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The paper analyzes developments in TARGET2 imbalances within the euro area since 2007, from two perspectives: national central banks' balance sheets and countries' balance of payments (BoP). We examine the relationship between TARGET2 balances and the Eurosystem liquidity provision, analyzing...
Persistent link: https://www.econbiz.de/10013097950
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012860823
The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments …
Persistent link: https://www.econbiz.de/10013017589
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10012922834
Since the Global Financial Crisis, there have been two parallel issues faced by the Eurozone, Stagnation and TARGET2 … adjustment to the monetary base in the EMU. Specifically, it implies that the Eurozone members are granted a right to settle … keeping the bleak economic outlook of Eurozone in context, we analysed the implication of proposed mechanism at first tier …
Persistent link: https://www.econbiz.de/10012933366
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Persistent link: https://www.econbiz.de/10012115192
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012034705