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Seignorage pooling of EMU, pool bias and seignorage change by the Euro

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  • Läufer, Nikolaus K. A.

Abstract

To deal with changes of capitalized seignorage due to EMU, we supply the still missing capital-theoretical framework. We show that seignorage pooling of EMU is composed of two components, a dynamic component and a static component. By its dynamic component, the pool provides insurance against seignorage losses from changes of national shares in European seignorage, while the static component is reflecting a problematic pool-bias. The seignorage model is then applied to simulate EMU-changes of capitalized seignorage in two scenarios for Germany. Estimates of changes in the literature are examined: Finally, recent (Dec. 6, 2001) decisions by the ECB with regard to seignorage-pooling are evaluated.

Suggested Citation

  • Läufer, Nikolaus K. A., 2003. "Seignorage pooling of EMU, pool bias and seignorage change by the Euro," Discussion Papers, Series I 323, University of Konstanz, Department of Economics.
    • Handle: RePEc:zbw:kondp1:323
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    References listed on IDEAS

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    1. Sinn, Hans-Werner & Feist, Holger, 1997. "Eurowinners and Eurolosers: The distribution of seigniorage wealth in EMU1," European Journal of Political Economy, Elsevier, vol. 13(4), pages 665-689, December.
    2. Hans-Werner Sinn & Holger Feist, 2000. "Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited," CESifo Working Paper Series 353, CESifo.
    3. Läufer, Nikolaus K. A., 1997. "Die Seignorage-Kosten des Euro für Deutschland: Eine Kritik an Sinn und Feist," Discussion Papers, Series II 349, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
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    More about this item

    Keywords

    European Monetary Union (EMU); Euro; seignorage; seignorage pooling; seignorage change; pool bias;
    All these keywords.

    JEL classification:

    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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