Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

Holger Feist and Hans-Werner Sinn

No 1747, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The European Monetary Union will involve socialization of existing seigniorage wealth of national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the United Kingdom and will be disadvantageous for countries like Germany, Spain, the Netherlands and Austria, who will suffer per capita wealth losses of between ECU 406 and ECU 182. The paper quantifies the gains and losses in seigniorage wealth under alternative membership and bank regulation scenarios.

Keywords: Central Banks; European Integration; European Monetary Union; Seignorage (search for similar items in EconPapers)
JEL-codes: E58 F33 F42 (search for similar items in EconPapers)
Date: 1997-11
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Citations: View citations in EconPapers (28)

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Related works:
Working Paper: Eurowinners and Eurolosers: The Distribution of Seignorage Wealth in EMU (1997)
Working Paper: Eurowinners and Eurolosers: The distribution of seigniorage wealth in EMU (1997)
Working Paper: Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU (1997)
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