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


  • Sebastian Voll

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


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.

Suggested Citation

  • Sebastian Voll, 2014. "ISA vs. TARGET2 - Ein Vergleich der Voraussetzungen für den effektiven Ausgleich von Zahlungsüberweisungssalden," Global Financial Markets Working Paper Series 51-2014, Friedrich-Schiller-University Jena.
  • Handle: RePEc:hlj:hljwrp:51-2014

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    TARGET2; payment systems; currency area; ECB; Fed;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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