Die Währungspolitik der Zentralbanken und die Beeinflussung der Wechselkurse : Eine theoretische Aufarbeitung und Analyse der Währungspolitik der SNB und EZB, aufgrund der Aufhebung des Mindestkurses Franken zu Euro im Jahr 2015 / Stephanie Ulrike Fürstl
VerfasserFürstl, Stephanie Ulrike
Betreuer / BetreuerinStraßner, Alexander
ErschienenWien, 06.03.2016
UmfangIX, 102 Seiten : Illustrationen
HochschulschriftFachhochschule des BFI Wien, Univ., Masterarbeit, 2016
URNurn:nbn:at:at-fhbfiw:1-858 Persistent Identifier (URN)
 Das Werk ist frei verfügbar
Die Währungspolitik der Zentralbanken und die Beeinflussung der Wechselkurse [1.04 mb]
Zusammenfassung (Englisch)

This master thesis is based on a literature review and deals with the topic of monetary policy in theory and in practice. The objective of this thesis is to answer the following research question: “What monetary policy strategies and measures of the Swiss National Bank and the European Central Bank influenced the ex-change rate fluctuation of the Swiss franc to the Euro in 2015?” Monetary policy is a subpart of economic policy and is exercised by central banks. The focus of monetary policy is the stability of currency values, exchange rates and national price levels. Money is just valuable in the national country. Therefore a transboundary transaction presupposes a money exchange business on the for-eign exchange market. Since the outbreak of the financial crisis in 2007/08 the most relevant central banks of the world have pursued an aggressive monetary policy strategy. The po-litical influence in direction of low interest rates and the purchase of huge amounts of government bonds should lead to depreciations of the national currencies. These measures resulted in instability of the financial and foreign exchange mar-kets. The Swiss economy wasnt directly influenced by the financial crisis. The cata-strophic world economic situation, the influence of the financial crisis of the Euro-pean countries and the bad reputation of the euro are the reasons why the Swiss Franc is still experiencing an overvaluation. Additionally an increase in capital im-ports has leaded to a huge appreciation of the Swiss currency. In 2011 the Swiss National Bank introduced a monetary policy measure, which should ensure an exchange rate between the Swiss franc and the euro of 1.2. The instruments of a low interest rate and an enormous purchase of foreign currency assets helped the economy to stabilize the currency and national price level. In 2015 the central bank decided to end the phase of a minimum exchange rate. The main reason for this decision was the aggressive depreciation policy of the Euro-pean Central Bank, which works against the depreciation of the Swiss Franc. A maintaining of a fixed exchange rate would be too cost intensive and lead to a fur-ther increase of total assets in the national balance of payments.