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ISA vs. TARGET2 - Ein Vergleich der Voraussetzungen für den effektiven Ausgleich von Zahlungsüberweisungssalden

Listed author(s):
  • Sebastian Voll


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

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    Dazu werden die relevanten institutionellen Aspekte des Federal Reserve Systems der USA und ihre Wirkung auf die ISA-Salden erläutert und mit den Verhältnissen in der Eurozone abgeglichen. Dabei stellt sich heraus, dass die Strukturen in den USA grundsätzlich geeignet sind, den Aufbau hoher Überweisungssalden zu verhindern ohne die Verantwortung einzelnen Federal Reserve Banken zuzuweisen. Der Vergleich mit dem Eurosystem zeigt dagegen, dass ein weitreichender Umbau der geldpolitischen Konzeption notwendig wäre, um ein ebenso effektives Funktionieren wie in den USA zu gewährleisten.

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    Paper provided by Friedrich-Schiller-University Jena in its series Global Financial Markets Working Paper Series with number 51-2014.

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    Date of creation: 07 Apr 2014
    Handle: RePEc:hlj:hljwrp:51-2014
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