Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/113687
Authors: 
Abad, José
Löffler, Axel
Schnabl, Gunther
Zemanek, Holger
Year of Publication: 
2013
Citation: 
[Journal:] Intereconomics [ISSN:] 1613-964X [Publisher:] Springer [Place:] Heidelberg [Volume:] 48 [Year:] 2013 [Issue:] 1 [Pages:] 51-58
Abstract: 
Diverging fiscal policy paths, housing booms and diverging unit labour costs were driving forces of rising intra-European current account imbalances, which were underpinned by low interest rates. Since the outbreak of the crisis, the adjustment of intra-EMU current account imbalances has been postponed by a rising divergence of TARGET2 balances, as the repatriation of private international credit and deposit fl ight from the crisis economies is intermediated by central bank credit. Given that this process has brought the Deutsche Bundesbank into a debtor position to the domestic fi nancial system, the article discusses options for liquidity absorption by the Bundesbank to forestall asset price bubbles in Germany.
Persistent Identifier of the first edition: 
Document Type: 
Article

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