major events that impacted the role of the Swiss economy and the Swiss franc. This includes an examination of factors that have led the Swiss economy, and more specifically, Swiss banking and the Swiss franc, becoming so dominant in world affairs. The conclusion will focus on what can be expected with respect to the future position of Switzerland and the Swiss franc in global finance. SWITZERLAND AND THE SWISS FRANC It is commonly acknowledged that modern Switzerland began in the 1840s with the acceptance and implementation of a new constitution. …" @default.
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• W1585272123 date "2011-09-01" @default.
• W1585272123 modified "2023-09-23" @default.
• W1585272123 title "The Continuing Role of Switzerland and the Swiss Franc in International Finance" @default.
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