Fig. 1
From: The sovereign money initiative in Switzerland: an economic assessment
M1 and total credit per GDP. Data source: SNB. Data are from 1985q2 to 2017q1. Both variables are in real terms and then deflated by GDP before being transformed into indices; base 100 = 1985q2. Credit includes mortgages and is total credit issued by Swiss banks to Swiss. This is robust when considering total credit issued by Swiss banks to Swiss and foreigners