Seigniorage and EMU: The Fiscal Implications of Price Stability and Financial Market Integration
AbstractDisinflation, especially if coupled with financial market liberalization, has implications for public finances because it lowers the revenue from seigniorage. There might thus be a trade-off between the criteria on inflation convergence and public finances that were set at Maastricht. This article measures the effects of lower inflation and financial market integration on the revenue from seigniorage for the EU Member States that have in the past relied most heavily on this source of revenues. We find that, except for Greece, seigniorage considerations should no longer be a factor in discussions about EMU. Copyright 1995 BPL.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Common Market Studies.
Volume (Year): 33 (1995)
Issue (Month): 2 (06)
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Other versions of this item:
- Gros, Daniel, 1993. "Seigniorage and EMU : The fiscal implications of price stability and financial market integration," European Journal of Political Economy, Elsevier, vol. 9(4), pages 581-601, November.
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- Francesco Papadia & Gian Ruggiero, 1999. "Central Bank Independence and Budget Constraints for a Stable Euro," Open Economies Review, Springer, vol. 10(1), pages 63-90, February.
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- Lange, Carsten & Nolte, Florian, 1997. "Geldschöpfungsgewinne in einer Europäischen Währungsunion," Diskussionspapiere der Wirtschaftswissenschaftlichen FakultÃ¤t der Leibniz UniversitÃ¤t Hannover dp-205, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
- Joseph Daniels & David Hoose, 1996. "Reserve requirements, currency substitution, and seigniorage in the transition to European monetary union," Open Economies Review, Springer, vol. 7(3), pages 257-273, July.
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