The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target...

The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to 314 billion euros in March 2011. They measure the additional central bank money that their corresponding National Central Banks (NCBs) have loaned in excess of the money needed to cover their domestic...

The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to314 billion euros in March 2011. They measure the additional central bank money that their corresponding National Central Banks (NCBs) have loaned in excess of the money needed to cover their domestic...

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...

Seit der Finanzkrise hat Kroatien negative Wachstumsraten. Der Brain Drain hochqualifizierter Arbeitskräfte nimmt stetig zu. Die Wirtschaft hat schon seit längerer Zeit starke Einbußen ihrer Wettbewerbsfähigkeit erfahren. Kroatien rangiert diesbezüglich am Ende der Skala der EU-Mitglieder....

As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...