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Der Streit um die Targetsalden - Kommentar zu Martin Hellwigs Artikel “Target-Falle oder Empörungsfalle?”

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  • Hans-Werner Sinn

Abstract

Dieser Beitrag ist eine Replik auf die in den Perspektiven der Wirtschaftspolitik geäußerte Kritik von Martin Hellwig an den Arbeiten von Clemens Fuest und Hans-Werner Sinn zur Targetproblematik. Er ist zugleich eine Replik auf Isabel Schnabel, die sich Hellwigs Analyse angeschlossen und sie zusammen mit ihm dem Deutschen Bundestag vorgetragen hat. Sinn widerspricht den zentralen Sachaussagen dieser Autoren. Er erläutert, warum Target- und Bargeldsalden öffentliche Kredite messen; wie den nationalen Notenbanken die Möglichkeit gegeben wurde, die Kapitalmärkte zu unterbieten; wie die fiskalischen und geldpolitischen Kredithilfen zur Rettung Griechenlands addiert werden können; warum es in Deutschland 2012 und 2013 kein Binnengeld mehr gab; wie und in welchem Sinne die Bundesbank im Quantitative-Easing- Programm gezwungen war, durch den Aufbau von Targetforderungen an der Umschuldung anderer Staaten mitzuwirken; warum die Targetforderungen der Bundesbank grundsätzlich werthaltig sind und richtig verbucht werden; wodurch eine effektive Verzinsung der Target- und Bargeldsalden im Eurosystem zustande kommt, wie der Zinssatz zu berechnen ist, und warum es bei der Verzinsung einen (derzeit negativen) Zinseszinseffekt gibt; wieso Target- und Bargeldsalden beim Austritt eines Landes ein Verlustrisiko und vorher ein Drohpotenzial für Verhandlungen über eine Transferunion darstellen; und warum trotz eines formellen Haftungsausschlusses der Kollaps des Staats- und Finanzsystems eines Eurolandes im Umfang der Target- und Bargeldverbindlichkeiten auf den Rest des Eurosystems durchschlagen würde.

Suggested Citation

  • Hans-Werner Sinn, 2019. "Der Streit um die Targetsalden - Kommentar zu Martin Hellwigs Artikel “Target-Falle oder Empörungsfalle?”," ifo Working Paper Series 316, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    • Handle: RePEc:ces:ifowps:_316
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    References listed on IDEAS

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    2. Bettendorf, Timo & Jochem, Axel, 2021. "What drives the German TARGET balances? Evidence from a BVAR approach," Discussion Papers 12/2021, Deutsche Bundesbank.

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    More about this item

    Keywords

    Target2; Eurokrise; EZB; Zins; Griechenland; Rettungsschirme;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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