Das Zahlungsverkehrssystem TARGET2 aus zahlungsbilanztheoretischer Sicht

Christian Fahrholz

This 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.

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Year of publication:	2011
Authors:	Fahrholz, Christian
Publisher:	Jena : Univ.
Subject:	TARGET2 \| ESZB \| Eurosystem \| Zahlungsbilanzkrise \| Nettokapitalexport \| Internationaler Zahlungsverkehr \| International payments \| Clearing \| Financial clearing \| Außenwirtschaftliches Gleichgewicht \| External balance \| Theorie \| Theory \| Eurozone \| Euro area

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Extent:	Online-Ressource (PDF-Datei: 18 S., 0,31 MB) graph. Darst.
Series:	Global financial markets : working papers. - Jena : Univ., ZDB-ID 2491778-3. - Vol. 28
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	German
Notes:	Systemvoraussetzung: Acrobat Reader
Other identifiers:	hdl:10419/94475 [Handle]
Classification:	E02 - Institutions and the Macroeconomy ; E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; E44 - Financial Markets and the Macroeconomy ; E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization ; H63 - Debt; Debt Management ; Finanzwissenschaft
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009526258