Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note1

IF 1.7 Q3 BUSINESS, FINANCE

Journal of Central Banking Theory and Practice Pub Date : 2024-01-13 DOI:10.2478/jcbtp-2024-0003

Vanessa Kämpf, Georg Stadtmann, Lilli Zimmermann

引用次数: 0

Abstract

The Swiss National Bank (SNB) has announced it will refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this paper we examine key determinants of the SNB’s loss and shed light on its implications to monetary policy pursuit. In particular, we show that different accounting principles yield different results concerning the equity position of a central bank’s balance sheet, yet not affecting the ability to run monetary policy.

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瑞士国家银行：最近的亏损是对货币政策的威胁吗？研究说明1

瑞士国家银行（SNB）宣布，由于累积了巨额财务损失，它将在 2022 年停止利润分配。在本文中，我们研究了瑞士国家银行亏损的主要决定因素，并阐明了其对货币政策追求的影响。我们特别指出，不同的会计原则会对中央银行资产负债表的权益状况产生不同的结果，但不会影响其实施货币政策的能力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Central Banking Theory and Practice BUSINESS, FINANCE-

CiteScore

2.80

自引率

57.10%

发文量

审稿时长

7 weeks

期刊介绍： Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.