Arbeitspapier
Exit strategies, capital flight and speculative attacks: Europe's version of the trilemma
In the winter 2011/12 a wave of internal capital .ight prompted the ECB to abandon its exit strategy and to announce an unprecedented monetary expansion. We analyze this episode in several dimensions: (i) by providing an event-study analysis covering key variables from national central banks.balance sheets, (ii) by rationalizing their patterns in a portfolio balance model of the exchange rate, augmented by institutional characteristics of the TARGET2 system, and (iii) by proposing a theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent policy trilemma that makes it prone to speculative attacks.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 108
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Financial Aspects of Economic Integration
Open Economy Macroeconomics
Macroeconomic Issues of Monetary Unions
- Thema
-
Currency Union
Exchange Market Pressure
Policy Trilemma
Speculative Attack
TARGET2
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Steiner, Andreas
Steinkamp, Sven
Westermann, Frank
- Ereignis
-
Veröffentlichung
- (wer)
-
Osnabrück University, Institute of Empirical Economic Research
- (wo)
-
Osnabrück
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Steiner, Andreas
- Steinkamp, Sven
- Westermann, Frank
- Osnabrück University, Institute of Empirical Economic Research
Entstanden
- 2017
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