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Seigniorage in the EC The Implications of the EMS and Financial Market Integration

The paper measures the effects of the integration of European financial markets and lower inflation in the EMS on the revenue from seigniorage for the EC member countries with particular focus on the high inflation countries. Assuming that by 1992 all EC members participate fully in the EMS and rese...

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Bibliographic Details
Corporate Author: International Monetary Fund
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1989
Series:IMF Working Papers
Subjects:
International Finance
Inflation
Government And The Monetary System
Payment Systems
Finance
Reserve Requirements
Regimes
Monetary Economics
Deflation
General Financial Markets: General (includes Measurement And Data)
Money
Financial Integration
Price Level
Standards
Financial Markets
Currencies
Monetary Systems
Prices
Macroeconomics
Monetary Policy
Money And Monetary Policy
Reserve Currencies
Finance: General
Italy
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:The paper measures the effects of the integration of European financial markets and lower inflation in the EMS on the revenue from seigniorage for the EC member countries with particular focus on the high inflation countries. Assuming that by 1992 all EC members participate fully in the EMS and reserve requirements are unified, the revenue from seigniorage will be reduced by about 2 percentage points of GDP in Greece and Portugal and 0.5-0.8 percentage points in Italy and Spain. Two different measures of seigniorage yield similar results regarding the change, but differ regarding the level
Physical Description:20 pages
ISBN:9781451928303

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