Das Zahlungsverkehrssystem TARGET2 aus zahlungsbilanztheoretischer Sicht

Christian Fahrholz

No 28-2012, Global Financial Markets Working Paper Series from Friedrich-Schiller-University Jena

Abstract: This article deals with the macro-economics of the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2). It is shown that TARGET2 contrib-utes to a misallocation of real resources. The discussion high-lights that there are no tendencies for rebalancing TARGET2 claims and liabilities, but rather a dynamic towards infinite and prolonged TARGET2 imbalances in the form of hysteresis.

Keywords: TARGET2; ESZB; Eurosystem; Zahlungsbilanzkrise; Nettokapitalexport (search for similar items in EconPapers)
JEL-codes: E02 E42 E44 E63 H63 (search for similar items in EconPapers)
Date: 2012-05-28
New Economics Papers: this item is included in nep-ger
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:hlj:hljwrp:28-2012

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