We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way...

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...

The TARGET2-system impedes economic recovery within the EMU. Hard budget constraints are a key to kick-start structural reforms in some EMU-member countries. However, the TARGET2-system is not only aggravating real misalignments but also softening budget constraints. The authors argue that the...

We examine the relationship between the South African Rand and the gold price volatility using monthly data for the period 1979–2010. Our main finding is that prior to capital account liberalization the causality runs from the South African Rand to the gold price volatility but the causality...

In diesem Beitrag werfen wir einen Blick auf die "TARGET2-Debatte", die insbesondere durch die Beiträge von Hans-Werner Sinn (exemplarisch: 2011a-d), John Whittaker (2011), und Ende letzten Jahres bereits durch Peter Garber (2010) initiiert worden ist. Die fachliche Auseinandersetzung hat auf...

In diesem Beitrag werfen wir einen Blick auf die 'TARGET2-Debatte', die insbesondere durch die Beiträge von Hans-Werner Sinn (exemplarisch: 2011a-d), John Whittaker (2011), und Ende letzten Jahres bereits durch Peter Garber (2010) initiiert worden ist. Die fachliche Auseinandersetzung hat auf...