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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2018
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10011793977
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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2019
We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 balances, has contributed to the propagation of different...
Persistent link: https://www.econbiz.de/10012034705
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Capital flows, deleveraging & TARGET2
Kraus, Lena; Schiller, Jonathan - 2019
Persistent link: https://www.econbiz.de/10012115192
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Clearing of euro OTC derivatives post Brexit : an analysis of the present cost estimates
Brühl, Volker - 2017
In the context of the upcoming Brexit, a relocation of the clearing of euro-OTC derivatives for EU-based firms is the … the financial stability of the eurozone, the potential relocation costs should not be a decision criterion. …Im Zusammenhang mit dem Brexit wird über die Kosten einer Relokation des Clearing des Euro-OTC-Derivate-Geschäftes auf …
Persistent link: https://www.econbiz.de/10011764465
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The clearing of euro OTC derivatives post Brexit : why a uniform regulation and supervision of CCPs is essential for European financial stability
Brühl, Volker - 2018
of scale. From a European perspective, it should be noted that the clearing of euro-denominated OTC derivatives mainly … CCPs in the EU to complement the existing single resolution mechanism (SRM) for banks in the eurozone. Only then can the …
Persistent link: https://www.econbiz.de/10011855560
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The implications of TARGET2 in the European balance of payment crisis and beyond
Cesaratto, Sergio - 2013
Persistent link: https://www.econbiz.de/10011856883
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Implementing monetary policy in a fragmented monetary union
Miklos, Vari - 2014
Persistent link: https://www.econbiz.de/10010489040
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Determinants of TARGET2 transactions of European banks based on micro-data
Drott, Constantin; Goldbach, Stefan; Jochem, Axel - 2022
This paper examines German and foreign bank factors that can explain cross-border central bank liquidity flows between Germany and the rest of the euro area. Using data from the German component of Eurosystem's real-time gross settlement system TARGET2 and BankFocus for the period between 2009...
Persistent link: https://www.econbiz.de/10013411245
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Euro area monetary policy and TARGET balances: a trilogy
Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin - 2022
The growth in TARGET balances after 2009 has given rise to intense academic and public debate. Our paper offers a systematic exposition of the necessary conditions for TARGET balances to emerge and provides a clear link to monetary policy. We show that large TARGET balances can only arise with...
Persistent link: https://www.econbiz.de/10013448708
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Remapping EMU : on the future construction of economic and monetary union
Ederer, Stefan; Weingärtner, Stefan - 2013
The economic crisis has laid open deficiencies in the construction of the European Economic and Monetary Union. At its foundation, it was assumed that monetary integration would reduce the likelihood of asymmetric shocks. The crisis shows, however, that endogenous mechanisms may even amplify...
Persistent link: https://www.econbiz.de/10010426663