Pınar Yeşin, 21 February 2015

Safe haven inflows to Switzerland during global turmoil have been mentioned numerous times by the financial press and international organisations. However, recent research cannot find evidence for surges of capital inflows to Switzerland. In fact, this column argues that private capital inflows to and outflows from Switzerland have become exceptionally muted and less volatile since the Crisis. By contrast, net private capital flows have shown significantly higher volatility since the Crisis, frequently registering extreme movements. However, these extreme movements in net flows are not driven by surges of inflows.

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