Arbeitspapier
Explosive Target Balances
Using the new unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been exploding from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October 2008, the European Central Bank (ECB) refinanced credits in the GIIPS countries to a large extent. Private capital flowed out of the GIIPS countries (Greece, Italy, Ireland, Portugal and Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German Bundesbank would lose its Target claims. Because the German Bundesbank would certainly request a recapitalization from the German federal government, German government debt might increase.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 4297
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Central Banks and Their Policies
Current Account Adjustment; Short-term Capital Movements
International Lending and Debt Problems
National Debt; Debt Management; Sovereign Debt
- Thema
-
Eurosystem
Target
recursive unit root test
explosiveness
hidden debt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Potrafke, Niklas
Reischmann, Markus
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Potrafke, Niklas
- Reischmann, Markus
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2013
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