EP 55: The Swiss Franc, 1798 to 2055 (with Costa Vayenas)

Costa Vayenas's 'The Swiss Franc, 1798 to 2055' provides a comprehensive, data-driven history of the Swiss currency from its origins under Napoleon through the twentieth century and into a forward-looking analysis to 2055. The book compiles long-run charts and archival evidence to explain how Switzerland maintained price stability and how factors like neutrality, the gold standard, banking, and policy choices shaped the franc's reputation as a store of value. Vayenas also examines episodes of capital inflows, wartime gold sterilization, and how Swiss policy sought to repel excessive appreciation to protect exporters. In its concluding sections he contrasts long-term bond yields between the US and Switzerland and discusses implications for currency expectations and jurisdictional value of assets. The book is aimed at historians, investors, and policy-interested readers who want empirical insight into why the franc remained strong across centuries.