Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise
The European Monetary Union is experiencing a serious balance-of-payments crisis. Private capital is flowing from the periphery countries into the core countries on a large scale. Public, inter-government credit and Target credit granted by national central banks is replacing private capital to ensure the existence of the euro. This article identifies the components of Germany’s financial account that have been replaced by public capital flows. Its four key findings can be summarized as follows: firstly, the German private sector has been a net borrower from the rest of the world since 2010. Secondly, public capital outflows via the government sector and the Bundesbank have overcompensated the inflows. Thirdly, German commercial banks in particular have reduced their net lending to the rest of the world and repatriated capital in this manner. Fourthly, the inflow of foreignowned flight capital into Germany is small. Only Spanish and Irish flight capital plays a significant role in this respect.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
When requesting a correction, please mention this item's handle: RePEc:kuk:journl:v:45:y:2012:i:4:p:465-487. 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: (Credit and Capital Markets)
If references are entirely missing, you can add them using this form.