Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/68867
Authors: 
Läufer, Nikolaus K. A.
Year of Publication: 
2003
Series/Report no.: 
Diskussionsbeiträge: Serie 1, Fachbereich Wirtschaftswissenschaften, Universität Konstanz 323
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.
Subjects: 
European Monetary Union (EMU)
Euro
seignorage
seignorage pooling
seignorage change
pool bias
JEL: 
E59
F33
F36
Document Type: 
Working Paper

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