Analysis

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Alongside the heuristic knowledge gained empirically by experts, modern payment policy and payment systems oversight increasingly also draw on economic analyses in the form of quantitative studies. This is why the Bundesbank also carries out application-oriented analyses with the aim of preparing the groundwork for decisions and creating a better understanding of the systems in use and participant behaviour. In addition to carrying out manifold internal analyses, the Bundesbank also participates in relevant public debates of an academic nature via presentations and publications. 

References

  • Helmus, Caspar & Mitzlaff, Stefan (2024). 
    Warum der deutsche TARGET-Saldo trotz restriktiverer Geldpolitik bisher nicht weiter sinkt,
    ifo Institut, München, ifo Schnelldienst, 2024, 77, Nr. 10, S. 39-43.
  • Ballaschk, David; Drott, Constantin & Mitzlaff, Stefan (2024).
    Think globally, settle locally? Multilateral platforms for cross-border payments based on distributed ledger technology, Journal of Payments Strategy & Systems, Henry Stewart Publications, Vol. 18(2), pages 127-138, June. 
  • Ballaschk, David; Drott, Constantin & Mitzlaff, Stefan (2024). 
    Multilaterale Plattformen für grenzüberschreitende Zahlungen auf Basis der Distributed-Ledger-Technologie, Recht der Zahlungsdienste, 2024, Heft 1, S. 66-69.
  • Drott, Constantin; Goldbach, Stefan & Jochem, Axel (2024).
    Determinants of Net Transactions in TARGET2 of European Banks Based on Micro-data, Open Economies Review, 2024.
  • Drott, Constantin; Goldbach, Stefan & Nitsch, Volker (2024).
    The effects of sanctions on Russian banks in TARGET2 transactions data, Journal of Economic Behavior & Organization, Volume 219, S. 38-51.
  • Diehl, Martin & Drott, Constantin (2023).
    Empowering central bank money for a digital future, SUERF policy note, issue no. 312, 1 June 2023.
  • Alexandrova Kabadjova, Biliana; Badev, Anton; Bastos, Saulo Benchimol; Benos, Evangelos; Cepeda-Lopéz, Freddy; Chapman, James; Diehl, Martin; Duca-Radu, Ioana; Garratt, Rodney; Heijmans, Ronald; Kosse, Anneke; Martin, Anntoine; Nellen, Thomas; Nilsson, Thomas; Paulick, Jan; Pustelnikov, Andrei; Rivadeneyra, Francisco; Rubem do Coutto Bastos, Mario & Testi, Sara (2023).
    Intraday liquidity around the world, BIS Working Papers No 1089, 14 April 2023.
  • Diehl, Martin (2023). 
    Formen programmierbaren Geldes und Rolle der Zentralbank, in: Omlor/Link (Hrsg.) (2023): Handbuch Kryptowährungen und Token, 2. Auflage, Kapitel 2, Deutscher Fachverlag GmbH, Fachmedien Recht und Wirtschaft.
  • Drott, Constantin; Goldbach, Stefan & Jochem, Axel (2022).
    Determinants of TARGET2 transactions of European banks based on micro-data, Discussion Paper No 40/2022, Deutsche Bundesbank.
  • Glowka, Marc; Müller Alexander; Polo Friz, Livia; Testi, Sara; Valentini, Massimo & Vespucci, Stefano (2022).
    TARGET2 analytical tools for regulatory compliance, ECB Occasional Paper Series, No 300 / August 2022.
  • Drott, Constantin; Mitzlaff, Stefan & Paulick, Jan (2022).
    Why the European Union’s pandemic-related fiscal measures are curbing TARGET2 balances
    ifo Schnelldienst, 2022, Vol. 75, No. 01, 35-41.
  • Ballaschk, David & Paulick, Jan (2021).
    The public, the private and the secret: Thoughts on privacy in central bank digital currencies, Journal of Payments Strategy & Systems, Volume 15 (3), 277-286.
  • Paulick, Jan; Berndsen, Ron; Diehl, Martin & Heijmans, Ronald (2021).
    No more Tears without Tiers? The Impact of Indirect Settlement on liquidity use in TARGET2, CentER Discussion Paper No. 2021-022, Center for Economic Research, Tilburg.
  • Müller, Alexander & Paulick, Jan (2021).
    Measure twice before you cut: differences in Furfine-type algorithm implementation, Journal of Financial Market Infrastructures, Volume 9 (2), 1-26.
  • Diehl, Martin (2021).
    Formen programmierbaren Geldes und Rolle der Zentralbank. In: Omlor/Link (Hrsg.) (2021): Handbuch Kryptowährungen und Token, Kapitel 2, Deutscher Fachverlag GmbH, Fachmedien Recht und Wirtschaft.
  • Schmudde, Matthias & Drott, Constantin (2021).
    Herausforderung Digitales Geld, FPN Jahrbuch Zahlungsverkehr 2021, Frankfurt Payments Network e.V., Januar. https://www.frankfurt-payments-network.de/fileadmin/user_upload/Februar_21_M.Schmudde-C.Drott.pdf
  • Balz, Burkhard; Diehl, Martin & Winter, Heike (2020)
    Digitales Geld: Welche Optionen hat Europa? Zeitschrift für das gesamte Kreditwesen 24/2020, p. 1200-1204. 
  • Müller, Alexander & Paulick, Jan (2020)
    The devil is in the details, but so is salvation – Different approaches in money market measurement, Deutsche Bundesbank Discussion Paper No. 66/2020.
  • Glowka, Marc (2020).
    Profiling banks: how to use cluster analysis with payment system data, Journal of Financial Market Infrastructures, Volume 8 (2), p. 21–45.
  • Diehl, Martin (2020). 
    Podcast Block52 - Blockchain, Crypto Assets and DLT:
    Episode 62 on the digital euro on a block chain basis (in german language):
    https://www.podcast.de; For Apple: https://podcasts.apple.com
  • Diehl, Martin (2020).
    Digitale Token als Zahlungsmittel, in: Sandner, P.; Tumasjan, A. and Welpe, I. (Edts.): Die Zukunft ist dezentral, BoD – books on demand, Norderstedt, p.109 - 115.
  • Diehl, Martin; Heid, Christoph & Tobiasch, Katharina (2019). 
    The consolidation of TARGET2 and TARGET2-Securities: How is the Eurosystem exploring synergies across its infrastructures, and how will this impact day-to-day operations?, Journal of Securities Operations & Custody, Vol. 11, No. 3, p. 198-212.
  • Balz, Burkhard & Paulick, Jan (2019).
    Parallelwährungen jenseits der Finanzaufsicht: Haben Bitcoin und Libra eine Zukunft?, ifo Schnelldienst 17/2019, Volume 72, p. 13–16.
  • Metzger, Jochen & Paulowitz, Tim (2018).
    Seeking common legal entity standards to facilitate cross-border payments, Journal of payments strategy & systems, 12 (2018/2019), 4, p. 365 - 370. 
  • Glowka, Marc; Paulick, Jan & Schultze, Inga (2018).
    The absence of evidence and the evidence of absence: an algorithmic approach for identifying operational outages in TARGET2, Journal of Financial Market Infrastructures, Volume 6 (2/3), p. 63–91.
  • Thiele, Carl-Ludwig & Diehl, Martin (2017).
    Kryptowährung Bitcoin: Währungswettbewerb oder Spekulationsobjekt: Welche Konsequenzen sind für das aktuelle Geldsystem zu erwarten?, ifo Schnelldienst 22/2017, Volume 70, p. 3–6. 
  • Group on TARGET2 Stress Testing of the Market Infrastructure Board & Market Infrastructure and Payments Committee (2017).
    Stress-Testing of liquidity risk in TARGET2, ECB Occasional Paper Series, No. 183.
  • Mueller, Alexander; Paulick, Jan; Fichtner, Jan & Wittenmayer, Hubert (2016).
    Mobilization of collateral in Germany as a reflection of monetary policy and financial market developments, Journal of Financial Market Infrastructures, Volume 5 (1), p. 49–63.
  • Diehl, Martin (2016).
    Financial Market Infrastructures: The Backbone of Financial Systems. In M. Diehl, B. Alexandrova-Kabadjova, R. Heuver, & S. Martínez-Jaramillo (Eds.), Analyzing the Economics of Financial Market Infrastructures, 1–19. Hershey, PA: Business Science Reference. doi:10.4018/978-1-4666-8745-5.ch001
  • Müller, Alexander (2016).
    Payment System Analysis: The Central Bank Perspective. In M. Diehl, B. Alexandrova-Kabadjova, R. Heuver, & S. Martínez-Jaramillo (Eds.), Analyzing the Economics of Financial Market Infrastructures, 209–224. Hershey, PA: Business Science Reference. doi:10.4018/978-1-4666-8745-5.ch001
  • Kaliontzoglou, Alexandros & Müller, Alexander (2016).
    Implementation Aspects of Indicators Related to Payments Timing. In M. Diehl, B. Alexandrova-Kabadjova, R. Heuver, & S. Martínez-Jaramillo (Eds.), Analyzing the Economics of Financial Market Infrastructures, 169–190. Hershey, PA: Business Science Reference. doi:10.4018/978-1-4666-8745-5.ch001
  • Pliquett, Anna (2016).
    CCPs: A Challenge for Practical Oversight. In M. Diehl, B. Alexandrova-Kabadjova, R. Heuver, & S. Martínez-Jaramillo (Eds.), Analyzing the Economics of Financial Market Infrastructures, 250–271. Hershey, PA: Business Science Reference. doi:10.4018/978-1-4666-8745-5.ch013.
  • Beck, Hanno; Winter, Heike & Woerlen, Heike (2015).
    Mit Bargeld zahlen - ein Auslaufmodell (Aufsatzreihe), Wirtschaftdienst, Volume 95 (8), p. 515–528.

  • Diehl, Martin & Müller, Alexander (2014).

    Analysis of the use and impacts of limits, Journal of Financial Market Infrastructures, Volume 3 (1), p. 33–60.

  • Diehl, Martin (2013).
    Measuring free riding in large-value payment-systems: the case of TARGET2, Journal of Financial Market Infrastructures, Volume 1 (3), p. 1–23.
  • Diehl, Martin (2012).
    The Use of Simulations as an Analytical Tool for Payment Systems. In: B. Alexandrova-Kabadjova, et alii (Eds.), Simulation in Computational Finance and Economics: Tools and Emerging Applications, p. 29–45.
  • Diehl, Martin & Schollmeyer, Uwe (2012).
    Liquidity-Saving Mechanisms: Quantifying the Benefits in TARGET2, Bank of Finland Payment System Simulator Seminar Proceedings (2009–2011).

Publications