Bartzsch, Nikolaus; Seitz, Franz; Setzer, Ralph - 2015
notes is mainly driven by domestic transactions and demand from outside the euro area. The transaction motive in the rest of … the euro area is part of the short-term dynamics. The long-run demand for German large denomination notes is mainly driven … by foreign demand both from the rest of the euro area and outside the EMU. The global financial crisis led to a one …