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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
some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the … Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …
Persistent link: https://www.econbiz.de/10011408880
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Euro area monetary policy and TARGET balances: a trilogy
Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin - 2022
show that large TARGET balances can only arise with excess liquidity. The interpretation of TARGET balances therefore … depends on the monetary policy context in which excess liquidity is created. We distinguish three phases of TARGET balances … excess liquidity is likely to persist on account of higher demand for central bank reserves compared to the pre-crisis period …
Persistent link: https://www.econbiz.de/10013448708
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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
amount of excess liquidity in the euro area banking sector which is the prerequisite for the emergence of TARGET2 balances. …
Persistent link: https://www.econbiz.de/10014518497
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The Implications of TARGET2 in the European Balance of Payments Crisis and Beyond
Cesaratto, Sergio - 2015
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
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Fiscal Divergence, Current Account and TARGET2 Imbalances in the EMU
Abad, Jose - 2012
surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging … Bundesbank into a debtor position to the domestic financial system, we discuss options for liquidity absorption by Deutsche … reduction of TARGET2 imbalances and therefore surplus liquidity in Germany …
Persistent link: https://www.econbiz.de/10013108357
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Interpreting TARGET2 Balances
Cecchetti, Stephen G. - 2014
The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012. BIS...
Persistent link: https://www.econbiz.de/10013064804
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Determinants of TARGET2 transactions of European banks based on micro-data
Drott, Constantin; Goldbach, Stefan; Jochem, Axel - 2022
This paper examines German and foreign bank factors that can explain cross-border central bank liquidity flows between … central bank liquidity from abroad than a German bank with fewer existing central bank claims. However, higher overall … liquidity of a German credit institution corresponds to additional net inflows. Foreign bank factors only matter for central …
Persistent link: https://www.econbiz.de/10013411245
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Euro area : single currency – national money creation
Kooths, Stefan; Roye, Björn van - 2012
maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in …
Persistent link: https://www.econbiz.de/10009624569
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A further view on current account, capital account and Target2 balances : assessing the effect on capital structure and economic welfare
Sell, Friedrich L.; Sauer, Beate - 2011
In this paper, we first present the state and the development of the European capital and current account imbalances. We demonstrate how large the heterogeneity among European countries is and that clustering here different types of countries is possible, but that it leads to different groupings...
Persistent link: https://www.econbiz.de/10009303947
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Stress-testing of liquidity risk in TARGET2
Papsdorf, Patrick (contributor); Arciero, Luca (contributor) - Europäische Zentralbank / Group on TARGET2 Stress Testing - 2017
The paper reports the outcome of the stress-testing of liquidity risk in the TARGET2 payment system, with the study … resilience of the system, defined as the network of its participants, and the appropriateness of liquidity levels under tightened … liquidity conditions. The scenarios analysed are based on extreme shocks to the value of collateral of different levels and …
Persistent link: https://www.econbiz.de/10011627053