Suchergebnisse

Using the new unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been exploding from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October 2008, the European Central Bank (ECB) refinanced credits in the GIIPS countries to a large extent. Private capital flowed out of the GIIPS countries (Greece, Italy, Ireland, Portugal and Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German Bundesbank would lose its Target claims. Because the German Bundesbank would certainly request a recapitalization from the German federal government, German government debt might increase.

Sheehan reviews Neither Star Wars nor Sanctuary: Constraining the Military Uses of Space by Michael E. O'Hanlon.

Am 31. Dezember 1999 feierte Panama begeistert die Übergabe des interozeanischen Seeweges und der angrenzenden Kanalzone. Doch dem Jubel über die Machtabgabe der US-amerikanischen Streitkräfte folgte bald die Ernüchterung. Denn nach ihrem Abzug wurde deutlich, dass der Kanal allein die Probleme der Bevölkerung nicht lösen kann. Mit Munition verseuchte Gebiete, eine unsichere Grenze zu Kolumbien und die dringende Modernisierung des Kanals sind Schwierigkeiten, mit denen Panama heute konfrontiert ist. Die neue Präsidentin Mireya Moscoso sieht sich zunehmenden Protesten ausgesetzt, während ihre Sozialpolitik nicht die erwünschten Erfolge aufweisen kann. (Lat.am Nachr/DÜI)

Using the new unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been exploding from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October 2008, the European Central Bank (ECB) refinanced credits in the GIIPS countries to a large extent. Private capital flowed out of the GIIPS countries (Greece, Italy, Ireland, Portugal and Spain), and the Target claims of the German Bundesbank increased significantly. If the Eurozone collapses, the German Bundesbank would lose its Target claims. Because the German Bundesbank would certainly request a recapitalization from the German federal government, German government debt might increase.