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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Determinants of Swiss Money Market Debt Register Claim Yields |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 40 |
| Date | 2015 |
| Abstract Text | The thesis at hand analyzes the drivers of Swiss treasury bonds (so-called money market debt register claims) between January 2005 and June 2015. By separating the time-series into three parts, a detailed graphical analysis is made considering labor market announcements, investors' risk appetite, sovereign as well as bank default risk, economic shocks and so on. The author find that cross currency basis swaps influence the demand for the money market debt register claims, giving reason to think that a considerable amount of these assets are sold to international investors. Furthermore, the principle of the Swiss Treasury to issue debt according to the financing needs is violated after large economic shocks. Lastly, Switzerland has the opportunity to increase borrowings via money marked debt register claims substantially and would still not pay any interest. |
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