s since 1999 have failed to further expand the Swiss NIIP due to valuation losses. See Stoffels et al 12007). "Why Are Svntzerland's Assets So Low? The Growing Financial Exposure of a Small Open Economy". Fed Staff Report 283. httpWwww.fednewyork.orgiresearchistaff reportstsr283.pdf Page 4 Deutsche Bank AG/London EFTA00602236 9 March 2015 Spec