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The Economics of Target Balances - From Lehman to Corona (Paperback, 1st ed. 2020)
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The Economics of Target Balances - From Lehman to Corona (Paperback, 1st ed. 2020)
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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.
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