Speed of euro adoption
This paper estimates the speed and determinants of euro adoption across Italian provinces by exploiting the natural experiment in early 2002 when the euro and lira dually circulated as legal tender. A unique data set with daily observations on the net flows of euro banknotes from the branches of the Bank of Italy, province by province, is used. The diffusion of the euro differs across Italy, being faster in the Northern regions and slower in the Southern regions and in the Islands up to the beginning of February. The speed of euro adoption is influenced by the availability of transaction technology and by demographic characteristics, but it is not influenced by literacy and criminality levels.
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