Titelaufnahme

Titel
Will TARGET2-balances be reduced again after an end of the crisis? / Christian Fahrholz; Andreas Freytag
VerfasserFahrholz, Christian ; Freytag, Andreas
ErschienenJena ; Halle : Univ., 2011
UmfangOnline-Ressource (PDF-Datei: 20 S., 0,66 MB) : graph. Darst.
Anmerkung
TARGET2 = Trans-European Automated Real-time Gross Settlement Express Transfer System
SpracheEnglisch
SerieGlobal financial markets ; 30
URNurn:nbn:de:gbv:3:2-63036 
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Will TARGET2-balances be reduced again after an end of the crisis? [0.66 mb]
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This article deals with the macro-economics of the Trans-European Automated Re- al-time Gross Settlement Express Transfer System (TARGET2). Originally the TARGET2 was in-tended to solely function as a monetary arrangement for liquidity issues. It is shown that the TARGET2 contributes to a substantial misallocation of real resources within the Eurozone (EZ). The discussion highlights 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.