Advanced Search
MyIDEAS: Login

Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

Contents:

Author Info

  • Feist, Holger
  • Sinn, Hans-Werner

Abstract

The European Monetary Union will involve socialization of existing seigniorage wealth of national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the United Kingdom and will be disadvantageous for countries like Germany, Spain, the Netherlands and Austria, who will suffer per capita wealth losses of between ECU 406 and ECU 182. The paper quantifies the gains and losses in seigniorage wealth under alternative membership and bank regulation scenarios.

Download Info

If 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.
File URL: http://www.cepr.org/pubs/dps/DP1747.asp
Download Restriction: CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

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 Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1747.

as in new window
Length:
Date of creation: Nov 1997
Date of revision:
Handle: RePEc:cpr:ceprdp:1747

Contact details of provider:
Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820

Order Information:
Email:

Related research

Keywords: Central Banks; European Integration; European Monetary Union; Seignorage;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Sibert, Anne, 1994. "The allocation of seigniorage in a common currency area," Journal of International Economics, Elsevier, vol. 37(1-2), pages 111-122, August.
  2. Tori, Cynthia Royal, 1997. "Monetary Unions and the Effects of Seigniorage Sharing," Journal of Macroeconomics, Elsevier, vol. 19(1), pages 193-204, January.
  3. Hans-Werner Sinn, 1996. "International Implications of German Unification," NBER Working Papers 5839, National Bureau of Economic Research, Inc.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Hans-Werner Sinn, 2012. "Target Losses in Case of a Euro Break-up," CESifo Working Paper Series 3968, CESifo Group Munich.
  2. Lange, Carsten & Nolte, Florian, 1997. "Geldschöpfungsgewinne in einer Europäischen Währungsunion," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Leibniz Universität Hannover dp-205, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  3. W.H. Buiter, 2000. "Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? (With an Application to UK Membership in EMU)," CEP Discussion Papers dp0462, Centre for Economic Performance, LSE.
  4. Hans-Werner Sinn & Timo Wollmershaeuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," NBER Working Papers 17626, National Bureau of Economic Research, Inc.
  5. Vaubel, Roland, 1999. "The Future of the Euro : A Public Choice Perspective," Discussion Papers 570, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  6. Nikolay Nenovsky & Kalin Hristov, 2001. "Official Eurozation of Bulgaria: Pluses and Minuses," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 64-80.
  7. Martin Cincibuch & Tomas Holub & Jaromir Hurnik, 2008. "Central Bank Losses and Economic Convergence," Working Papers 2008/3, Czech National Bank, Research Department.
  8. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers.
  9. Holger Feist, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," CESifo Working Paper Series 408, CESifo Group Munich.
  10. Andreas M. Fischer & Thomas J. Jordan & Caesar P. Lack, 2002. "Giving Up the Swiss Franc:Some Considerations on Seigniorage Flows under EMU," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(I), pages 61-82, March.
  11. Hans-Werner Sinn & Frank Westermann, 2001. "Why Has the Euro Been Falling?," CESifo Working Paper Series 493, CESifo Group Munich.
  12. Hans-Werner Sinn & Holger Feist, 2000. "Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited," CESifo Working Paper Series 353, CESifo Group Munich.
  13. Hans-Werner Sinn, 2013. "Die Target-Verluste im Fall des Auseinanderbrechens des Euro – Eine Replik auf De Grauwe und Ji," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 66(01), pages 14-24, 01.
  14. Hans-Werner Sinn, 2012. "Die Target-Kredite der Deutschen Bundesbank," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65, pages 03-34, 03.
  15. Hans-Werner Sinn & Frank Westermann, 2001. "Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate," NBER Working Papers 8352, National Bureau of Economic Research, Inc.
  16. Hans-Werner Sinn & Holger Feist, 2000. "The accidental redistribution of seignorage wealth in the Eurosystem," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 1(3), pages 27-29, October.
  17. Feist, Holger, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," Discussion Papers in Economics 16, University of Munich, Department of Economics.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:1747

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

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.