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A simple way to capture currency abroad

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  • Nikolaus Bartzsch
  • Gerhard Rösl
  • Franz Seitz

Abstract

In this article, we analyse the volume of euro banknotes issued by Germany that circulate abroad. Inferences are drawn from a coin model. Our approach suggests that foreign demand has increased since 2002. At the end of 2009 nearly 50%, the equivalent of €170 billion, is held outside the euro area.

Suggested Citation

  • Nikolaus Bartzsch & Gerhard Rösl & Franz Seitz, 2012. "A simple way to capture currency abroad," Applied Economics Letters, Taylor & Francis Journals, vol. 19(15), pages 1511-1514, October.
  • Handle: RePEc:taf:apeclt:v:19:y:2012:i:15:p:1511-1514
    DOI: 10.1080/13504851.2011.637886
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    File URL: http://hdl.handle.net/10.1080/13504851.2011.637886
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    References listed on IDEAS

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    1. Bartzsch, Nikolaus & Rösl, Gerhard & Seitz, Franz, 2011. "Foreign demand for euro banknotes issued in Germany: Estimation using indirect approaches," Discussion Paper Series 1: Economic Studies 2011,21e, Deutsche Bundesbank.
    2. Seitz, Franz & Stoyan, Dietrich & Tödter, Karl-Heinz, 2009. "Coin migration within the euro area," Discussion Paper Series 1: Economic Studies 2009,27, Deutsche Bundesbank.
    3. Feige, Edgar L., 1997. "Revised estimates of the Underground Economy: Implications of US Currency held abroad," MPRA Paper 13805, University Library of Munich, Germany.
    4. Bartzsch, Nikolaus & Rösl, Gerhard & Seitz, Franz, 2011. "Foreign demand for euro banknotes issued in Germany: Estimation using direct approaches," Discussion Paper Series 1: Economic Studies 2011,20e, Deutsche Bundesbank.
    5. Christian Gayer, 2007. "A fresh look at business cycle synchronisation in the euro area," European Economy - Economic Papers 2008 - 2015 287, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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