international reserves. Using a dataset of 36 countries (and the euro area) for the years from 1996 to 2016, we identify currency … motives for the composition of currency reserves. The euro crisis appears to have been a setback for the euro, which …

This paper analyses currency in circulation in the euro area since the beginning of the 1980s. After a literature … review we present some stylised facts on currency holdings in the euro area countries as well as at an aggregate euro area … arguments for the informal economy and foreign demand for specific currencies. When estimating the demand for euro legacy …