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Das Zahlungsverkehrssystem TARGET2 aus zahlungsbilanztheoretischer Sicht

Listed author(s):
  • Christian Fahrholz


    (School of Economics and Business Administration, Friedrich-Schiller-University Jena)

This article deals with the macro-economics of the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2). It is shown that TARGET2 contrib-utes to a misallocation of real resources. The discussion high-lights that there are no tendencies for rebalancing TARGET2 claims and liabilities, but rather a dynamic towards infinite and prolonged TARGET2 imbalances in the form of hysteresis.

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Paper provided by Friedrich-Schiller-University Jena in its series Global Financial Markets Working Paper Series with number 28-2012.

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Date of creation: 28 May 2012
Handle: RePEc:hlj:hljwrp:28-2012
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