Currency movements within and outside a currency union: The case of Germany and the euro area |
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| Authors: | Nikolaus Bartzsch Gerhard Rösl Franz Seitz |
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| Affiliation: | 1. Deutsche Bundesbank, Cash Department, Wilhelm-Epstein-Str. 14, D-60431 Frankfurt, Germany;2. University of Applied Sciences Regensburg, Seybothstrasse 2, D-93053 Regensburg, Germany;3. University of Applied Sciences Weiden and WSB Poznan, Hetzenrichter Weg 15, D-92637 Weiden, Germany |
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| 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%). |
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| Keywords: | Banknotes Euro Foreign demand Hoarding Transaction balances |
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