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Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis

Sinn, Hans-Werner - 2013

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...

Persistent link: https://www.econbiz.de/10013088462

Capital flows in the euro area and TARGET2 balances

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2018

We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the … in euro area member countries. Our results suggest that TARGET2 has significantly affected the transmission of capital ow …

Persistent link: https://www.econbiz.de/10011793977

Interpreting TARGET2 Balances

Cecchetti, Stephen G. - 2014

peripheral Europe. These same data suggest that banks headquartered outside the euro area, particularly UK banks, boosted TARGET2 …

Persistent link: https://www.econbiz.de/10013064804

Do large TARGET2 balances bear risks for the euro area?

Horst, Maximilian; Neyer, Ulrike - In: Credit and capital markets : Kredit und Kapital 55 (2022) 1, pp. 3-34

Large increases in TARGET2 balances in the euro area since 2008 have led to concern and debate about the appropriate … COVID-19 pandemic. Moreover, this paper analyzes the potential risks for euro area member states in the case of (i) the … potentials if TARGET2 debtor countries pretend to plan to leave the euro area. Based on this, we discuss adaption options for the …

Persistent link: https://www.econbiz.de/10014518497

Explosive target balances

Potrafke, Niklas; Reischmann, Markus - 2013

Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German …

Persistent link: https://www.econbiz.de/10009764406

Target-balances : the Greek examples

Krüger, Malte - 2013

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 spring 2010 onwards, there has been a...

Persistent link: https://www.econbiz.de/10010255109

Capital Flows in the Euro Area and TARGET2 balances

Hristov, Nikolay - 2019

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 … evolution of aggregate economic activity in euro area member countries in the period 2008-2014. Our results suggest that the …

Persistent link: https://www.econbiz.de/10012860823

Capital Flows in the Euro Area and TARGET2 Balances

Hristov, Nikolay - 2018

Persistent link: https://www.econbiz.de/10012922834

Capital flows in the euro area and TARGET2 balances

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2019

Persistent link: https://www.econbiz.de/10012034705

On creditor seniority and sovereign bond prices in Europe : conference paper

Steinkamp, Sven; Westermann, Frank - 2013

The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see De Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an...

Persistent link: https://www.econbiz.de/10010341164