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Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis

Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2012

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...

Persistent link: https://www.econbiz.de/10010814462

Explosive Target Balances

Potrafke, Niklas; Reischmann, Markus - CESifo - 2013

Using the new unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been exploding from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October...

Persistent link: https://www.econbiz.de/10010877929

Target Losses in Case of a Euro Break-up

Sinn, Hans-Werner - CESifo - 2012

Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants as the value of fiat money is independent of the...

Persistent link: https://www.econbiz.de/10010592825

Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility

Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2011

The European Monetary Union is stuck in a severe balance of payments crisis. Greece, Ireland, Portugal and Spain in particular have suffered from balance of payment deficits whose accumulated value, as measured by the Target balances in the national central banks’ balance sheets, was 314...

Persistent link: https://www.econbiz.de/10009150656

Zooming Out: The Trade Effect of the Euro in Historical Perspective

Berger, Helge; Nitsch, Volker - CESifo - 2005

In 1999, eleven European countries formed the Economic and Monetary Union (EMU); they abandoned their national currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by itself) to a sizable and statistically significant...

Persistent link: https://www.econbiz.de/10005405814

Inter-temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - CESifo - 2010

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...

Persistent link: https://www.econbiz.de/10008833919

Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy

Arghyrou, Michael G. - CESifo - 2014

We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt crisis. The latter is mainly the result of misguided past internal policies deviating from the policy lessons of modern macroeconomics. The current policy, however, provides a...

Persistent link: https://www.econbiz.de/10010948838

The Quantity Theory of Money: An Assessment of its Real Linchpin Prediction

Hillinger, Claude; Süßmuth, Bernd - CESifo - 2010

This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not...

Persistent link: https://www.econbiz.de/10008534035

Economy Wide Impact of the Trade Integration between Japan and India: A Computable General Equilibrium Analysis

Bhattacharyay, Biswa Nath; Mukhopadhyay, Kakali - CESifo - 2013

Japan and India signed the much-awaited Comprehensive Economic Partnership Agreement (CEPA) on 16th February 2011. The …, the study evaluates the economy wide impact of the proposed CEPA between India and Japan at 2020. The study has used a … India and Japan in 2020 after tariff reduction compared to Business as Usual (BAU) scenario. A marginal export growth is …

Persistent link: https://www.econbiz.de/10010732348

Trade Sanctions, Financial Transfers and BRIC's Participation in Global Climate Change Negotiations

Tian, Huifang; Whalley, John - CESifo - 2009

Countries can reduce global emissions by reducing own consumption since they are linked to the total value of consumption world wide. Two effects are at issue: a utility loss from forgone consumption and a utility gain from lowered temperature change. It is thus unclear whether own country...

Persistent link: https://www.econbiz.de/10005013073

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