The Enlargement of the European Union and the Redistribution of Seigniorage Wealth
研究了欧盟扩大过程中，新成员国加入欧洲货币联盟可能导致的铸币税财富再分配，发现波兰、罗马尼亚和匈牙利等新成员国将获益，而德国等老成员国将承担大部分成本。
In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. In general, accession countries will be winners from this redistribution, for example Poland with 12.9 billion euros, Romania with 9.9 billion euros or Hungary with 3.3 billion euros. Correspondingly, the current member countries of the European Union face costs of 35.3 billion euros in total, the biggest part of which has to be borne by Germany. I am grateful to Mirja Bopst, Ulrich Hange, Hans‐Werner Sinn, as well as the editors of this journal and their referees for helpful comments.