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Zahlungsverkehrssystem TARGET2 und der geldpolitische Handlungsrahmen des Eurosystems

Zahlungsverkehrssystem TARGET2 und der geldpolitische Handlungsrahmen des Eurosystems

          
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About the Book

Bachelorarbeit aus dem Jahr 2013 im Fachbereich VWL - Geldtheorie, Geldpolitik, Heinrich-Heine-Universität Düsseldorf, Sprache: Deutsch, Abstract: Die viel diskutierten Leistungsbilanzungleichgewichte und divergierenden Staatsanleihenrenditen im Zuge der Finanz- und Staatsschuldenkrise im Euroraum haben auch die Analyse der Zahlungsbilanz erneut virulent werden lassen. Die hohen Leistungsbilanzungleichgewichte in den Peripherie-Ländern und deren steigende Renditen für Staatsanleihen könnten den Schluss zulassen, dass nicht wie vor der Krise die Liquidität wieder zurück in diese Länder fließt. Überdies hat sich am Interbankenmarkt seit der Insolvenz von Lehman-Brothers gezeigt, dass das Misstrauen der Banken untereinander gestiegen ist und sich diese nicht mehr bedenkenlos Liquidität am Interbankenmarkt leihen. Seit Prof. Dr. Hans-Werner Sinn im Februar 2011 erstmals darauf hingewiesen hatte, dass das Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET) bei der Erfüllung der Zahlungsbilanzidentität von großer Bedeutung ist, hat sich das Thema auch in der wissenschaftlichen Literatur zu einer stark diskutierten Materie entwickelt (Sinn &Wollmershäuser 2011b:8). Die möglichen Folgen der stark gestiegenen Salden und unterschiedliche Haftungsszenarien bei einem Austritt der TARGET-Defizitländer sind bereits in einigen Arbeiten debattiert und auch Teil des öffentlichen Diskurses geworden. Durch welche Determinanten der Anstieg der TARGET-Salden ausgelöst wurde und welche Wechselwirkungen zwischen Geldpolitik und der Zahlungsbilanz im Zuge der Eurokrise bestehen, stand bis dato eher im Hintergrund der Debatte und soll daher hier im besonderen Fokus stehen. Die Erkenntnis der Arbeit ist, dass die Liquiditätsbereitstellung der EZB und die TARGET-Salden oft parallel zueinander verlaufen. Während die Salden in einigen Ländern unumgängliche Notfallkredite dargestellt haben könnten, sind für andere Länder Indizien dafür vorhanden, dass die exp


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Product Details
  • ISBN-13: 9783656904410
  • Publisher: Grin Verlag Gmbh
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3656904413
  • Publisher Date: 03 Mar 2015
  • Height: 210 mm
  • No of Pages: 64
  • Series Title: German
  • Weight: 95 gr


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Zahlungsverkehrssystem TARGET2 und der geldpolitische Handlungsrahmen des Eurosystems
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Zahlungsverkehrssystem TARGET2 und der geldpolitische Handlungsrahmen des Eurosystems
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