Currency movements within and outside a currency union: The case of Germany and the euro area

Nikolaus Bartzsch, Gerhard Rösl and Franz Seitz

The Quarterly Review of Economics and Finance, 2013, vol. 53, issue 4, 393-401

Abstract: In this paper, we analyse the volume of euro banknotes issued by Germany within the euro area with several seasonal methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and demand from non-euro-area countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for transactions in Germany. The rest is hoarded (10%), circulates in other euro area countries (25%) or is held outside the euro area (45%).

Keywords: Banknotes; Euro; Foreign demand; Hoarding; Transaction balances (search for similar items in EconPapers)
JEL-codes: E41 E42 E58 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (18)

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Working Paper: Currency movements within and outside a currency union: The case of Germany and the euro area (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:quaeco:v:53:y:2013:i:4:p:393-401

DOI: 10.1016/j.qref.2013.05.008

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