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Target-Salden, Außenhandel und Geldschöpfung


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  • Hans-Werner Sinn


Deutschland hat bis Februar 2011 für 321 Mrd. Euro Target-Forderungen gegen die EZB aufgebaut, die GIPS-Länder, also Griechenland, Irland, Portugal und Spanien, haben bis zum Ende des Jahres 2010 für rund 340 Mrd. Euro verzinsliche Target-Verbindlichkeiten gegen die EZB zur Finanzierung der Leistungsbilanzdefizite angesammelt. In seinem Kommentar benennt Hans-Werner Sinn, Präsident des ifo Instituts, die dadurch entstehenden Risiken für den Euroraum.

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Bibliographic Info

Article provided by Ifo Institute for Economic Research at the University of Munich in its journal ifo Schnelldienst.

Volume (Year): 64 (2011)
Issue (Month): 09 (05)
Pages: 23-25

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Handle: RePEc:ces:ifosdt:v:64:y:2011:i:09:p:23-25

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Keywords: Euromarkt; Target Zone; Zentralbank; Leistungsbilanz; Außenhandel; Risiko; Deutschland; Griechenland; Irland; Portugal; Spanien;

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Cited by:
  1. Smeets, Heinz-Dieter, 2011. "Staatsschuldenkrise in Europa: Ist die Finanzierung der Schuldnerländer alternativlos?," DICE Ordnungspolitische Perspektiven 20, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  2. Smeets, Heinz-Dieter, 2012. "Zum Stand der Staatsschuldenkrise in Europa," DICE Ordnungspolitische Perspektiven 30, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  3. Sell, Friedrich L. & Sauer, Beate, 2011. "A further view on current account, capital account and Target2 balances: Assessing the effect on capital structure and economic welfare," Working Papers in Economics 2011,2, Universität der Bundeswehr München, Economic Research Group.
  4. Ansgar Belke & Christian Dreger, 2011. "Ramifications of Debt Restructuring on the Euro Area: The Example of Large European Economies' Exposure to Greece," Discussion Papers of DIW Berlin 1141, DIW Berlin, German Institute for Economic Research.
  5. Berthold, Norbert & Braun, Stella & Coban, Mustafa, 2014. "Das Scheitern historischer Währungsräume: Kann sich die Geschichte auch für die Eurozone wiederholen?," Wirtschaftswissenschaftliche Beiträge 127, Julius-Maximilians-Universität Würzburg, Lehrstuhl für Volkswirtschaftslehre, insbes. Wirtschaftsordnung und Sozialpolitik.


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