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The Enlargement of the European Union and the Redistribution of Seigniorage Wealth

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  • Feist, Holger

Abstract

In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. In general, accession countries will be winners from this redistribution, for example Poland with 12.9 billion euros, Romania with 9.9 billion euros or Hungary with 3.3 billion euros. Correspondingly, the current member countries of the European Union face costs of 35.3 billion euros in total, the biggest part of which has to be borne by Germany.

Suggested Citation

  • 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.
    • Handle: RePEc:lmu:muenec:16
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    File URL: https://epub.ub.uni-muenchen.de/16/1/0104_feist.pdf
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    References listed on IDEAS

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    1. Cukierman, Alex & Miller, Geoffrey P. & Neyapti, Bilin, 2002. "Central bank reform, liberalization and inflation in transition economies--an international perspective," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 237-264, March.
    2. Hans-Werner Sinn & Holger Feist, 1997. "Eurowinners and Eurolosers: The Distribution of Seignorage Wealth in EMU," CESifo Working Paper Series 134, CESifo.
    3. Daniel Gros, 1998. "Distributing Seigniorage under EMU," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 51(17), pages 29-39, October.
    4. Sinn, Hans-Werner & Feist, Holger, 1997. "Eurowinners and Eurolosers: The distribution of seigniorage wealth in EMU1," European Journal of Political Economy, Elsevier, vol. 13(4), pages 665-689, December.
    5. Helmut Wagner, 1999. "Central Bank Independence and the Lessons for Transition Economies from Developed and Developing Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 41(4), pages 1-22, December.
    6. Daniel Gros, 1998. "Distributing Seigniorage under EMU," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 51(17-18), pages 29-39, October.
    7. Hans-Werner Sinn & Holger Feist, 2000. "Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited," CESifo Working Paper Series 353, CESifo.
    8. Richard E. Baldwin & Joseph F. Francois & Richard Portes, 1997. "The costs and benefits of eastern enlargement: the impact on the EU and central Europe," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 12(24), pages 125-176.
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    Cited by:

    1. Ainura Uzagalieva, 2005. "Fiscal Consequences of Monetary Integration within a Common Economic Area: The Case of Belarus, Kazakhstan and Russia," Post-Communist Economies, Taylor & Francis Journals, vol. 17(4), pages 399-424.
    2. 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.
    3. Jacek Cukrowski, 2002. "From Transition to Monetary Integration: Revenues from Seignorage in Poland," CASE-CEU Working Papers 0041, CASE-Center for Social and Economic Research.
    4. Jacek Cukrowski & Manfred Fischer, 2003. "Seigniorage Wealth and Redistribution in Central and Eastern European Countries," Post-Communist Economies, Taylor & Francis Journals, vol. 15(1), pages 27-46.
    5. Vedran Sosic & Michael Faulend, 2002. "Dollarisation and the Underground Economy: Accidental Partners?," Occasional paper series 15, Institute of Public Finance.
    6. Deltas, George & Van Der Beek, Gregor, 2003. "An empirical model of transfers within a federation, with an application to the European Union," Journal of Urban Economics, Elsevier, vol. 53(3), pages 339-356, May.

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    More about this item

    Keywords

    European Currency Union ; Transition Economies ; European Integration ; Central Banks ; Seigniorage;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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