IDEAS home Printed from https://ideas.repec.org/p/han/dpaper/dp-205.html
   My bibliography  Save this paper

Geldschöpfungsgewinne in einer Europäischen Währungsunion

Author

Listed:
  • Lange, Carsten
  • Nolte, Florian

Abstract

Das Papier untersucht die durch eine Europäische Währungsunion zu erwartenden Änderungen der Geldschöpfungsgewinne der Mitgliedsländer. Dazu werden die zwischen 1980 und 1995 erzielten einzelstaatlichen Geldschöpfungsgewinne nach dem monetären und dem Opportunitätskostenkonzept ermittelt. Anhand von zwölf Szenarien mit verschiedenen Hypothesen über Inflations- und Wachstumsrate wird der Geldschöpfungsgewinn der Europäischen Zentralbank prognostiziert und gemäß dem Gewinnverteilungskriterium des Maastrichter Vertrages den Mitgliedsländern zugeordnet. Für die südeuropäischen Länder Spanien und Italien sowie insbesondere Griechenland und Portugal ergeben sich Mindereinnahmen von bis zu 3 \% des realen Bruttoinlandsprodukts. Insbesondere unter Berücksichtigung der Fiskalkriterien des Maastrichter Vertrages erscheint es fraglich, ob diese Einnahmeverluste tragbar sind.

Suggested Citation

  • Lange, Carsten & Nolte, Florian, 1997. "Geldschöpfungsgewinne in einer Europäischen Währungsunion," Hannover Economic Papers (HEP) dp-205, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    • Handle: RePEc:han:dpaper:dp-205
    as

    Download full text from publisher

    File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-205.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Daniel Gros & Guyvandille, 1995. "Seigniorage and EMU: The Fiscal Implications of Price Stability and Financial Market Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 33(2), pages 175-196, June.
    2. Hans-Werner Sinn & Holger Feist, 1997. "Eurowinners and Eurolosers: The Distribution of Seignorage Wealth in EMU," CESifo Working Paper Series 134, CESifo.
    3. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lange, Carsten & Sauer, Christine, 2005. "Dollarization in Latin America: seigniorage costs and policy implications," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(4-5), pages 662-679, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:bla:jcmkts:v:45:y:2007:i::p:999-1010 is not listed on IDEAS
    2. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
    3. M. Borchert, 1999. "The euro and the large banks' behaviour within the EMU – Entrepreneurial strategies and monetary policy," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(208), pages 39-68.
    4. Sinn Hans-Werner, 2019. "Der Streit um die Targetsalden : Kommentar zu Martin Hellwigs Artikel „Target-Falle oder Empörungsfalle?“," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 20(3), pages 170-217, September.
    5. Andreas M. Fischer & Thomas J. Jordan & Caesar P. Lack, 2002. "Giving Up the Swiss Franc:Some Considerations on Seigniorage Flows under EMU," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(I), pages 61-82, March.
    6. repec:spo:wpecon:info:hdl:2441/10059 is not listed on IDEAS
    7. Holger Feist, 2001. "The Enlargement of the European Union and the Redistribution of Seigniorage Wealth," CESifo Working Paper Series 408, CESifo.
    8. Martin Cincibuch & Tomáš Holub & Jaromír Hurník, 2009. "Central Bank Losses and Economic Convergence," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(3), pages 190-215, August.
    9. Scholten, Ulrich, 1999. "Die Förderung von Wohneigentum," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 8, number urn:isbn:9783161472343, September.
    10. 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.
    11. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 468-508, August.
    12. 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.
    13. Hans-Werner Sinn & Holger Feist, 2000. "Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited," CESifo Working Paper Series 353, CESifo.
    14. M. Borchert, 1999. "The euro and the large banks' behaviour within the EMU – Entrepreneurial strategies and monetary policy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(208), pages 39-68.
    15. 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.
    16. repec:bla:kyklos:v:54:y:2001:i:4:p:533-46 is not listed on IDEAS
    17. Frank Westermann, 2018. "Vorstellung der Thesen von Hans-Werner Sinn: Europa: So oder so – eine Einführung in die Themen und Thesen," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 71(18), pages 54-56, September.
    18. Buiter, Willem H., 2000. "Optimal currency areas: why does the exchange rate regime matter? (with an application to UK membership in EMU)," LSE Research Online Documents on Economics 20178, London School of Economics and Political Science, LSE Library.
    19. Kirrane, Chris, 1999. "The Effects of Introducing the Euro on Southern Mediterranean Countries," MPRA Paper 93421, University Library of Munich, Germany.
    20. Iain Begg & Henrik Enderlein & Jacques Le Cacheux & Mojmir Mrak, 2008. "Financing of the European Union Budget," Working Papers hal-03459814, HAL.
    21. repec:hal:spmain:info:hdl:2441/10059 is not listed on IDEAS
    22. repec:hal:wpspec:info:hdl:2441/10059 is not listed on IDEAS
    23. Sinn, Hans-Werner, 1999. "Inflation and Welfare: Comment on Robert Lucas," CEPR Discussion Papers 2111, C.E.P.R. Discussion Papers.
    24. repec:spo:wpmain:info:hdl:2441/10059 is not listed on IDEAS
    25. Hans-Werner Sinn & Holger Feist, 2000. "The accidental redistribution of seignorage wealth in the Eurosystem," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 1(03), pages 27-29, October.
    26. Hans-Werner Sinn & Frank Westermann, 2001. "Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate," NBER Working Papers 8352, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Europa; Währung; Währungsunion; Geldtheorie; Geldpolitik; Seigniorage; Geldschöpfungsgewinn;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:han:dpaper:dp-205. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Heidrich, Christian (email available below). General contact details of provider: https://edirc.repec.org/data/fwhande.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.