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Die Target-Verluste im Fall des Auseinanderbrechens des Euro – Eine Replik auf De Grauwe und Ji

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  • Hans-Werner Sinn

Abstract

Wie hoch man die Verluste einschätzt, die im Fall eines Auseinanderbrechens des Euro entstehen werden, hängt hauptsächlich von der Natur der mittlerweile gigantischen Target-Forderungen ab, die die Bundesbank im EZB-Abrechnungssystem akkumuliert hat. De Grauwe und Ji haben versucht, den Nachweis zu führen, dass solche Verluste nicht auftreten. Dazu verweisen sie hauptsächlich darauf, dass das Geld heutzutage Kunstgeld (Fiat Money) sei, das seinen Wert behalte, auch wenn die Bundesbank ihre Target-Forderungen verlöre. Hans-Werner Sinn zeigt, warum sich diese Autoren irren und warum die Target-Salden echte Werte repräsentieren, die bei einem Untergang des Euro verlorengehen würden. Die Konsummöglichkeiten der Gesellschaft gehen tatsächlich im vollen Umfang der Target-Verluste zurück. Die Lasten liegen beim Staat und bei den Bürgern, deren Banken einen Teil der ihnen anvertrauten Ersparnisse zur Bundesbank getragen haben.

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  • Hans-Werner Sinn, 2013. "Die Target-Verluste im Fall des Auseinanderbrechens des Euro – Eine Replik auf De Grauwe und Ji," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(01), pages 14-24, January.
  • Handle: RePEc:ces:ifosdt:v:66:y:2013:i:01:p:14-24
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    References listed on IDEAS

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    Cited by:

    1. Niklas Potrafke & Markus Reischmann, 2013. "Explosive Target Balances," CESifo Working Paper Series 4297, CESifo Group Munich.
    2. Marcel Fratzscher & Philipp König & Claudia Lambert, 2013. "TARGET Balances - An Anchor of Stability," DIW Economic Bulletin, DIW Berlin, German Institute for Economic Research, vol. 3(11/12), pages 3-11.
    3. Potrafke, Niklas & Reischmann, Markus, 2014. "Explosive Target balances of the German Bundesbank," Economic Modelling, Elsevier, vol. 42(C), pages 439-444.

    More about this item

    Keywords

    Europäische Wirtschafts- und Währungsunion; Finanzmarktkrise; Target- Kredite; EZB; Eurozone;

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G01 - Financial Economics - - General - - - Financial Crises

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