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ISA vs. TARGET2 - Ein Vergleich der Voraussetzungen für den effektiven Ausgleich von Zahlungsüberweisungssalden

Author

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  • Sebastian Voll

    (School of Economics and Business Administration, Friedrich-Schiller-University Jena)

Abstract

Dazu werden die relevanten institutionellen Aspekte des Federal Reserve Systems der USA und ihre Wirkung auf die ISA-Salden erläutert und mit den Verhältnissen in der Eurozone abgeglichen. Dabei stellt sich heraus, dass die Strukturen in den USA grundsätzlich geeignet sind, den Aufbau hoher Überweisungssalden zu verhindern ohne die Verantwortung einzelnen Federal Reserve Banken zuzuweisen. Der Vergleich mit dem Eurosystem zeigt dagegen, dass ein weitreichender Umbau der geldpolitischen Konzeption notwendig wäre, um ein ebenso effektives Funktionieren wie in den USA zu gewährleisten.

Suggested Citation

  • Sebastian Voll, 2014. "ISA vs. TARGET2 - Ein Vergleich der Voraussetzungen für den effektiven Ausgleich von Zahlungsüberweisungssalden," Global Financial Markets Working Paper Series 51-2014, Friedrich-Schiller-University Jena.
    • Handle: RePEc:hlj:hljwrp:51-2014
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    File URL: http://pubdb.wiwi.uni-jena.de/pdf/wp_hlj51-2014.pdf
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    Citations

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    Cited by:

    1. Bofinger, Peter & Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Wieland, Volker, 2018. "Vor wichtigen wirtschaftspolitischen Weichenstellungen. Jahresgutachten 2018/19 [Setting the Right Course for Economic Policy. Annual Report 2018/19]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201819, September.
    2. Pasche, Markus, 2017. "ESBies as a Basis for a TARGET2 Settlement Mechanism," MPRA Paper 83012, University Library of Munich, Germany.

    More about this item

    Keywords

    TARGET2; payment systems; currency area; ECB; Fed;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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