The economics of target balances : from Lehman to Corona /

The economics of target balances : from Lehman to Corona /

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Bibliographic Details
Author / Creator:	Sinn, Hans-Werner, author.
Imprint:	Cham, Switzerland : Palgrave Macmillan, [2020]
Description:	1 online resource (xiii, 146 pages) : illustrations (black and white)
Language:	English
Subject:	Eurosystem Monetary Transmission Network -- History. Banks and banking, Central -- European Union countries. Global Financial Crisis, 2008-2009. Financial statements -- Standards -- European Union countries. Banks and banking, Central. Financial statements -- Standards. European Union countries. History. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12609047

Hidden Bibliographic Details
ISBN:	9783030501709 3030501701 9783030501693 3030501698
Digital file characteristics:	text file PDF
Notes:	Includes bibliographical references and index. Description based on online resource; title from digital title page (viewed on December 11, 2020).
Summary:	"Target balances are the largest single item in some of the balance sheets of the Eurosystem's national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs that resemble ordinary fiscal credit and which have grown disproportionately, exceeding one billion euros. There is, however, no parliamentary legitimation for the Target balances. The book sheds light on the economic significance of the balances, questions their limitlessness, and addresses controversial views that have been expressed regarding them. It uses the Target statistics to analyze the course of the euro crisis and the ECB's policy reactions from the time of the Lehman bankruptcy up to the outbreak of the Corona crisis. It analyses the credit risks involved for the Eurosystem and concludes with a reform proposal. This book will be of interest to non-specialist economists and policy makers."--
Other form:	Print version: 9783030501693
Standard no.:	10.1007/978-3-030-50170-9

Table of Contents:

Chapter 1: Target: An obscure aspect of the Eurosystem
Chapter 2: The Target credit
Chapter 3: Current account, capital movements and Target balances
Chapter 4: The cash balance
Chapter 5: How the Target balances came about: the first phase of the crisis
Chapter 6: The case of Greece
Chapter 7: External crowds out internal money
Chapter 8: The QE program and the Target balances
Chapter 9: The rate of interest on Target balances
Chapter 10: Interest spreads and tiering
Chapter 11: The Corona Crisis
Chapter 12: The risks of Target and cash balances
Chapter 13: Conclusions and policy recommendations.