in the run up to the cash change-over. In particular, it revisits the possible effect of the latter on the euro …This paper describes and analyses the evolution of euro area currency in circulation in the last years and especially … the three time series in question (euro banknotes, US dollar banknotes, exchange rate). The main conclusion is that there …

It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases … of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced … more money-like, but they do not always achieve a positive convenience yield. Technology advances and reputation formation …