Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU
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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- Seitz, Franz, 1995. "Der DM-Umlauf im Ausland," Discussion Paper Series 1: Economic Studies 1995,01, Deutsche Bundesbank, Research Centre.
- 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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- 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.
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