Will TARGET2-balances be reduced again after an end of the crisis? / Christian Fahrholz; Andreas Freytag
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Discovery
720456932
URN
urn:nbn:de:gbv:3:2-63036
DOI
ISBN
ISSN
Autorin / Autor
Beiträger
Körperschaft
Erschienen
Jena / Halle : Univ., 2011
Umfang
Online-Ressource (PDF-Datei: 20 S., 0,66 MB) : graph. Darst.
Ausgabevermerk
Sprache
eng
Anmerkungen
TARGET2 = Trans-European Automated Real-time Gross Settlement Express Transfer System
Inhaltliche Zusammenfassung
This article deals with the macro-economics of the Trans-European Automated Re- al-time Gross Settlement Express Transfer System (TARGET2). Originally, the TARGET2 was in-tended to solely function as a monetary arrangement for liquidity issues. It is shown that the TARGET2 contributes to a substantial misallocation of real resources within the Eurozone (EZ). The discussion highlights that there are no tendencies for rebalancing TARGET2-claims and liabilities, but rather a dynamic towards infinite and prolonged TARGET2-imbalances in the form of hysteresis.
Schriftenreihe
Global financial markets ; 30 ppn:598208976