| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17626 |
| 来源ID | Working Paper 17626 |
| Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility | |
| Hans-Werner Sinn; Timo Wollmershaeuser | |
| 发表日期 | 2011-11-23 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The European Monetary Union is stuck in a severe balance-of-payments imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits whose accumulated value, as measured by the Target balances in the national central banks' balance sheets, was 404 billion euros in August 2011. The national central banks of these countries covered the deficits by creating and lending out additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank money resulting from local refinancing operations. Thus the ECB forced a public capital export from the core countries that partly compensated for the now reluctant private capital flows to, and the capital flight from, the periphery countries. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w17626 |
| 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/575301 |
| 推荐引用方式 GB/T 7714 | Hans-Werner Sinn,Timo Wollmershaeuser. Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17626.pdf（815KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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