Target loans, current account balances and capital flows: The ECB's rescue facility

International Tax and Public Finance

Volumn 19, Issue 4, 2012, Pages 468-508

  Sinn, Hans Werner ^a   Wollmershäuser, Timo ^a  

^a UNIVERSITY OF MUNICH   (Germany)

Author keywords

Bailout; Balance of payments; Currency union; Eurosystem; Target

Indexed keywords

EID: 84865436188     PISSN: 09275940     EISSN: 15736970     Source Type: Journal    
DOI: 10.1007/s10797-012-9236-x     Document Type: Article

References (41)

1. Chailloux, A., Gray, S., & McCaughrin, R. (2008). Central bank collateral frameworks: principles and policies. IMF Working Paper No. 222.
2. Deutsche Bundesbank (2011a). TARGET2-Salden der Bundesbank. Press release of 22 February 2011.
3. Deutsche Bundesbank (2011b). Annual report 2010. Frankfurt.
4. Deutsche Bundesbank (2011c). The Dynamics of the Bundesbank's TARGET2 Balance. Monthly report, March (pp. 34-35).
5. European Central Bank (2010). The payment system-payments, securities and derivatives, and the role of the Eurosystem, Frankfurt.
6. European Central Bank (2011a). Target annual report 2010, Frankfurt.
7. European Central Bank (2011b). TARGET2 balances of national central banks in the Euro area. Monthly Bulletin, October (pp. 35-40).
8. European Economic Advisory Group (2011). A new crisis mechanism for the Euro area. In European Economic Advisory Group (Ed.), The EEAG Report on the European Economy, Munich.
9. European Economic Advisory Group (2012). The European balance-of-payments problem. In European Economic Advisory Group (Ed.), The EEAG report on the European economy, Munich.
10. Friedman, M. (1962). Capitalism and freedom, Chicago.
11. Garber, P. M. (1998). Notes on the role of target in a stage III crisis. NBER Working Paper No. 6619.
12. Garber, P. M. (1999). The target mechanism: will it propagate or stiffle a stage III crisis? In Carnegy-Rochester conferences on public policy (Vol. 51, pp. 195-220).
13. Garber, P. M. (2010). The mechanics of intra Euro capital flight. Deutsche Bank Economics Special Report.
14. Gurley, J. G., & Shaw, E. S. (1960). Money in a theory of finance, Washington, DC.
15. Hawkins, J. (2003). Central bank balance sheets and fiscal operations. In Bank for International Settlements (Ed.), Fiscal issues and central banking in emerging economies (pp. 71-83), Basle.
16. Homburg, S. (2011). Anmerkungen zum Target2-Streit. Ifo Schnelldienst 64, No. 16, 31 August (pp. 46-50).
17. Klepsch, C., & Wollmershäuser, T. (2011). Yield spreads on EMU government bonds-how the financial crisis has helped investors to rediscover risk. Intereconomics/Review of European Economic Policy, 46, 169-176.
18. Kohler, W. (2011). Zahlungsbilanzkrisen im Eurosystem: Griechenland in der Rolle des Reservewährungslandes? Ifo Schnelldienst 64, No. 16, 31 August (pp. 12-19). http://www. cesifo-group. de/portal/pls/portal/docs/1/1209726. PDF.
19. Mayer, T. (2011). Euroland's hidden balance-of-payments crisis. Deutsche Bank Research, 26 October 2011.
20. Reeh, K. (1999). Zahlungsbilanzausgleich in der Währungsunion. Viele Frage, aber noch keine Antworten. In H.-J. Stagermann, O. Steiger (Eds.), Herausforderung der Geldwirtschaft, Marburg, pp. 295-328.
21. Ruckriegel, K., & Seitz, F. (2002). The Eurosystem and the federal reserve system compared: facts and challenges. ZEI Working Paper No. B02.
22. Ruhkamp, S. (2012). Die Bundesbank fordert von der EZB bessere Sicherheiten. Frankfurter Allgemeine Zeitung, 1 March (p. 9).
23. Seitz, F. (1995). Der DM-Umlauf im Ausland. Deutsche Bundesbank Diskussionspapier 1/95.
24. Schlesinger, H. (2011). Die Zahlungsbilanz sagt es uns. Ifo Schnelldienst 64, No. 16, 31 August (pp. 9-11).
25. Sinn, H.-W. (2010a). Casino capitalism. How the financial crisis came about and what needs to be done now. Oxford: Oxford University Press.
26. Sinn, H.-W. (2010b). Nachweisbare Wirkung. Wirtschaftswoche, 7 June (p. 39).
27. Sinn, H.-W. (2010c). Reallocation of savings in Europe. Ifo Viewpoint, 115, 22 June. http://www. cesifo-group. de/portal/page/portal/ifoHome/B-politik/05stp/_stp?item_link=stp115. htm.
28. Sinn, H.-W. (2010d). Rescuing Europe. CESifo Forum, Special Issue, August. http://www. cesifo-group. de/DocCIDL/Forum-Sonderheft-Aug-2010. pdf.
29. Sinn, H.-W. (2011a). Neue Abgründe. Wirtschaftswoche, 21 February (p. 35). http://www. cesifo-group. de/link/_echomitarb/ifostimme-wiwo-21-02-11. htm. Translation: Deep chasms, ifo Viewpoint 122, 29 March, http://www. cesifo-group. de/portal/page/portal/ifoHome/B-politik/05stp/_stp?item_link=stp122. htm.
30. Sinn, H.-W. (2011b). Die riskante Kreditersatzpolitik der EZB. Frankfurter Allgemeine Zeitung, 4 May (p. 10). http://www. cesifo-group. de/link/_echomitarb/ifostimme-faz-04-05-11. htm. English: The ECB's Stealth Bailout, VOX, 1 June. http://www. voxeu. org. index. php?q=node/6599.
31. Sinn, H.-W. (2011c). On and off Target. VOX, 14 June. http://www. voxeu. org/index. php?q=node/6644.
32. Sinn, H.-W. (2011d). How to rescue the Euro: ten commandments. VOX, 3 October. http://www. voxeu. org/index. php?q=node/7059.
33. Sinn, H.-W. (2012). Fed versus ECB: how target debts can be repaid. VOX, 10 March. http://www. voxeu. org/index. php?q=node/7708.
34. Sinn, H.-W., & Feist, H. (1997). Eurowinners and eurolosers: the distribution of seignorage wealth in EMU. European Journal of Political Economy, 13, 665-689.
35. Sinn, H.-W., & Wollmershäuser, T. (2011a). Target loans, current account balances and capital flows: the ECB's rescue facility. CESifo Working Paper No. 3500, 24 June. http://www. ifo. de/portal/pls/portal/docs/1/1212000. PDF.
36. Sinn, H.-W., & Wollmershäuser, T. (2011b). Target loans, current account balances and capital flows: the ECB's rescue facility. NBER Working Paper No. 17626, November 2011. http://nber. org/papers/w17626.
37. Sinn, H.-W., Buchen, T., & Wollmershäuser, T. (2011). Trade imbalances-causes, consequences and policy measures: ifo's statement for the camdessus commission. CESifo Forum 12, No. 1, Spring (pp. 47-58). http://www. cesifo-group. de/portal/pls/portal/docs/1/1201880. PDF, also published in J. T. Boorman & A. Icard (Eds.), Reform of the international monetary system-the palais royal initiative. New Delhi: SAGE (pp. 321-342).
38. Thimann, Ch. (2012). ECB inflation-fighting powers remain intact. VOX, 30 March.
39. Tornell, A., & Westermann, F. (2011). Greece: the sudden stop that wasn't. VOX, 28 September. http://www. voxeu. org/index. php?q=node/7033.
40. United States Treasury Department (2003). The use and counterfeiting of United States currency abroad, part 2, Washington.
41. Woelfel, C. J. (2002). Encyclopedia of banking and finance, London.