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This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...
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Europe and Central Asia during the past dozen years? Second, how might changes in (a) output composition and (b) financial … product. These findings suggest that the countries of Europe and Central Asia have reason to be prudent in terms of fiscal …
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