Advanced Search
MyIDEAS: Login to save this paper or follow this series

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


Author Info

  • Hans-Werner Sinn
  • Timo Wollmershäuser


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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL:
Download Restriction: no

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.

as in new window
Date of creation: 2012
Date of revision:
Handle: RePEc:ces:ifowps:_149

Contact details of provider:
Postal: Poschingerstrasse 5, 81679 Munich
Phone: +49 (89) 9224-0
Fax: +49 (89) 985369
Web page:
More information through EDIRC

Related research

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

Other versions of this item:

Find related papers by JEL classification:


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


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

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


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


Access and download statistics


When requesting a correction, please mention this item's handle: RePEc:ces:ifowps:_149. 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: (Julio Saavedra).

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.