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Die Seignorage-Kosten des Euro für Deutschland: Eine Kritik an Sinn und Feist

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  • Läufer, Nikolaus K. A.

Abstract

Mit der EWU ist ein Seignorage-Gewinn/Verlust-Pooling verbunden, aufgrund dessen Deutschland Verluste durch Netto-Transferzahlungen in den Seignorage-Pool erzielen kann. Mit der Einführung des Euro verliert Deutschland vor allem seinen Wettbewerbsvorsprung auf dem internationalen Geldbasismarkt. Das allein schon verursacht, auch ohne jedes Seignoragepooling, Seignorage-Kosten (Verluste an Seignorage-Gewinnen). Der Verlust an Wettbewerbsvorsprung kann sogar so stark sein, dass Deutschland deshalb Zahlungen aus dem Seignorage-Pool der EWU empfängt und trotzdem einen Netto-Verlust an Seignorage-Gewinn erzielt. Sinn und Feist führen die deutschen Verluste allein auf das Pooling der Seignorage-Gewinne zurück. ("Ohne Pooling keine Verluste!") Durch geschickte Fehlerkombination gelangen sie gleichwohl zu einem numerischen Ergebnis, welches beide Verlustquellen umfasst.1 In diesem Zusammenhang spielt auch die künftige Qualität des Euro eine wichtige Rolle.

Suggested Citation

  • 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".
    • Handle: RePEc:zbw:kondp2:349
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    1. Turnovsky,Stephen J., 1977. "Macroeconomic Analysis and Stabilization Policy," Cambridge Books, Cambridge University Press, number 9780521291873, November.
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    1. 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.

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