Fahrholz, Christian2025-05-292011https://epflicht.bibliothek.uni-halle.de/handle/123456789/3788714978019urn:nbn:de:gbv:3:2-630122477292This article deals with the macro-economics of the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2). It is shown that TARGET2 contrib-utes to a misallocation of real resources. The discussion high-lights 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.Online-Ressource (PDF-Datei: 18 S., 0,31 MB) : graph. Darst.gerhttp://rightsstatements.org/vocab/InC/1.0/330Book