期刊名称：Academic Journal of Business, Administration, Law and Social Sciences
印刷版ISSN：2410-3918
电子版ISSN：2410-8693
出版年度：2016
卷号：2
期号：2
出版社：IIPCCL
摘要：This paper presents the first comprehensive Target database of the Eurozone and interprets itfrom an economic perspective. We show that the Target accounts measure the intra-Eurozonebalances of payments and indirectly also international credit given through the Eurosystemin terms of reallocating the ECB’s net refinancing credit. The Target and liabilities are interestbearing.Their interest rate equals the ECB’s main refinancing rate. However, interest revenuesand expenses are socialized within the Euro system.Many think that the Target imbalances are a normal side effect of the Eurozone payment system,as they won’t occur in a currency system. The term Target balances has created muchconfusion even among academics; because it is a catchy term with several meanings that arenot obviously connected with each other at first glance. In several countries, private debts arisingfrom a property booble were transferred to sovereign debt as a result of banking systembailouts and government responses to slowing economies post-bubble
关键词：Currency union; Balance of payments; Bailout; Euro system; Target
