Similar Search Results

TARGET2 imbalances and the ECB as lender of last resort

Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509

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...

Persistent link: https://www.econbiz.de/10011408880

Fiscal policy, monetary policy and the mechanics of modern clearing and settlement systems

Fiebiger, Brett - In: Review of political economy 28 (2016) 4, pp. 590-608

Persistent link: https://www.econbiz.de/10011709611

Should central bank liquidity be a vehicle for fiscal disciplining?

Vestergaard, Jakob; Gabor, Daniela - In: Cambridge journal of economics 46 (2022) 3, pp. 491-509

Persistent link: https://www.econbiz.de/10013253313

Central Banks Caught Between Market Liquidity and Fiscal Disciplining : A Money View Perspective on Collateral Policy

Vestergaard, Jakob; Gabor, Daniela - 2021

Despite much attention to unconventional monetary policies after the financial crisis, the collateral policies of … tend not to be analyzed. An exception to these trends is the recent work by Nyborg (2017), who argues that the collateral … response, we identify core principles for countercyclical collateral policies suitable for market-based financial systems …

Persistent link: https://www.econbiz.de/10013312143

An essay on the Fed and the U.S. Treasury : lender of last resort and fiscal policy

Scott, Hal S. - 2020 - Draft May 21, 2020

Persistent link: https://www.econbiz.de/10012243434

Fiscal divergence, current account and TARGET2 imbalances in the EMU

Abad, José M.; Löffler, Axel; Schnabl, Gunther; … - 2012

The paper scrutinizes the reasons for the European debt crisis, the implications for TARGET2 imbalances and options for surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging fiscal policy paths and diverging unit labour costs...

Persistent link: https://www.econbiz.de/10009506528

Fiscal divergence, current account divergence and TARGET2 imbalances in the EMU

Abad, José M.; Löffler, Axel; Schnabl, Gunther; … - In: Intereconomics : review of European economic policy 48 (2013) 1, pp. 51-58

Diverging fiscal policy paths, housing booms and diverging unit labour costs were driving forces of rising intra-European current account imbalances, which were underpinned by low interest rates. Since the outbreak of the crisis, the adjustment of intra-EMU current account imbalances has been...

Persistent link: https://www.econbiz.de/10009704974