Estimating the foreign circulation of banknotes

Bartzsch, Nikolaus; Rösl, Gerhard; Seitz, Franz

Estimating the foreign circulation of banknotes

2013

Bartzsch, Nikolaus | Rösl, Gerhard | Seitz, Franz

In this paper, we analyze the volume of Euro banknotes issued by Germany and circulating in other Euro area countries as well as outside the Euro area with a banknotes’ age model. Our approach suggests that about 60% of banknotes, the equivalent of around € 225 billion, is held abroad.

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