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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Common Market Studies.
Volume (Year): 33 (1995)
Issue (Month): 2 (06)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0021-9886
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.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Samir Jahjah, 2001. "Financial Stability and Fiscal Crises in a Monetary Union," IMF Working Papers 01/201, International Monetary Fund.
- Joseph Daniels & David VanHoose, 1998. "Two-Country Models of Monetary and Fiscal Policy: What Have We Learned? What More Can We Learn?," Open Economies Review, Springer, vol. 9(3), pages 265-284, July.
- Friedrich Heinemann, 2001.
"After the death of inflation: will fiscal drag survive?,"
Institute for Fiscal Studies, vol. 22(4), pages 527-546., December.
- Heinemann, Friedrich, 2000. "After the Death of Inflation: Will Fiscal Drag Survive?," ZEW Discussion Papers 00-19, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
- 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.
- Jørgen Drud Hansen & Roswitha M. King, 2007. "How to Cut the Seigniorage Cake into Fair Shares in an Enlarged EMU," Journal of Common Market Studies, Wiley Blackwell, vol. 45, pages 999-1010, December.
- Hughes Hallett, Andrew & Myrvin, Anthony, 2000. "Should Argentina Adopt The US Dollar?," CEPR Discussion Papers 2412, C.E.P.R. Discussion Papers.
- Guldager, Peter, 1997. "Convergence of the EU Member States towards the EMU requirements, 1986 to 1993," European Journal of Political Economy, Elsevier, vol. 13(2), pages 247-259, May.
- 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.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.