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Corpataux, José
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Corpataux, José
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- PublicationAccès libreIncreased capital mobility/liquidity and its repercussions at regional level - Some lessons from the experiences of Switzerland and the United Kingdom (1975-2000)(2005)
; The most significant structural change undergone by the British and Swiss economies during the past 25 years (1975-2000) is indisputably the development of their financial systems. From this point of view, the two countries show a number of similarities: the presence of one or more international financial place(s), large enterprises which expanded greatly on the international front during that period, the decline of their industrial regions, a monetarist-type monetary policy that involved floating their currency on the external market, a more or less enthusiastic policy of liberalizing their financial markets, etc. In these two countries, the development of international financial centres and the decline of the industrial regions took place in parallel. The question that remains is: are these developments linked? There have been many studies dealing with the relationship between finance and industry. But this article is original in that it approaches the question principally from the spatial angle (by contrasting the evolution of the financial centres with that of the other regions) and from the sectoral angle (by making a distinction between finance and the industrial activities). - PublicationAccès libreIncreased Capital Mobility/Liquidity and its Repercussions at Regional Level(2005)
; The most significant structural change undergone by the British and Swiss economies during the past 25 years (1975-2000) is indisputably the development of their financial systems. From this point of view, the two countries show a number of similarities: the presence of one or more international financial place(s), large enterprises which expanded greatly on the international front during that period, the decline of their industrial regions, a monetarist-type monetary policy that involved floating their currency on the external market, a more or less enthusiastic policy of liberalizing their financial markets, etc. In these two countries, the development of international financial centres and the decline of the industrial regions took place in parallel. The question that remains is: are these developments linked? There have been many studies dealing with the relationship between finance and industry. But this article is original in that it approaches the question principally from the spatial angle (by contrasting the evolution of the financial centres with that of the other regions) and from the sectoral angle (by making a distinction between finance and the industrial activities). - PublicationMétadonnées seulementExchange rate and regional divergences: The Swiss case(2002)
; ; Thierstein, AlainCORPATAUX J., CREVOISIER O. and THIERSTEIN A. (2002) Exchange rate and regional divergences: the Swiss case, Reg. Studies 36, 611-626. From 1975 to 1995, the Swiss franc appreciated in a near constant manner compared with the currencies of all of the country's commercial partners. This paper will seek to demonstrate that the various regions in Switzerland evolve differently when faced with a continuously appreciating currency. The paper is not in the nature of an econometric study and will not seek to quantify the gains and losses of each region, but it will view their structural evolution via the effect of the exchange rates. Faced with the appreciation of the Swiss franc and based on their productive specialities, some regions suffer badly from this, whilst others cope with it and even thrive on it. It is thus possible to openly question the consequences of the Swiss National Bank's monetary policy: has domestic industry been sacrificed in favour of financial activities? Is the continuous rise of the Swiss franc increasing regional disparities in Switzerland? The paper first discusses the theories that establish a link between the exchange rate and the evolution of regional production systems. All these theories draw conclusions that can vary radically. Furthermore, they are usually based on the assumption of homogenous national territories. The second part contains a description of the methodology applied, which is based on the concept of regional production systems (RPSs). The impact of the exchange rate on RPSs is explained by means of three criteria: sectorial specialization and basic source of income within RPSs; the presence or absence of large firms; and the innovative capacity of the RPSs. The third part of the paper illustrates five examples of RPSs, each of which has evolved in a radically different way over the relevant period. Lastly, a link is established between the regional divergences and the evolution of the exchange rate in the whole of Switzerland from 1975 to 1995. The conclusion draws a parallel between the evolution in Switzerland and the tensions that could arise between the regions and the nations constituting the Euro zone.