Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/277442 
Erscheinungsjahr: 
2019
Quellenangabe: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 16 [Issue:] 2 [Year:] 2019 [Pages:] 169-175
Verlag: 
Edward Elgar Publishing, Cheltenham
Zusammenfassung: 
In response to our paper, 'ECB monetary expansions and euro area TARGET2 imbalances: a balance-of-payment-based decomposition,' Professor Andrea Terzi has criticized our approach of TARGET2 balance decomposition, by highlighting a lack of causality between balance-of-payments (BP) flows and TARGET2 net balances. Proving a strong causality link was not within the scope of our paper; while acknowledging that causal relationships are difficult to prove from data that have to fulfill an accounting identity, we still believe that useful information can be extracted from the analysis of BP accounting correspondences. From this perspective a long-term BP reconstruction for Italy and Germany is performed that confirms Terzi's claim about the rise of TARGET2 balances under specific monetary policy configurations.
Schlagwörter: 
capital flows
payment system
financial crisis
quantitative easing
interbank lending
JEL: 
E42
E44
E52
E58
F32
F34
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.