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

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Author Info

  • Hans-Werner Sinn
  • Timo Wollmershäuser

Abstract

Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Privates Kapital fließt imgroßen Stil von den Peripherieländern in die Kernländer. Um den Fortbestand des Euro zugewährleisten treten öffentliche, intergouvernementale Kredite und Target-Kredite der NationalenZentralbanken an seine Stelle. Der vorliegende Beitrag identifiziert die Komponenten der deutschenKapitalbilanz, die durch den öffentlichen Kapitalfluss ersetzt wurden. Die drei wichtigsten Ergebnissekönnen wie folgt zusammengefasst werden. Erstens: Ohne die Rettungsmaßnahmen des öffentlichenSektors (Staat und Bundesbank) ist Deutschland seit 2010 ein Nettokapitalimporteur. Zweitens:Insbesondere die deutschen Geschäftsbanken bauten per Saldo Forderungen gegenüber demAusland ab und repatriierten Kapital über diesen Weg. Drittens: Der Zufluss an ausländischemFluchtkapital nach Deutschland ist gering. Nur spanisches und irisches Fluchtkapital spielt eine etwasgrößere Rolle.

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Bibliographic Info

Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 149.

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Date of creation: 2012
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Handle: RePEc:ces:ifowps:_149

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

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Cited by:
  1. 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.
  2. Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Hannover Economic Papers (HEP) dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  3. Benz, Sebastian, 2013. "Trading Tasks: A Dynamic Theory of Offshoring," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79816, Verein für Socialpolitik / German Economic Association.
  4. Rewel, Thomas, 2013. "Target-2-Salden - Fluch oder Segen für das Eurosystem?," EconStor Preprints 97621, ZBW - German National Library of Economics.

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