Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2019
systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 … built-up of TARGET2 balances was mainly driven by capital flow shocks while being barely responsive to other aggregate … shocks. Furthermore, on basis of counterfactual experiments we find that the ability to build-up sizable TARGET2 liabilities …