Peripherieländern in die Kernländer. Um den Fortbestand des Euro zugewährleisten treten öffentliche, intergouvernementale Kredite und … Target-Kredite der NationalenZentralbanken an seine Stelle. Der vorliegende Beitrag identifiziert die Komponenten der …

and Target credit granted by core-country central banks have replaced private international capital flows in financing the …

Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank … countries, and the German Target claims increased significantly. Using the new test to identify multiple explosive periods by … Phillips et al (2013) we find that the German Target claims also became explosive in autumn 2007 when the interbank market …

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal … methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and … demand from non-euroarea countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for …