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Mythos TARGET2 - ein Zahlungsverkehrssystem in der Kritik

Author

Listed:
  • Peter Burgold

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

  • Sebastian Voll

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

Abstract

TARGET2 ist seit gut einem Jahr Zielscheibe massiver akademischer Kritik. Wir legen dar, dass TARGET2 keiner Veränderungen bedarf. Die Salden sind keine echten Kredite und sollten nicht als solche betrachtet werden. Die zugrunde liegenden ökonomischen Probleme sind weder hinreichend noch notwendig mit dem Zahlungssystem verknüpft und können deswegen darüber nicht sinnvoll angegangen werden. Die geforderten Modifikationen stellen zudem keine überzeugenden Alternativen dar, insbesondere auch nicht für den Fall eines Auseinanderbrechens der Eurozone. Dann sind sie im Übrigen auch nur ein Teilproblem der zu regelnden Desintegration der Zentralbankbilanzen.

Suggested Citation

  • Peter Burgold & Sebastian Voll, 2012. "Mythos TARGET2 - ein Zahlungsverkehrssystem in der Kritik," Global Financial Markets Working Paper Series 29-2012, Friedrich-Schiller-University Jena.
    • Handle: RePEc:hlj:hljwrp:29-2012
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    File URL: http://pubdb.wiwi.uni-jena.de/pdf/wp_hlj29-2012.pdf
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    Citations

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    Cited by:

    1. Pasche, Markus, 2017. "ESBies as a Basis for a TARGET2 Settlement Mechanism," MPRA Paper 83012, University Library of Munich, Germany.
    2. Peter Burgold & Sebastian Voll, 2012. "Begrenzung von TARGET2-Risiken – ein kritischer Überblick," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 13, pages 103-121, May.
    3. Martin Handig & Clemens Jobst & Doris Schneeberger, 2012. "The Cross-Border Movement of Euro Banknotes and Austria’s TARGET 2 Liabilities," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 32-52.
    4. Peter Burgold, 2013. "Nominale Abwertung innerhalb einer Währungsunion," Global Financial Markets Working Paper Series 47-2013, Friedrich-Schiller-University Jena.

    More about this item

    Keywords

    Eurokrise; Schuldenkrise; Währungsunion; Zentralbankkredit; grenzüberschreitender Zahlungsverkehr; Target2; Banknoten; Währungsdesintegration; euro crisis; debt crisis; monetary union; central bank credit; transnational payment system; Target2; banknotes; monetary disintegration;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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