German Programme Public Lecture Series "Culture of the German-speaking Counties"
Stability, Safe-Haven Currency, and the Secrets of Private Banks: A Swiss Tale
Date: March 5, 2025 (Wednesday)
Time: 6:30-7:30pm
Venue: CPD-2.16, Centennial Campus, HKU
Speaker: Prof. Thomas Maurer, Associate Professor of Finance, HKU Business School
Abstract:
We explore the unique blend of institutional and financial prowess that defines Switzerland’s global reputation. Switzerland is renowned for its sophisticated, high-income economy driven by sectors such as food and hospitality, pharmaceuticals, financial services, and precision manufacturing. A key focus is Switzerland’s stability, which foster fiscal discipline, and a favorable business climate. These elements are crucial to understanding how Switzerland has maintained high levels of prosperity and trust both domestically and internationally. Equally central is an exploration of the Swiss franc, renowned as a safe-haven currency that attracts global capital during times of uncertainty. We examine the period from 2011 to 2015, when the Swiss National Bank pegged the franc to the euro, and the dramatic consequences following the unpegging in January 2015. This underscores both the benefits and challenges of a safe-haven currency. Finally, we trace the evolution of Swiss bank secrecy from its historical roots that attracted international wealth to recent reforms prompted by global regulatory pressures following the 2008 financial crisis. We conclude with a case study of the Credit Suisse crisis, highlighting management missteps and governance failures that culminated in its emergency acquisition by UBS.
All are welcome. Registration: https://forms.office.com/r/fpFB9HvRwC?origin=lprLink
For enquiries, please contact Dr. Li CHONG at lichong@hku.hk
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