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Seignorage wealth in the Eurosystem : eurowinners and eurolosers revisited

Sinn, Hans-Werner; Feist, Holger - 2000

The rules laid down in Article 32 of the Protocol No. 18 on the Statute of the European System of Central Banks and of the European Central Bank of the Maastricht Treaty will significantly redistribute European seignorage income and hence the implicit entitlement to the 352 billion stock of...

Persistent link: https://www.econbiz.de/10009781634

The effective rate of interest on target balances

Sinn, Hans-Werner - 2019

paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … decentralized monetary system of the kind characterizing the Eurozone. It also implies that the recording of Target balances in the … balance sheets of national central banks is compatible with fair value accounting. Highlights * The Eurozone's Target and cash …

Persistent link: https://www.econbiz.de/10012110196

The ECB's fiscal policy

Sinn, Hans-Werner - 2018

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarises the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...

Persistent link: https://www.econbiz.de/10011845207

When will the Germans get trapped in their pension system?

Sinn, Hans-Werner; Übelmesser, Silke - 2001

The upcoming demographic crisis in Germany demands fundamentalreforms of the pension system. In a democracy, reforms are, however, onlyfeasible when they are supported by the majority of the electorate. Todetermine whether the majority is in favor of reforms of the pension system,we calculate...

Persistent link: https://www.econbiz.de/10011400295

Household saving rates and the design of social security programmes : evidence from a country panel

Disney, Richard (contributor) - 2005

argue that the offsetting effect of social security contributions on household retirement saving depends on how closely … estimate the determinants of household saving rates in a cross-country panel, augmenting standard measures of social security …

Persistent link: https://www.econbiz.de/10003121065

The crisis of Germany's pension insurance system and how it can be resolved

Sinn, Hans-Werner - 1999

The paper discusses the options for a reform of the German pension system using a model developed at CES for the German Council of economic advisors to the Federal Ministry of Economics and Research. It is argued that the German pay-as-you-go-system is efficient in a present value sense but will...

Persistent link: https://www.econbiz.de/10009781686

Pension reform and demographic crisis : why a funded system is needed and why it is not needed

Sinn, Hans-Werner - 1999

Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothi ng to be gained from a transition to a funded system even though the latter offers a permanently higher rate of return. The sum of...

Persistent link: https://www.econbiz.de/10009781690