now, it was not clear how many of these German-issued euro banknotes are actually used for payment purposes. Owing to the … that are held for transaction purposes both in Germany and outside the euro area. The estimation of the volume of €20 … shipments by the Deutsche Bundesbank - held for transaction purposes outside the euro area was estimated at just over €3 billion …

model, calibrated to the Core and the Periphery of the euro area, to quantitatively analyze the changing dynamics that a …