01702cas a2200241 a 4500 AALejournalIMF007753 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451976298 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. European Financial Integration and Revenue from Seignorage : The Case of Italy. Washington, D.C. : International Monetary Fund, 1989. 1 online resource (36 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Financial integration is likely to entail EEC-wide convergence in both inflation rates and bank reserve requirements, thereby lowering some governments' seignorage revenues. These revenue losses, however, may be offset by concomitant effects on exchange rate expectations and on interest rates on publicly held government debt. In Italy, the high stock of such debt in relation to base money implies that, to offset the loss of seignorage, it will take only about a 1/2-percentage-point decline in real interest rates. A decline of this magnitude seems feasible, provided that there is credible action to place the public debt on a sustainable path. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1989/041 Full text available on IMF http://elibrary.imf.org/view/journals/001/1989/041/001.1989.issue-041-en.xml IMF e-Library