Klaus Armingeon criticizes our paper "Distribution Effects of Opening up an Economy and Voting Behaviour: An Analysis Based on the Example of the Swiss Vote on the EEA" published in this journal in 1998. In this reply we argue that his critique is mainly due to a misinterpretation of the goal of...

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This paper analyses the connections between the redistributional effects of an opening up of the economy to foreign markets and individual voting behaviour. Theoretical considerations lead to the hypotheses that the losers will unambiguously vote against an opening of the economy at the polls...

This paper revisits the puzzle of low returns on Swiss Franc assets using a new data set of portfolio holdings of residents and non residents at Swiss banks. The main findings are as follows. First, we find that the return anomaly is present only for fixed income assets and not for equity....