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ANFA und das Zahlungsverkehrssystem TARGET2 – Zwei Konzepte zur national-autonomen Geldschöpfung im Eurosystem

Author

Listed:
  • Arne Hansen
  • Dirk Meyer

Abstract

Das ANFA-Abkommen ist eine vertragliche Vereinbarung über Nettofinanzanlagen (NFA) zwischen den 19 nationalen Zentralbanken (NZB) der Eurostaaten und der Europäischen Zentralbank. Es beinhaltet Regeln und Obergrenzen von Wertpapierbeständen, die die NZBen eigenständig erwerben können, und ermöglicht den Notenbanken der Eurostaaten die Schaffung von Zentralbankgeld auf eigene Rechnung und eigenes Risiko im Rahmen ihrer nicht geldpolitischen Aktivitäten. Über TARGET-Verbindlichkeiten können die nationalen Notenbanken zudem die Verteilung der Schöpfung von Zentralbankgeld innerhalb der Währungsunion beeinflussen. Arne Hansen und Dirk Meyer, Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, zeigen die Gemeinsamkeiten sowie die Unterschiede der beiden Systeme auf und analysieren die Implikationen, die sich aus einer national-autonomen Geldschöpfung für das Eurosystem ergeben.

Suggested Citation

  • Arne Hansen & Dirk Meyer, 2019. "ANFA und das Zahlungsverkehrssystem TARGET2 – Zwei Konzepte zur national-autonomen Geldschöpfung im Eurosystem," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(13), pages 12-22, July.
    • Handle: RePEc:ces:ifosdt:v:72:y:2019:i:13:p:12-22
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    References listed on IDEAS

    as
    1. Stefan Homburg & Adalbert Winkler, 2019. "Debatte über die Target-Salden: Replik und Erwiderung [Debate about Target Balances — Reply and Response]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 99(1), pages 70-75, January.
    2. Dirk Meyer, 2016. "Euro-Geldschöpfung durch die Mitgliedstaaten: Gefahren aus nationalem Zusatzgeld," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(06), pages 30-40, March.
    3. Adalbert Winkler, 2018. "Groβe Summe – groβes Problem? Warum die Debatte um die Target-Salden so hitzig ist [Large Imbalance – Big Problem? Why is the Target Debate in Germany so Heated?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 98(10), pages 744-751, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Geldschöpfung; Geldpolitik; Zahlungsverkehr; EU-Staaten; ANFA; TARGET2;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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