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Das Zahlungsverkehrssystem TARGET2 aus zahlungsbilanztheoretischer Sicht

Author

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  • Christian Fahrholz

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

Abstract

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.

Suggested Citation

  • Christian Fahrholz, 2012. "Das Zahlungsverkehrssystem TARGET2 aus zahlungsbilanztheoretischer Sicht," Global Financial Markets Working Paper Series 28-2012, Friedrich-Schiller-University Jena.
    • Handle: RePEc:hlj:hljwrp:28-2012
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    File URL: http://pubdb.wiwi.uni-jena.de/pdf/wp_hlj28-2012.pdf
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    Cited by:

    1. Kooths, Stefan & van Roye, Björn, 2012. "Nationale Geldschöpfung im Euroraum: Mechanismen, Defekte, Therapie," Kiel Discussion Papers 508/509, Kiel Institute for the World Economy (IfW Kiel).
    2. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & Schwarzmüller, Tim & van Roye, Björn & Scheide, Joachim, 2014. "Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion," Kieler Beiträge zur Wirtschaftspolitik 5, Kiel Institute for the World Economy (IfW Kiel).
    3. Kooths, Stefan & van Roye, Björn, 2012. "Euroraum: Gemeinsame Währung - nationales Geld," Kiel Policy Brief 51, Kiel Institute for the World Economy (IfW Kiel).

    More about this item

    Keywords

    TARGET2; ESZB; Eurosystem; Zahlungsbilanzkrise; Nettokapitalexport;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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