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

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  • Hans-Werner Sinn
  • Timo Wollmershäuser

Abstract

Die Europäische Währungsunion steckt in einer tiefen Zahlungsbilanzkrise. Privates Kapital fließt im großen Stil von den Peripherieländern in die Kernländer. Um den Fortbestand des Euro zu gewährleisten treten öffentliche, intergouvernementale Kredite und Target-Kredite der Nationalen Zentralbanken an seine Stelle. Der vorliegende Beitrag identifiziert die Komponenten der deutschen Kapitalbilanz, die durch den öffentlichen Kapitalfluss ersetzt wurden. Die drei wichtigsten Ergebnisse können wie folgt zusammengefasst werden. Erstens: Ohne die Rettungsmaßnahmen des öffentlichen Sektors (Staat und Bundesbank) ist Deutschland seit 2010 ein Nettokapitalimporteur. Zweitens: Insbesondere die deutschen Geschäftsbanken bauten per Saldo Forderungen gegenüber dem Ausland ab und repatriierten Kapital über diesen Weg. Drittens: Der Zufluss an ausländischem Fluchtkapital nach Deutschland ist gering. Nur spanisches und irisches Fluchtkapital spielt eine etwas größere Rolle.

Suggested Citation

  • Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise," ifo Working Paper Series 149, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  • Handle: RePEc:ces:ifowps:_149
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    Citations

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    Cited by:

    1. Rewel, Thomas, 2013. "Target-2-Salden - Fluch oder Segen für das Eurosystem?," EconStor Preprints 97621, ZBW - German National Library of Economics.
    2. Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Hannover Economic Papers (HEP) dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    3. Sauer, Beate & Sell, Friedrich L., 2013. "Is the Eurozone not a monetary union, but an extraordinary exchange rate union?," Working Papers in Economics 2013,2, Bundeswehr University Munich, Economic Research Group.
    4. repec:kap:iaecre:v:20:y:2014:i:4:p:357-367 is not listed on IDEAS
    5. Sebastian Benz, 2012. "Trading Tasks: A Dynamic Theory of Offshoring," ifo Working Paper Series 150, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    6. Beate Sauer & Friedrich Sell & Thomas Werner, 2014. "Modelling the Eurozone as an Extraordinary Exchange Rate Union," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(4), pages 357-367, November.
    7. 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.

    More about this item

    Keywords

    Währungsunion; Zahlungsbilanz; Kapitalbilanz; Kapitalflucht; Target;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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