The Economics of Target Balances

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Author :
Publisher : Springer Nature
ISBN 13 : 3030501701
Total Pages : 152 pages
Book Rating : 4.0/5 (35 download)

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Book Synopsis The Economics of Target Balances by : Hans-Werner Sinn

Download or read book The Economics of Target Balances written by Hans-Werner Sinn and published by Springer Nature. This book was released on 2020-10-23 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Target balances are the largest single item in some of the balance sheets of the Eurosystem’s national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs that resemble ordinary fiscal credit and which have grown disproportionately, exceeding one billion euros. There is, however, no parliamentary legitimation for the Target balances. The book sheds light on the economic significance of the balances, questions their limitlessness, and addresses controversial views that have been expressed regarding them. It uses the Target statistics to analyze the course of the euro crisis and the ECB’s policy reactions from the time of the Lehman bankruptcy up to the outbreak of the Corona crisis. It analyses the credit risks involved for the Eurosystem and concludes with a reform proposal. This book will be of interest to non-specialist economists and policy makers.

The Target Balances in the Euro Area

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Author :
Publisher : GRIN Verlag
ISBN 13 : 3656478252
Total Pages : 26 pages
Book Rating : 4.6/5 (564 download)

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Book Synopsis The Target Balances in the Euro Area by : Sebastian Lechner

Download or read book The Target Balances in the Euro Area written by Sebastian Lechner and published by GRIN Verlag. This book was released on 2013-08-12 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Economics - Monetary theory and policy, grade: 1,3, University of Bayreuth, language: English, abstract: The European Monetary Union is stuck in a severe balance-of-payments imbalance. The European sovereign debt crisis, which followed the financial crisis, is present in the media, in politics and important economists try to evaluate the situation, in order to find possible solutions. This paper deals with the TARGET balances. TARGET2 is a payment system in the European Monetary Union, and, as will be shown, the TARGET balances are a measure for the balance- of-payment deficits and surpluses in the countries of the Eurozone. The issue is interesting as there are huge differences in the current account balances of member states. To understand the emergence of the TARGET balances , it is important to first look at the way a central bank creates money. This paper aims to show how TARGET balances arise when trade flows are not financed through inverse capital flows. Further on, it examines the current account deficits of Greece, Ireland, Italy, Portugal and Spain and shows how they led to tremendous TARGET2 debts of those countries. On the other hand it examines, how particularly Germany, to a smaller extend also Finland, Luxembourg and the Netherlands accumulated high TARGET2 claims towards the Eurosystem. Further on, it examines the development of the monetary bases in the Eurozone and how this affected Bundesbank money creation. Finally, it deals with some concerns regarding the TARGET balances . As it is a complex matter, opinions about their risk diverge. Some analysts think that they are highly problematic, others don’t see any risk at all. Some main ideas dealing with the risk involved will be presented in brief.

The European Crisis

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Author :
Publisher :
ISBN 13 : 9781848902084
Total Pages : 294 pages
Book Rating : 4.9/5 (2 download)

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Book Synopsis The European Crisis by : Victor Beker

Download or read book The European Crisis written by Victor Beker and published by . This book was released on 2016-09-01 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the 2008 financial meltdown, the American crisis soon infected the European financial system, becoming both a sovereign debt crisis and a banking debacle in many peripheral Euro area countries. The European crisis spread quickly among closely integrated economies and the implementation of austerity policies reinforced a spiral of economic contractions and provoked a rising political rebellion. This World Economics Association book, edited by Victor Baker and Beniamino Moro, was written to address monetary, financial and debt issues, alongside the questions of social stabilization, strategies for structural reform and economic growth that may be re-considered to frame new economic perspectives for Europe. The call for reflection is persuasively made by the contributors: Jacques Sapir; Gerson Lima; Carmelo Ferlito; Merijn Knibbe; Enrico Marelli and Marcello Signorelli; Tom Vleeschhouwer and Tara Koning; Cristiano Boaventura Duarte and AndrE de Melo Modenesi; Dimitri B. Papadimitriou, Michalis Nukiforos and Gennaro Zezza. "The World Economics Association's on-line forums are an important step toward the goal of open exchange on policy questions among economists of diverse views world-wide. I congratulate Victor Beker and Beniamin Moro, who here bring together a set of important papers on the European question." James K. Galbraith, The University of Texas at Austin "The huge debates on the future of the European Union as well as the management of the Euro are among the hottest issues in both contemporary politics and finance. The papers in this volume offer a broad survey of the terrain and a broad menu of possible solutions. The authors and the World Economics Association have provided a major public service with this text of great interest for both the general public and for policymakers." Carlos Marichal, El Colegio de MExico "The European Union is suffering from many crises - and many self-inflicted through the structures of the Eurozone. This book is to be highly welcomed for debating the causes of those crises and seeking ways forward. The chapters here offer two contrasting routes away from the crisis of the Eurozone: radical reforms of the economic governance of EMU with creation of a viable monetary union, a sensible fiscal policy and building convergence or the orderly dismantaling of the euro and arrangements to co-ordinate currencies. These authors have set out agendas - when will the policy makers join the debates?" Malcolm Sawyer, University of Leeds, UK

Monetary Policy in Times of Crisis

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Author :
Publisher : Oxford University Press
ISBN 13 : 0192895915
Total Pages : 449 pages
Book Rating : 4.1/5 (928 download)

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Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno

Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

Negative Interest Rate Policy (NIRP)

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1475524471
Total Pages : 48 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Negative Interest Rate Policy (NIRP) by : Andreas Jobst

Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.

Balance of Payments Statistics

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Author :
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Balance of Payments Statistics by : United States. Congress. Joint Economic Committee. Subcommittee on Economic Statistics

Download or read book Balance of Payments Statistics written by United States. Congress. Joint Economic Committee. Subcommittee on Economic Statistics and published by . This book was released on 1965 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considers methodology of reporting U.S. balance of payments statistics and focuses on controversial report prepared for the Budget Bureau entitled, "Balance of Payments Statistics of the U.S., A Review and Appraisal," proposing use of a new concept for reporting these statistics.

A Banking Union for the Euro Area

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Publisher : International Monetary Fund
ISBN 13 : 1475569823
Total Pages : 31 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis A Banking Union for the Euro Area by : Rishi Goyal

Download or read book A Banking Union for the Euro Area written by Rishi Goyal and published by International Monetary Fund. This book was released on 2013-02-12 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.

Blue Book

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Author :
Publisher :
ISBN 13 :
Total Pages : 760 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Blue Book by :

Download or read book Blue Book written by and published by . This book was released on 2001 with total page 760 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Reserves and Foreign Currency Liquidity

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1484350162
Total Pages : 258 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis International Reserves and Foreign Currency Liquidity by : International Monetary Fund. Statistics Dept.

Download or read book International Reserves and Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2015-01-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

Modern Financial Crises

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Publisher : Springer
ISBN 13 : 3319209914
Total Pages : 261 pages
Book Rating : 4.3/5 (192 download)

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Book Synopsis Modern Financial Crises by : Beniamino Moro

Download or read book Modern Financial Crises written by Beniamino Moro and published by Springer. This book was released on 2015-07-21 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to the analysis of the three main financial crises that have marked this century: 2001 Argentina’s defaulting on its external debt, the American subprime crisis in 2008, and the current European debt crisis in Europe. The book pursues three major objectives: firstly, to accurately portray these three financial crises; secondly, to analyze what went wrong with mainstream economic theory, which was unable to foresee these types of economic turmoil; and thirdly, to review macroeconomic theory, re-evaluating Keynes’ original contribution to economic analysis and pointing out the need to rebuild macroeconomics with a view to studying economic illness rather than trying to prove the non-existence of economic problems.

A Strategy for Resolving Europe's Problem Loans

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Publisher : International Monetary Fund
ISBN 13 : 1513511653
Total Pages : 79 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis A Strategy for Resolving Europe's Problem Loans by : Mr.Shekhar Aiyar

Download or read book A Strategy for Resolving Europe's Problem Loans written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2015-09-24 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.

Public Sector Debt Statistics

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Author :
Publisher : International Monetary Fund
ISBN 13 : 161635156X
Total Pages : 230 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Public Sector Debt Statistics by : International Monetary Fund

Download or read book Public Sector Debt Statistics written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-12-08 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis of recent years and the associated large fiscal deficits and debt levels that have impacted many countries underscores the importance of reliable and timely government statistics and, more broadly, public sector debt as a critical element in countries fiscal and external sustainability. Public Sector Debt Statistics is the first international guide of its kind, and its primary objectives are to improve the quality and timeliness of key debt statistics and promote a convergence of recording practices to foster international comparability and as a reference for national compilers and users for compiling and disseminating these data. Like other statistical guides published by the IMF, this one was prepared in consultation with countries and international agencies, including the nine organizations of the Inter-Agency Task Force on Finance Statistics (TFFS). The guide's preparation was based on the broad range of experience of our institutions and benefitted from consultation with national compilers of government finance and public sector debt statistics. The guide's concepts are harmonized with those of the System of National Accounts (2008) and the Balance of Payments and International Investment Position Manual, Sixth Edition.

The Euro Trap

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Publisher : OUP Oxford
ISBN 13 : 0191006661
Total Pages : 417 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis The Euro Trap by : Hans-Werner Sinn

Download or read book The Euro Trap written by Hans-Werner Sinn and published by OUP Oxford. This book was released on 2014-07-31 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.

CoMap: Mapping Contagion in the Euro Area Banking Sector

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1498312071
Total Pages : 63 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis CoMap: Mapping Contagion in the Euro Area Banking Sector by : Mehmet Ziya Gorpe

Download or read book CoMap: Mapping Contagion in the Euro Area Banking Sector written by Mehmet Ziya Gorpe and published by International Monetary Fund. This book was released on 2019-05-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a novel approach to investigate and model the network of euro area banks’ large exposures within the global banking system. Drawing on a unique dataset, the paper documents the degree of interconnectedness and systemic risk of the euro area banking system based on bilateral linkages. We develop a Contagion Mapping model fully calibrated with bank-level data to study the contagion potential of an exogenous shock via credit and funding risks. We find that tipping points shifting the euro area banking system from a less vulnerable state to a highly vulnerable state are a non-linear function of the combination of network structures and bank-specific characteristics.

The Europe 2020 Strategy

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Publisher :
ISBN 13 : 9789461381248
Total Pages : 0 pages
Book Rating : 4.3/5 (812 download)

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Book Synopsis The Europe 2020 Strategy by : Daniel Gros

Download or read book The Europe 2020 Strategy written by Daniel Gros and published by . This book was released on 2014-04-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Launched in March 2010 by the European Commission, the Europe 2020 strategy aims to achieve "smart, sustainable, and inclusive" growth. The engines for this growth are - Knowledge and innovation - Greener and more efficient use of resources - Higher employment combined with social and territorial cohesion This CEPS report takes an in-depth look at this major initiative and finds that the strategy itself needs to be revised in several important respects. First, the authors believe, R&D spending per se is not the best indicator of innovativeness; a new measure, intangible capital, would be more appropriate. Second, while increasing the share of the workforce with a university degree is important for competitiveness and employment, it is the quality of that education that matters more than the quantity. The study also finds that employment targets would be better reached by a skills upgrade among women who have the least education. Concerning climate change, the authors conclude that unless the EU increases the level of its ambition and adds a carbon import tariff, reduction targets for greenhouse gas emissions are likely to have a negligible impact on global climate change. Finally and more generally, the report argues that the 2020 strategy should acknowledge the importance of institutional efficiency at the national level.

Payment Systems in the European Union

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Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (535 download)

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Book Synopsis Payment Systems in the European Union by :

Download or read book Payment Systems in the European Union written by and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The European Central Bank

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Publisher :
ISBN 13 : 9789289900270
Total Pages : 229 pages
Book Rating : 4.9/5 (2 download)

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Book Synopsis The European Central Bank by : Hanspeter K. Scheller

Download or read book The European Central Bank written by Hanspeter K. Scheller and published by . This book was released on 2006 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.