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Sinn, Hans-Werner; Westermann, Frank - 2001

This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...

Persistent link: https://www.econbiz.de/10011398903

The minimum inflation rate for Euroland

Reutter, Michael; Sinn, Hans-Werner - 2000

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is impossible to find a common monetary policy that will result in price stability in all countries. Based on empirical estimates of the Balassa model, the paper calculates a minimum...

Persistent link: https://www.econbiz.de/10009786718

Seignorage wealth in the Eurosystem : eurowinners and eurolosers revisited

Sinn, Hans-Werner; Feist, Holger - 2000

The rules laid down in Article 32 of the Protocol No. 18 on the Statute of the European System of Central Banks and of the European Central Bank of the Maastricht Treaty will significantly redistribute European seignorage income and hence the implicit entitlement to the 352 billion stock of...

Persistent link: https://www.econbiz.de/10009781634

The effective rate of interest on target balances

Sinn, Hans-Werner - 2019

paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … decentralized monetary system of the kind characterizing the Eurozone. It also implies that the recording of Target balances in the … balance sheets of national central banks is compatible with fair value accounting. Highlights * The Eurozone's Target and cash …

Persistent link: https://www.econbiz.de/10012110196

The ECB's fiscal policy

Sinn, Hans-Werner - 2018

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarises the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...

Persistent link: https://www.econbiz.de/10011845207

When will the Germans get trapped in their pension system?

Sinn, Hans-Werner; Übelmesser, Silke - 2001

The upcoming demographic crisis in Germany demands fundamentalreforms of the pension system. In a democracy, reforms are, however, onlyfeasible when they are supported by the majority of the electorate. Todetermine whether the majority is in favor of reforms of the pension system,we calculate...

Persistent link: https://www.econbiz.de/10011400295

The crisis of Germany's pension insurance system and how it can be resolved

Sinn, Hans-Werner - 1999

The paper discusses the options for a reform of the German pension system using a model developed at CES for the German Council of economic advisors to the Federal Ministry of Economics and Research. It is argued that the German pay-as-you-go-system is efficient in a present value sense but will...

Persistent link: https://www.econbiz.de/10009781686

Pension reform and demographic crisis : why a funded system is needed and why it is not needed

Sinn, Hans-Werner - 1999

Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothi ng to be gained from a transition to a funded system even though the latter offers a permanently higher rate of return. The sum of...

Persistent link: https://www.econbiz.de/10009781690

Target loans, current account balances and capital flows : the ECB's rescue facility

Sinn, Hans-Werner; Wollmershäuser, Timo - 2011

The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to314 billion euros in March 2011. They measure the additional central bank money that their corresponding National Central Banks (NCBs) have loaned in excess of the money needed to cover their domestic...

Persistent link: https://www.econbiz.de/10009155848

Target balances and the German financial account in light of the European balance-of-payments crisis

Sinn, Hans-Werner; Wollmershäuser, Timo - 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/10009689403