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Der Auslandsumlauf deutscher Euro-Banknoten: Schätzung mit direkten Ansätzen


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  • Bartzsch, Nikolaus
  • Rösl, Gerhard
  • Seitz, Franz


In dem vorliegenden Papier versuchen wir, den Bestand der Euro-Banknoten zu ermitteln, der sich von der deutschen Banknotenemission im Ausland befindet. Dabei unterscheiden wir nach Beständen, die außerhalb des Euro-Währungsraums umlaufen, und solchen, die in anderen Ländern der EWU zirkulieren. Die Auswertung basiert auf verschiedenen verfügbaren Statistiken und Befragungen, die hilfsweise verwendet werden (direkte Ansätze). Der Untersuchungszeitraum geht von 2002 bis 2009. Wir finden heraus, dass insgesamt ca. 220 Mrd. € an deutschen Euro-Banknoten im Ausland umlaufen. Der größte Teil, etwa 160 Mrd. €, befindet sich außerhalb des Euro-Raums, der Rest - 60 Mrd. € - läuft in anderen EWU-Ländern um. Damit entspricht der Inlandsumlauf von Euro-Banknoten in Deutschland Ende 2009 (rd. 130 Mrd. €) nur rund einem Drittel aller von der Deutschen Bundesbank in Umlauf gegebenen Banknoten (350 Mrd. €). -- In this paper, we endeavour to determine the volume of euro banknotes issued by Germany that is in circulation outside Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in circulation in other euro-area countries. The analysis is based on various available statistics and, as an additional aid, on surveys (direct approaches). The observation period runs from 2002 to 2009. We discover that German euro banknotes to a total amount of approximately €220 billion are in circulation outside Germany. The lion's share of roughly €160 billion is in non-euro-area countries, with the remaining €60 billion in other euro-area countries. Thus, the volume of outstanding euro banknotes in Germany at the end of 2009 (around €130 billion) accounts for only roughly one-third of all banknotes issued by the Deutsche Bundesbank (€350 billion).

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2011,20.

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Date of creation: 2011
Date of revision:
Handle: RePEc:zbw:bubdp1:201120

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Keywords: Banknoten; Euro; Auslandsumlauf; Hortung; Transaktionskasse; Binnenmigration; Banknotes; euro; foreign demand; hoarding; transaction balances; domestic migration;

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Cited by:
  1. Rogoff, Kenneth S., 2014. "Costs and Benefits to Phasing Out Paper Currency," Scholarly Articles 12491029, Harvard University Department of Economics.
  2. Pickhardt, Michael & Sardà, Jordi, 2011. "Cash, hoarding and the underground economy," CAWM Discussion Papers 56, Center of Applied Economic Research Münster (CAWM), University of Münster.
  3. Bartzsch, Nikolaus & Rösl, Gerhard & Seitz, Franz, 2013. "Estimating the foreign circulation of banknotes," Economics Letters, Elsevier, Elsevier, vol. 119(2), pages 165-167.


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