Currency movements within and outside a currency union: The case of Germany and the euro area
In this paper, we analyze 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-euroarea 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%).
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Richard D. Porter & Ruth A. Judson, 1996. "The location of U.S. currency: how much is abroad?," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 883-903.
- Seitz, Franz, 2007. "A simple way to capture transaction balances," Economics Letters, Elsevier, vol. 95(2), pages 230-233, May.
- Aguiar-Conraria, LuIÂ´s & Joana Soares, Maria, 2011. "Business cycle synchronization and the Euro: A wavelet analysis," Journal of Macroeconomics, Elsevier, vol. 33(3), pages 477-489, September.
- Frank Leung & Philip Ng & Simon Chan, 2010. "Analysing External Demand for the Hong Kong-Dollar Currency," Working Papers 1007, Hong Kong Monetary Authority.
- Ulrich Thießen, 2010.
"The Shadow Economy in International Comparison: Options for Economic Policy Derived from an OECD Panel Analysis,"
Discussion Papers of DIW Berlin
1031, DIW Berlin, German Institute for Economic Research.
- Ulrich Thiessen, 2010. "The Shadow Economy in International Comparison: Options for Economic Policy Derived from an OECD Panel Analysis," International Economic Journal, Taylor & Francis Journals, vol. 24(4), pages 481-509.
- Sinn, Hans-Werner & Wollmershäuser, Timo, 2012.
"Target loans, current account balances and capital flows: The ECB’s rescue facility,"
Munich Reprints in Economics
19556, University of Munich, Department of Economics.
- Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer, vol. 19(4), pages 468-508, August.
- Hans-Werner Sinn & Timo Wollmershäuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," CESifo Working Paper Series 3500, CESifo Group Munich.
- Hans-Werner Sinn & Timo Wollmershaeuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility," NBER Working Papers 17626, National Bureau of Economic Research, Inc.
- Fischer, Björn & Köhler, Petra & Seitz, Franz, 2004. "The demand for euro area currencies: past, present and future," Working Paper Series 0330, European Central Bank.
- Haughton, Jonathan, 1995. "Adding mystery to the case of the missing currency," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(35), pages 595-602.
- Aksoy, Yunus & Piskorski, Tomasz, 2006.
"U.S. domestic money, inflation and output,"
Journal of Monetary Economics,
Elsevier, vol. 53(2), pages 183-197, March.
- Yunus Aksoy & Tomasz Piskorski, 2004. "U.S. Domestic Money, Inflation and Output," Macroeconomics 0401007, EconWPA.
- Yunus Aksoy & Tomasz Piskorski, 2005. "U.S. Domestic Money, Inflation and Output," Birkbeck Working Papers in Economics and Finance 0506, Birkbeck, Department of Economics, Mathematics & Statistics.
- Edgar L. Feige, 2003.
"The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countrieses,"
- Edgar L. Feige, 2003. "The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countries," Macroeconomics 0302005, EconWPA.
- Feige,E.L., 2003. "The dynamics of currency substitution, asset substitution and de facto dollarization and euroization in transition countries," Working papers 3, Wisconsin Madison - Social Systems.
- Lars P. Feld & Friedrich Schneider, 2010. "Survey on the Shadow Economy and Undeclared Earnings in OECD Countries," German Economic Review, Verein für Socialpolitik, vol. 11, pages 109-149, 05.
- Donald S. Allen, 1998. "How closely do banks manage vault cash?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 43-54.
- Aksoy, Yunus & Piskorski, Tomasz, 2005. "US domestic currency in forecast error variance decompositions of inflation and output," Economics Letters, Elsevier, vol. 86(2), pages 265-271, February.
- Judson, Ruth A. & Porter, Richard D., 2004. "Currency demand by federal reserve cash office: what do we know?," Journal of Economics and Business, Elsevier, vol. 56(4), pages 273-285.
- Thomas Scheiber & Helmut Stix, 2009. "Euroization in Central, Eastern and Southeastern Europe – New Evidence On Its Extent and Some Evidence On Its Causes," Working Papers 159, Oesterreichische Nationalbank (Austrian Central Bank).
- Doris Schneeberger & Gabriele Süß, 2007. "Austria’s Experience with Euro Migration since the Cash Changeover," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 128–137.
- Seitz, Franz, 1995. "The circulation of Deutsche Mark abroad," Discussion Paper Series 1: Economic Studies 1995,01e, Deutsche Bundesbank, Research Centre.
When requesting a correction, please mention this item's handle: RePEc:zbw:hawdps:30. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.