Martin Schmitz’s scientific contributions

... The ECB's asset purchases under the APP from 2015 and the PEPP from 2020 expanded the Target2 imbalances (see Figure 7). The ECB's quantitative easing led to the transfer of the bulk of newly created euro deposits to Germany (Eisenschmidt et al. 2017) as commercial banks inside as well as outside the euro area often access Target2 via the Bundesbank (Hristov, Hülsewig, and Wollmershäuser 2019 Murai and Schnabl (2021) for an analysis of fiscal rescue funds -Greek Loan Facility, European Financial Stabilization Mechanism (EFSM), the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM)for southern European countries. The ECB has repeatedly loosened its collateral framework (Legroux et al. 2022). ...

Reference:

The Relationship Between the German Current Account and Financial Account: Evidence from the Toda-Yamamoto Causality Approach