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La construction progressive de l'avantage compétitif financier suisse (1914-1936)

Author

Listed:
  • Alain Laurent
  • Guillaume Vallet

Abstract

This article aims at explaining how Switzerland succeeded in building a major competitive advantage in the financial sector. From a historical perspective, we show that the period 1914-1936 was decisive in Swiss monetary history, Switzerland moving from a status of minor international financial centre to a major place, with the development of very powerful actors like banks. Hence we highlight that if the banking and financial industry played an important role in this process, such a competitive advantage solidified durably only thanks to a national coalition around the conservation of the value of the Swiss franc. In particular, the industry of goods was at the core of such a coalition. The fetishism of the Swiss franc during this period appears to have been a decisive factor for the financial specialisation of Switzerland. Classification JEL: E58, E65, G21, N14, N24.

Suggested Citation

  • Alain Laurent & Guillaume Vallet, 2014. "La construction progressive de l'avantage compétitif financier suisse (1914-1936)," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 259-274.
    • Handle: RePEc:cai:refaef:ecofi_113_0259
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    Cited by:

    1. Vallet, Guillaume, 2016. "The role of the swiss franc in Switzerland’s European stance," Research in International Business and Finance, Elsevier, vol. 38(C), pages 35-44.

    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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