Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU / Hans-Werner Sinn, Holger Feist.

Format:

Book

Author/Creator:

Sinn, Hans-Werner.

Contributor:

National Bureau of Economic Research.

Feist, Holger.

Series:

Working Paper Series (National Bureau of Economic Research) no. w6072.

NBER working paper series no. w6072

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Eurowinners and Eurolosers

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1997.

Summary:

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.

Notes:

Print version record

June 1997.