摘要：The Swiss franc’s persistent deviation from uncovered interest rate parity (UIP) and its link to possible safe haven characteristics of the franc have been well doc- umented. 1 In this paper, Hoffmann and Suter (HS) provide a novel re-examina- tion of this issue, by taking “global” and “domestic” discount factors – derived within a capital asset pricing model (CAPM) framework – and applying them in a bilateral regression setting. From their work, the authors conclude that the Swiss franc is a safe haven against the U.S. dollar but not against the Euro. Their approach and results raise a number of interesting questions.
