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Euroisation. Assessing the Loss of Seigniorage and the Impact on the Interest Premium in Central European Countries

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  • Franziska Schobert
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    Abstract

    The loss of seigniorage and possible reductions in interest premiums are regarded as the most direct financial consequences of euroisation. The measurement of seigniorage depends on the chosen concept which in this study concentrates on the net revenues actually distributed to the fiscal authorities. Possible reductions in interest premiums are calculated by assuming that part of the default risk is due to the risk of default in case of a currency crisis. It is concluded that losses on seigniorage, but also potential benefits on the reduction of interest rates, are rather low for a group of more advanced eu accession countries in Central Europe and that they should not be important criteria for their governments considering euroisation.

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    Bibliographic Info

    Article provided by Presses de Sciences-Po in its journal Revue économique.

    Volume (Year): 54 (2003)
    Issue (Month): 5 ()
    Pages: 913-935

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    Handle: RePEc:cai:recosp:reco_545_0913

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    Web page: http://www.cairn.info/revue-economique.htm

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    1. Drazen, Allan, 1985. "A general measure of inflation tax revenues," Economics Letters, Elsevier, vol. 17(4), pages 327-330.
    2. Hochreiter, Eduard & Rovelli, Riccardo & Winckler, Georg, 1996. "Central banks and seigniorage: A study of three economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 629-643, April.
    3. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
    4. Marty, Alvin L, 1978. "Inflation, Taxes, and the Public Debt," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 437-52, November.
    5. Eduard Hochreiter & Riccardo Rovelli, 2002. "The generation and distribution of central bank seigniorage in the Czech Republic, Hungary and Poland," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(223), pages 391-415.
    6. Klein,Martin & Neumann,Manfred, . "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
    7. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
    8. Zsolt Darvas & György Szapáry, 1999. "Financial Contagion under Different Exchange Rate Regimes," MNB Working Papers 1999/10, Magyar Nemzeti Bank (the central bank of Hungary).
    9. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
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