This article looks at the evolution of the Target balance of the Greek central bank. It is shown that in the first 18 … months “after Lehman”, lending policy has been relatively lax, contributing to the increase of Target deficits. However, from … transferred them to core countries such as Germany. Without the help of the Eurosystem, such a massive withdrawal would have led …

particular have suffered from balance of payment deficits whose accumulated value, as measured by the Target balances in the …

and Target credit granted by core-country central banks have replaced private international capital flows in financing the …

and Target credit granted by core-country central banks have replaced private international capital flows in financing the …

Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances …. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants … as the value of fiat money is independent of the claims of a national central bank, the present paper shows that TARGET …

Target-Kredite der NationalenZentralbanken an seine Stelle. Der vorliegende Beitrag identifiziert die Komponenten der …

Target-Kredite der NationalenZentralbanken an seine Stelle. Der vorliegende Beitrag identifiziert die Komponenten der …

periphery countries into the core countries on a large scale. Public, inter-government credit and Target credit granted by …

Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank … countries, and the German Target claims increased significantly. Using the new test to identify multiple explosive periods by … Phillips et al (2013) we find that the German Target claims also became explosive in autumn 2007 when the interbank market …