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Eurowinners and Eurolosers: The distribution of seigniorage wealth in EMU

  • Sinn, Hans-Werner
  • Feist, Holger

The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the UK and it will be disadvantageous for countries like Germany, Austria, Spain or the Netherlands which will suffer per capita wealth losses of between 406 and 182 ecus. The paper quantifies the gains and losses in seigniorage wealth under alternative membership and bank regulation scenarios.

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Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19567.

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Date of creation: 1997
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Publication status: Published in European Journal of Political Economy 4 13(1997): pp. 665-689
Handle: RePEc:lmu:muenar:19567
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  1. 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.
  2. Seitz, Franz, 1995. "Der DM-Umlauf im Ausland," Discussion Paper Series 1: Economic Studies 1995,01, Deutsche Bundesbank, Research Centre.
  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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