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Targetsalden und die Vollendung der Währungsunion: Kommentar zum Beitrag von Martin Hellwig

Author

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  • Spahn Peter

    (Universität Hohenheim, Institut für Volkswirtschaftslehre, Lehrstuhl Geld und Währung, Schloss Hohenheim 1D, 70593Stuttgart, Germany)

Abstract

Targetsalden zeigen Zahlungsbilanzungleichgewichte an, stellen jedoch keine wertmäßige Kompensation für die damit verbundenen Wohlfahrtsübertragungen dar. Sie lassen sich als Beitrag zur Milderung der Anpassungskosten makroökonomischer Krisen legitimieren, verletzen jedoch grundsätzlich währungspolitische Normen transnationaler Wirtschaftsbeziehungen. Entgegen der Meinung Hellwigs gilt dies auch für die Europäische Währungsunion, die unter anderem aufgrund des Fortbestands nationaler Notenbanken nicht mit der alten DM-Währungsunion vergleichbar ist. Nur in einer politischen Union sind Targetsalden unbedeutend.

Suggested Citation

  • Spahn Peter, 2019. "Targetsalden und die Vollendung der Währungsunion: Kommentar zum Beitrag von Martin Hellwig," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 20(2), pages 103-106, June.
    • Handle: RePEc:bpj:pewipo:v:20:y:2019:i:2:p:103-106:n:4
    DOI: 10.1515/pwp-2019-0023
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    Cited by:

    1. Eger, Thomas & Weise, Peter, 2020. "Die Target-Salden in der Eurozone: "Falle" oder Scheinproblem?," Discussion Papers 1/20, Europa-Kolleg Hamburg, Institute for European Integration.

    More about this item

    Keywords

    E42; E5; F3; Zahlungsbilanzungleichgewicht; Notenbankbilanz; Währungsreserven; politische Union;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F3 - International Economics - - International Finance

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