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Seignorage-Pool der EWU, Pool-Verzerrung und Seignorage-Veränderungen durch den Euro
Credit and Capital Markets – Kredit und Kapital, Vol. 35 (2002), Iss. 4 : pp. 503–532
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Nikolaus K. A. Läufer, Konstanz
References
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Deutsche Bundesbank, Monatsbericht, Juni 2002.
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Läufer, Nikolaus K. A. (2001): The Seignorage Costs of the Euro for Germany, A Critique of Sinn and Feist, in: Beiträge zur Mikro- und MakroÖkonomik, Festschrift für Hans Jürgen Ramser, Hrg. S. K. Berninghaus u. M. Braulke, Springer Verlag.
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Abstract
Seignorage Pool of the European Monetary Union, Pool Bias and Seignorage Changes because of the Euro
To ascertain seignorage changes because of the euro, the hitherto non-existent capital theoretic framework has been developed. This included clarifying the role of seignorage pooling in the EMU. This article shows that such pooling consists of two components, i.e. a dynamic and a static one. The dynamic component ensures that the pool acts as an insurance of the seignorage against fluctuations of the national shares in the European monetary base market. The static component, by contrast, serves to measure a problematic pool distortion. Finally, the seignorage model is used for ascertaining the seignorage change because of the EMU by way of simulating two scenarios. This clarifies the relevance of seignorage change estimates that can be found in the specialised literature. Finally, the importance of the central bank decisions (dated 06 December 2001) on seignorage pooling is examined. In addition, alternative concepts and approaches are discussed and the role of inflation is analyzed.