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Seigniorage, taxation and myopia in EMU

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Author Info
Krichel, Thomas

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Abstract

We examine fiscal policy coordination in a two-country world with two types of asymmetries. The first type of asymmetry is a difference in the efficiency of taxation systems, the second is a varying degree of myopia as represented by discount rates. We examine the conditions under which cooperation is beneficial for both countries and we examine how asymmetries affect the loss inflicted by discretion. Our results show that if asymmetries are too great, EMU has poor welfare properties.

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File URL: http://mpra.ub.uni-muenchen.de/4472/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4472.

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Date of creation: Apr 1993
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Handle: RePEc:pra:mprapa:4472

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Related research
Keywords: Monetary Union; Moypia;

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Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

References listed on IDEAS
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  1. Obstfeld, Maurice, 1991. "Dynamic Seigniorage Theory: An Exploration," CEPR Discussion Papers 519, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Levine, Paul L & Pearlman, Joseph, 1993. "Optimal Tax Policy, Government Myopia and Insolvency," CEPR Discussion Papers 768, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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