Advanced Search
MyIDEAS: Login to save this article or follow this journal

Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise

Contents:

Author Info

  • Hans-Werner Sinn

    (ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München e. V., Poschingerstraße 5, D-81679 München)

  • Timo Wollmershäuser

    (ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München e. V., Poschingerstraße 5, 81679 München)

Abstract

The European Monetary Union is experiencing a serious balance-of-payments crisis. Private capital is flowing from the periphery countries into the core countries on a large scale. Public, inter-government credit and Target credit granted by national central banks is replacing private capital to ensure the existence of the euro. This article identifies the components of Germany’s financial account that have been replaced by public capital flows. Its four key findings can be summarized as follows: firstly, the German private sector has been a net borrower from the rest of the world since 2010. Secondly, public capital outflows via the government sector and the Bundesbank have overcompensated the inflows. Thirdly, German commercial banks in particular have reduced their net lending to the rest of the world and repatriated capital in this manner. Fourthly, the inflow of foreignowned flight capital into Germany is small. Only Spanish and Irish flight capital plays a significant role in this respect.

Download Info

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Bibliographic Info

Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

Volume (Year): 45 (2012)
Issue (Month): 4 ()
Pages: 465-487

as in new window
Handle: RePEc:kuk:journl:v:45:y:2012:i:4:p:465-487

Contact details of provider:
Web page: http://www.credit-and-capital-markets.de/

Related research

Keywords: Währungsunion; Zahlungsbilanz; Kapitalbilanz; Kapitalflucht; Target;

Other versions of this item:

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Hannover Economic Papers (HEP) dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  2. Sebastian Benz, 2012. "Trading Tasks: A Dynamic Theory of Offshoring," Ifo Working Paper Series Ifo Working Paper No. 150, Ifo Institute for Economic Research at the University of Munich.
  3. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis," CESifo Working Paper Series 4051, CESifo Group Munich.
  4. Rewel, Thomas, 2013. "Target-2-Salden - Fluch oder Segen für das Eurosystem?," EconStor Preprints 97621, ZBW - German National Library of Economics.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:kuk:journl:v:45:y:2012:i:4:p:465-487. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Credit and Capital Markets).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.