Lessons from TARGET2 imbalances: The case for the ECB being a lender of last resort 1

During the global banking crisis of 2007-2009 and the Eurozone sovereign debt crisis of 2010-2012 the so called 'TARGET2 imbalances' attracted considerable attention. Some economists interpreted them as a symptom of the ECB's 'stealth bailout. The aim of the paper is to highlight...

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Veröffentlicht in:	Economics and business review 2019-01, Vol.5 (2), p.48-63
Hauptverfasser:	Chmielewski, Tomasz, Sławiński, Andrzej
Format:	Artikel
Sprache:	eng
Schlagworte:	Bailouts Bank reserves Banking industry Branch banking Central banks Commercial banks Correspondent banks Economic crisis Eurozone Funding International finance Loans Monetary unions Payment systems Sovereign debt
Online-Zugang:	Volltext
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