considerably changed after introducing of the euro which in the first decade of the XXI century exceeded 20% share in reserves of … the demand for the euro and increasing the pressure on the appreciation of the euro exchange rate unless the authority … appreciation of the euro may increase and this becomes a great challenge for the authority issuing the already second significant …

traditional portfolio objectives as debt to reserve ratios decrease. We empirically estimate optimal dollar and euro shares for 24 … reserve ratios, introducing transactions demand has a elatively modest effect. We also find that euro and dollar bonds act as … sudden stops in Asia and Latin America, while the euro is a better hedge for sudden stops in Emerging Europe. We reproduce …

We investigate how adopting the euro affects exports using firm-level data from Slovakia and Estonia. In contrast to … a floating exchange rate, while it has almost no effect in Estonia, which had a fixed exchange rate to the euro prior to … previous studies, we focus on countries that adopted the euro individually and had different exchange rate regimes prior to …