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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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    References listed on IDEAS

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    1. Mark Carey & Mitch Post & Steven A. Sharpe, 1998. "Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting," Journal of Finance, American Finance Association, vol. 53(3), pages 845-878, June.
    2. repec:ces:ifodic:v:6:y:2008:i:3:p:14567226 is not listed on IDEAS
    3. James R. Barth & Triphon Phumiwasana & Wenling Lu, 2008. "Bank Regulation in the United States," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 6(3), pages 3-8, October.
    4. Naohiko Baba & Robert N McCauley & Srichander Ramaswamy, 2009. "US dollar money market funds and non-US banks," BIS Quarterly Review, Bank for International Settlements, March.
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    Cited by:

    1. 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;

    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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