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Current Account, Capital Movements and Target Balances

In: The Economics of Target Balances

Author

Listed:
  • Hans-Werner Sinn

    (Ludwig Maximilian University)

Abstract

The stock of Target balances is recorded in the national accounting systems in the same way as international fiscal credit. A country’s Target claim is part of its net foreign asset position, and the increase of this claim is recorded as a public capital export. Intra-Eurosystem interest on Target balances is booked in the country’s current account in the same way as ordinary international interest payments. Target balances resemble not only the ISA balances of the US Federal Reserve System but also the special drawing rights of the IMF, Keynes’ bancor currency, Soviet transfer rubles, stocks of foreign currency in fixed exchange rate systems and the sovereign wealth portfolio accumulated by the Central Bank of Switzerland.

Suggested Citation

  • Hans-Werner Sinn, 2020. "Current Account, Capital Movements and Target Balances," Springer Books, in: The Economics of Target Balances, chapter 0, pages 17-23, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-50170-9_3
    DOI: 10.1007/978-3-030-50170-9_3
    as

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