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Seigniorage and EMU : The fiscal implications of price stability and financial market integration

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  • Gros, Daniel

Abstract

Disinflation, 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 Info

Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 9 (1993)
Issue (Month): 4 (November)
Pages: 581-601

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Handle: RePEc:eee:poleco:v:9:y:1993:i:4:p:581-601

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Web page: http://www.elsevier.com/locate/inca/505544

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Cited by:
  1. Hughes Hallett, Andrew & Myrvin, Anthony, 2000. "Should Argentina Adopt The US Dollar?," CEPR Discussion Papers 2412, C.E.P.R. Discussion Papers.
  2. 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.
  3. Samir Jahjah, 2001. "Financial Stability and Fiscal Crises in a Monetary Union," IMF Working Papers 01/201, International Monetary Fund.
  4. 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.
  5. 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.
  6. Lange, Carsten & Nolte, Florian, 1997. "Geldschöpfungsgewinne in einer Europäischen Währungsunion," Hannover Economic Papers (HEP) dp-205, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  7. 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.
  8. Baltensperger, Ernst & Jordan, Thomas J., 1997. "Seigniorage, banking, and the optimal quantity of money," Journal of Banking & Finance, Elsevier, vol. 21(6), pages 781-796, June.
  9. 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.
  10. 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.

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