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Diskussionspapiere - Hannover Economic Papers (HEP)

Speculative Eurozone Attacks and Departure Strategies

Autor: Stefan Homburg
Nummer: 640, Oct 2018, pp. 16
JEL-Class: E52, E58, F45

Abstract:
This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks. Suspicion of a departure from the common currency induces a terminal outflow of central bank money in weaker member states. TARGET2 cannot inhibit this drain but only protects central bank assets. Evidence presented here suggests that a run on Italy is already on the way. The paper also considers departure strategies of strong and weak member states and the distributive effects of an orderly eurozone dissolution.

Zusammenfassung:
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