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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w6619 |
来源ID | Working Paper 6619 |
Notes on the Role of TARGET in a Stage III Crisis | |
Peter M. Garber | |
发表日期 | 1998-06-01 |
出版年 | 1998 |
语种 | 英语 |
摘要 | When Stage III of EMU begins on January 1, 1999, member countries will irrevocably lock exchange rates, and interbank payments in euros will commence. Will the ensuing respite from Stage II instabilities be permanent or only the eye of the storm? Can Stage III itself be subject to an attack that forces a realignment of the of the system? The key question for this paper is how the infrastructural arrangements designed to underpin the monetary union will emerge to determine capital flow dynamics in a crisis and accentuate potential cross-border flows. The answer lies in the details of the TARGET payment system, which can provide the inter-central bank credit necessary to fund an attack. |
URL | https://www.nber.org/papers/w6619 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564130 |
推荐引用方式 GB/T 7714 | Peter M. Garber. Notes on the Role of TARGET in a Stage III Crisis. 1998. |
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w6619.pdf(646KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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