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Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

  • Feist, Holger
  • Sinn, Hans-Werner

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.

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

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Date of creation: Nov 1997
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Handle: RePEc:cpr:ceprdp:1747
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  1. Seitz, Franz, 1995. "Der DM-Umlauf im Ausland," Discussion Paper Series 1: Economic Studies 1995,01, Deutsche Bundesbank, Research Centre.
  2. 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.
  3. Hans-Werner Sinn, 1996. "International Implications of German Unification," NBER Working Papers 5839, National Bureau of Economic Research, Inc.
  4. Tori, Cynthia Royal, 1997. "Monetary Unions and the Effects of Seigniorage Sharing," Journal of Macroeconomics, Elsevier, vol. 19(1), pages 193-204, January.
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