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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
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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 - 2012
look at the components of this reversal of capital flows for the case of Germany. Its main finding is that most of the … Germany is small by comparison, with purchases of German government bonds increasing substantially, in particular by Spanish … and Irish investors. Some foreign capital even left Germany. In net terms, over the years 2008, 2009 and 2011 foreigners …
Persistent link: https://www.econbiz.de/10009689403
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Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis
Sinn, Hans-Werner - 2013
look at the components of this reversal of capital flows for the case of Germany. Its main finding is that most of the … Germany is small by comparison, with purchases of German government bonds increasing substantially, in particular by Spanish … and Irish investors. Some foreign capital even left Germany. In net terms, over the years 2008, 2009 and 2011 foreigners …
Persistent link: https://www.econbiz.de/10013088462
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Responsibility of States and Central Banks in the Euro Crisis
Sinn, Hans-Werner - In: CESifo Forum 15 (2014) 1, pp. 03-36
1. Regulatory reasons for the crisis <br>2. Refinancing credit and Target balances <br>2.1 Target balances <br>2.2 Target balances and fiscal rescue credit <br>2.3 The lowering of collateral standards for refinancing credit <br>2.4 Indirect state financing via refinancing credit to commercial banks <br>3. ECB...
Persistent link: https://www.econbiz.de/10011148828
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Responsibility of States and Central Banks in the Euro Crisis
Sinn, Hans-Werner - In: CESifo Forum 15 (2014) 1, pp. 3-36
1. Regulatory reasons for the crisis 2. Refinancing credit and Target balances 2.1 Target balances 2.2 Target balances and fiscal rescue credit 2.3 The lowering of collateral standards for refinancing credit 2.4 Indirect state financing via refinancing credit to commercial banks 3. ECB...
Persistent link: https://www.econbiz.de/10011696132
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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/10011872076
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Seignorage wealth in the Eurosystem : eurowinners and eurolosers revisited
Sinn, Hans-Werner; Feist, Holger - 2000
wealth equivalents and anticipating the Greek participation, Germany will lose 30 billion (or 59 billion deutschmarks) and …
Persistent link: https://www.econbiz.de/10009781634
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Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU
Feist, Holger; Sinn, Hans-Werner - C.E.P.R. Discussion Papers - 1997
will be disadvantageous for countries like Germany, Spain, the Netherlands and Austria, who will suffer per capita wealth …
Persistent link: https://www.econbiz.de/10005497965
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Target-Kredite, Leistungsbilanzsalden und Kapitalverkehr: Der Rettungsschirm der EZB
Sinn, Hans-Werner; Wollmershäuser, Timo - ifo Leibniz-Institut für Wirtschaftsforschung an der … - 2011
Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Insbesondere Griechenland, Irland, Portugal und Spanien wiesen in der Vergangenheit Leistungsbilanzdefizite auf, die sich bis März 2011 auf 314 Milliarden Euro akkumulierten. Dies entspricht dem Stand der aggregierten...
Persistent link: https://www.econbiz.de/10009144511
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Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility
Sinn, Hans-Werner; Wollmershaeuser, Timo - National Bureau of Economic Research (NBER) - 2011
additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …
Persistent link: https://www.econbiz.de/10009372441