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Geldschöpfungsgewinne in einer Europäischen Währungsunion

Listed author(s):
  • Lange, Carsten
  • Nolte, Florian

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.

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Paper provided by Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät in its series Hannover Economic Papers (HEP) with number dp-205.

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Length: 39 pages
Date of creation: Jul 1997
Handle: RePEc:han:dpaper:dp-205
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  1. 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.
  2. 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, 06.
  3. Klein,Martin & Neumann,Manfred, "undated". "Seignorage: What is it and who gets it?," Discussion Paper Serie B 124, University of Bonn, Germany.
  4. Hans-Werner Sinn & Holger Feist, 1997. "Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU," NBER Working Papers 6072, National Bureau of Economic Research, Inc.
  5. Wesche, Katrin & Jens Weidmann, 1995. "Central Bank Independence and Seigniorage: The Banque de France," Discussion Paper Serie B 307, University of Bonn, Germany.
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