Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/94475
Authors: 
Fahrholz, Christian
Year of Publication: 
2012
Series/Report no.: 
Working Papers on Global Financial Markets 28
Abstract (Translated): 
This article deals with the macro-economics of the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2). It is shown that TARGET2 contrib-utes to a misallocation of real resources. The discussion high-lights 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.
Subjects: 
TARGET2
ESZB
Eurosystem
Zahlungsbilanzkrise
Nettokapitalexport
JEL: 
E02
E42
E44
E63
H63
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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