SNB paper challenges idea that capital flows drive Swiss franc value
Safe-haven flows do not appear to have pushed up franc, study shows
The Swiss franc appreciated strongly after the Swiss National Bank (SNB) abandoned a cap on the currency's value in January 2015, but the appreciation may not have been driven by capital inflows, according to a new SNB working paper.
Published on June 20, Capital flows and the Swiss franc tries to establish an empirical link between the level of the franc and capital flows, using Swiss balance of payments data. But despite the widespread assumption that safe-haven flows drove up the franc, the
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