NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

Hans-Werner Sinn, Holger Feist

NBER Working Paper No. 6072 (Also Reprint No. r2213)
Issued in June 1997
NBER Program(s):   PE

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.

download in pdf format
   (974 K)

email paper

This paper is available as PDF (974 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w6072

Published: European Journal of Political Economy, vol. 13 (1997) 665-689

Users who downloaded this paper also downloaded these:
Buiter w12919 Seigniorage
Grilli w2778 Seigniorage in Europe
Bruno and Fischer w2413 Seigniorage, Operating Rules and the High Inflation Trap
Mankiw w2270 The Optimal Collection of Seigniorage: Theory and Evidence
Cukierman, Edwards, and Tabellini w3199 Seigniorage and Political Instability
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us