000			01613nam a22002297a 4500
999			_c2991 _d2991
005			20220720111733.0
008			220720b ||||| |||| 00| 0 eng d
020			_a9783030501693
082			_a332.11094 _bSIN
100			_aSinn, Hans-Werner _97853
245			_aThe economics of target balances: from Lehman to corona
260			_bPalgrave Macmillan _aSwitzerland _c2021
300			_axiii, 146 p.
365			_aEURO _b22.99
520			_aTarget 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.
650			_aEuropean Union countries _96980
650			_aBanks and banking, Central _96339
650			_aFinancial statements--Standards _95905
650			_aMacroeconomics _91161
650			_aEconomic policy _92380
942			_2ddc _cBK