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Spätestens nachdem 1997 in Deutschland eine Diskussion über die geplante Verteilung der Gewinne der Europäischen Zentralbank an die nationalen Zentralbanken entbrannte, ist der Seigniorage neuer Mittelpunkt in der Streitfrage um Kosten und Nutzen der Europäischen Währungsunion. Ziel dieser Arbeit ist es, die Veränderung des Seigniorage seit Inkrafttreten des Maastrichter Vertrags im Jahre 1992 zu analysieren, festzustellen, welche Bedeutung das Bemühen hatte, die Konvergenzkriterien einzuhalten und zu bestimmen, welche Auswirkungen die Übertragung des Banknotenmonopols von den nationalen Zentralbanken auf die Europäische Zentralbank haben wird. Im Anschluß an diese Analyse werden die – allerdings geringen – Auswirkungen des Verteilungsschlüssels untersucht.

Bedeutung --- dessen --- Europäischen --- Fiskalische --- Haushalte --- Klopfleisch --- Konsequenzen --- nationalen --- Seigniorage --- Veränderung --- Währungsunion

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This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural profitability. Weak central banks typically (although not exclusively) operate in smaller and less wealthy countries, lack independence from their governments, and are burdened by compulsory transfers and low capital. Their operating expenditures, nonperforming assets, international reserve carrying costs, and international reserve accumulation needs are high. Governance appears to be a potential concern in many central banks, both weak and strong, with operating expenditures often adjusting upward for high profitability and capital accumulation adjusting downward for low profitability. The main policy implications are briefly reviewed.

Banks and banking, Central. --- Electronic books. -- local. --- Seigniorage (Finance) -- Econometric models. --- Finance --- Business & Economics --- Banking --- Seigniorage (Finance) --- Econometric models. --- Seigneurage (Finance) --- Seignorage (Finance) --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Structure, Scope, and Performance of Government --- Financial Institutions and Services: General --- Personal Income, Wealth, and Their Distributions --- National Government Expenditures and Related Policies: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Public finance & taxation --- Monetary economics --- Distressed institutions --- Personal income --- Expenditure --- Currencies --- Financial institutions --- National accounts --- Money --- International reserves --- Financial services industry --- Income --- Expenditures, Public --- Foreign exchange reserves --- United States