This article looks at the evolution of the Target balance of the Greek central bank. It is shown that in the first 18 months “after Lehman”, lending policy has been relatively lax, contributing to the increase of Target deficits. However, from spring 2010 onwards, there has been a...

The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure...

Das Problem eines möglichen Austritts aus einem Bundesstaat oder Staatenbund ist nicht neu. In der gegenwärtigen Krise steht dabei insbesondere der Aspekt „Austritt aus einer Währungsunion“ im Vordergrund. Vor noch nicht allzu langer Zeit war die Austrittsproblematik in Kanada von...