Seigniorage and EMU : The fiscal implications of price stability and financial market integration
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.
(This abstract was borrowed from another version of this item.)
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.
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.