It has recently been argued that intra-eurosystem claims and liabilities in the form of TARGET2 balances would raise fundamental issues within the European monetary union. This article provides a framework for the economic analysis of TARGET2 balances and discusses the key arguments behind this...

The European Monetary Union will involve socialization of existing seigniorage wealth of national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the United Kingdom and will be disadvantageous for countries like...

The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central banks because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the historical process of money creation. This socialization...

Grundsätzliches zum unbaren Zahlungsverkehr -- Bilanztechnische Aspekte beim Buchgeld und bei aktuellen Themen -- Passivische Verankerung einer Währung im Inland -- Überlegungen zum TARGET2-Saldo -- Zentralbankgeld als Arbeitsguthaben für den Zahlungsverkehr -- Liquiditätsbeschaffung und...

Dieses Buch nutzt die Methode der bilanztechnischen bzw. saldenmechanischen Darstellung, um die Abwicklung des unbaren Zahlungsverkehrs wie auch weitere Finanzgeschäfte zu analysieren. Beim Zahlungsverkehr über Korrespondenzbanken, über ein gemeinsames Zentralinstitut oder die Zentralbank ist...

The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and...

This article is an examination of the distribution of the types of exchange-rate policy and of monetary policy that are in use in 2011. Exchange rate systems range from free floating, in which intervention occurs only exceptionally, to hard pegs, in which a country has no monetary sovereignty....

Efficient business transactions requires both liquid cash and electronic transfers. In developing nations, due to technological challenges and level of awareness of the citizens hard currency is most preferred. The demand for currency, however should not be misinterpreted to mean acceptability...