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Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

  • Hans-Werner Sinn
  • Holger Feist

The European Monetary Union (EMU) will involve socialization of the existing seigniorage wealth of the national central banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the historical process of money creation. 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, the Netherlands and Spain which will suffer per capita wealth losses of between 406 and 182 ecus. This paper quantifies the gains and losses in seigniorage wealth under alternative membership and bank regulation scenarios.

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File URL: http://www.nber.org/papers/w6072.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6072.

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Date of creation: Jun 1997
Date of revision:
Publication status: published as European Journal of Political Economy, vol. 13 (1997) 665-689
Handle: RePEc:nbr:nberwo:6072
Note: PE
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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. Sinn, Hans-Werner, 1996. "International Implications of German Unification," CEPR Discussion Papers 1508, C.E.P.R. Discussion Papers.
  3. Seitz, Franz, 1995. "Der DM-Umlauf im Ausland," Discussion Paper Series 1: Economic Studies 1995,01, Deutsche Bundesbank, Research Centre.
  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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