國立虎尾科技大學 |

The Economics of Target Balances = From Lehman to Corona /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The Economics of Target Balances/ by Hans-Werner Sinn.
Reminder of title:	From Lehman to Corona /
Author:	Sinn, Hans-Werner.
Description:	XIII, 146 p. 14 illus.online resource. :
Contained By:	Springer Nature eBook
Subject:	Economics. -
Online resource:	https://doi.org/10.1007/978-3-030-50170-9
ISBN:	9783030501709

The Economics of Target Balances = From Lehman to Corona /
Sinn, Hans-Werner.

The Economics of Target BalancesFrom Lehman to Corona /[electronic resource] :by Hans-Werner Sinn. - 1st ed. 2020. - XIII, 146 p. 14 illus.online resource.

Chapter 1: Target: An obscure aspect of the Eurosystem -- Chapter 2: The Target credit -- Chapter 3: Current account, capital movements and Target balances -- Chapter 4: The cash balance -- Chapter 5: How the Target balances came about: the first phase of the crisis -- Chapter 6: The case of Greece -- Chapter 7: External crowds out internal money -- Chapter 8: The QE program and the Target balances -- Chapter 9: The rate of interest on Target balances -- Chapter 10: Interest spreads and tiering -- Chapter 11: The Corona Crisis -- Chapter 12: The risks of Target and cash balances -- Chapter 13: Conclusions and policy recommendations. .

"Though not initially expected or understood large movements in target balances at Eurozone Central Banks turned out to be a central essential feature of enabling the euro-system to survive a series of major shocks. In this beautifully and magisterially written book, Sinn describes clearly how this complex system has operated, and the several problems that this has entailed. An essential read for anyone interested in the workings of the euro-system." - Charles Goodhart, Emeritus Professor of Banking and Finance at the London School of Economics (LSE) “This excellent book, which deeply improves the understanding of the topic of Target balances, comes at a crucial moment in European history where due to the Corona-Crisis substantial reforms in the institutional organization of the Euro-Area and the EU will become necessary. It will help policy makers and academics when facing this enormous challenge. The book is rooted in theoretical economic principles and does not reflect a mere dogmatic or political view of the issue.” - Frank Westermann, Professor of Economics and director of the Institute of Empirical Economic Research, Osnabrück University, Germany “This book is a must-read for anybody interested in the working and the problems of the eurosystem. The author analyses the developments which are reflected in a seemingly pure technical issue. Pervasive, stringent, just brilliant.” - Otmar Issing, President of the Center for Financial Studies and former member of the ECB Executive Board (1998-2006) Target balances are the largest single item in some of the balance sheets of the Eurosystem’s national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs that resemble ordinary fiscal credit and which have grown disproportionately, exceeding one billion euros. There is, however, no parliamentary legitimation for the Target balances. The book sheds light on the economic significance of the balances, questions their limitlessness, and addresses controversial views that have been expressed regarding them. It uses the Target statistics to analyze the course of the euro crisis and the ECB’s policy reactions from the time of the Lehman bankruptcy up to the outbreak of the Corona crisis. It analyses the credit risks involved for the Eurosystem and concludes with a reform proposal. This book will be of interest to non-specialist economists and policy makers.

ISBN: 9783030501709

Standard No.: 10.1007/978-3-030-50170-9doiSubjects--Topical Terms:

555568
Economics.

LC Class. No.: HB71

Dewey Class. No.: 330

The Economics of Target Balances = From Lehman to Corona /
LDR:04494nam a22003975i 4500 001 1020207
003 DE-He213
005 20201023195334.0
007 cr nn 008mamaa
008 210318s2020 gw | s |||| 0|eng d
020 $a 9783030501709 $9 978-3-030-50170-9
024 7 $a 10.1007/978-3-030-50170-9 $2 doi
035 $a 978-3-030-50170-9
050 4 $a HB71
050 4 $a K140-165
072 7 $a KCY $2 bicssc
072 7 $a BUS000000 $2 bisacsh
072 7 $a KCY $2 thema
082 0 4 $a 330 $2 23
100 1 $a Sinn, Hans-Werner. $4 aut $4 http://id.loc.gov/vocabulary/relators/aut $3 573348
245 1 4 $a The Economics of Target Balances $h [electronic resource] : $b From Lehman to Corona / $c by Hans-Werner Sinn.
250 $a 1st ed. 2020.
264 1 $a Cham : $b Springer International Publishing : $b Imprint: Palgrave Macmillan, $c 2020.
300 $a XIII, 146 p. 14 illus. $b online resource.
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
347 $a text file $b PDF $2 rda
505 0 $a Chapter 1: Target: An obscure aspect of the Eurosystem -- Chapter 2: The Target credit -- Chapter 3: Current account, capital movements and Target balances -- Chapter 4: The cash balance -- Chapter 5: How the Target balances came about: the first phase of the crisis -- Chapter 6: The case of Greece -- Chapter 7: External crowds out internal money -- Chapter 8: The QE program and the Target balances -- Chapter 9: The rate of interest on Target balances -- Chapter 10: Interest spreads and tiering -- Chapter 11: The Corona Crisis -- Chapter 12: The risks of Target and cash balances -- Chapter 13: Conclusions and policy recommendations. .
520 $a "Though not initially expected or understood large movements in target balances at Eurozone Central Banks turned out to be a central essential feature of enabling the euro-system to survive a series of major shocks. In this beautifully and magisterially written book, Sinn describes clearly how this complex system has operated, and the several problems that this has entailed. An essential read for anyone interested in the workings of the euro-system." - Charles Goodhart, Emeritus Professor of Banking and Finance at the London School of Economics (LSE) “This excellent book, which deeply improves the understanding of the topic of Target balances, comes at a crucial moment in European history where due to the Corona-Crisis substantial reforms in the institutional organization of the Euro-Area and the EU will become necessary. It will help policy makers and academics when facing this enormous challenge. The book is rooted in theoretical economic principles and does not reflect a mere dogmatic or political view of the issue.” - Frank Westermann, Professor of Economics and director of the Institute of Empirical Economic Research, Osnabrück University, Germany “This book is a must-read for anybody interested in the working and the problems of the eurosystem. The author analyses the developments which are reflected in a seemingly pure technical issue. Pervasive, stringent, just brilliant.” - Otmar Issing, President of the Center for Financial Studies and former member of the ECB Executive Board (1998-2006) Target balances are the largest single item in some of the balance sheets of the Eurosystem’s national central banks (NCBs), and yet very little is known about them by the general public and even by economists. This book shows that Target balances measure overdraft credits between the NCBs that resemble ordinary fiscal credit and which have grown disproportionately, exceeding one billion euros. There is, however, no parliamentary legitimation for the Target balances. The book sheds light on the economic significance of the balances, questions their limitlessness, and addresses controversial views that have been expressed regarding them. It uses the Target statistics to analyze the course of the euro crisis and the ECB’s policy reactions from the time of the Lehman bankruptcy up to the outbreak of the Corona crisis. It analyses the credit risks involved for the Eurosystem and concludes with a reform proposal. This book will be of interest to non-specialist economists and policy makers.
650 0 $a Economics. $3 555568
650 0 $a Economic policy. $3 555567
650 0 $a Europe—Economic conditions. $3 1279283
650 0 $a Macroeconomics. $3 554837
650 0 $a International finance. $3 560389
650 0 $a Public finance. $2 bicssc $3 809028
650 1 4 $a Popular Science in Economics. $3 1139840
650 2 4 $a Economic Policy. $3 669185
650 2 4 $a European Economics. $3 1139865
650 2 4 $a Macroeconomics/Monetary Economics//Financial Economics. $3 1069052
650 2 4 $a International Finance. $3 1139823
650 2 4 $a Financial Law/Fiscal Law. $3 669471
710 2 $a SpringerLink (Online service) $3 593884
773 0 $t Springer Nature eBook
776 0 8 $i Printed edition: $z 9783030501693
776 0 8 $i Printed edition: $z 9783030501716
856 4 0 $u https://doi.org/10.1007/978-3-030-50170-9
912 $a ZDB-2-ECF
912 $a ZDB-2-SXEF
950 $a Economics and Finance (SpringerNature-41170)
950 $a Economics and Finance (R0) (SpringerNature-43720)