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Bargeld, Zinsen für Sparer, rein staatliche Währungen: Jahrhundertealte Gewissheiten des Geldes sind plötzlich passé …
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working as lender of last resort for the euro area member States; indeed, only when the ECB took this responsibility by …
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Recently, Fuest and Sinn (2018) have demanded a change of rules for the Eurozone's Target 2 payment system, claiming it would violate the Statutes of the European System of Central Banks and of the European Central Bank. The authors present a stylized model based on a set of macro-economic...
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This paper presents a model of an over-the-counter bond market in which bond dealers and cash investors arrange … repurchase agreements (repos) endogenously. If cash investors buy bonds to store their cash, then they suffer an endogenous bond …-liquidation cost because they must sell their bonds before the scheduled times of their cash payments. This cost provides incentive for …
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