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| Tekijä: | Seitz, F. Bindseil, U. |
| Otsikko: | Currency in Circulation, the Cash Changeover and the Euro-Dollar Exchange Rate |
| Lehti: | IFO-Studien
2001 : VOL 47:4, p. 531-548 |
| Asiasana: | CURRENCY CASH FLOW EXCHANGE RATES |
| Kieli: | eng |
| Tiivistelmä: | In the present paper, the authors revisit the conclusions of Sinn and Westermann (2001) by arguing that an effect of the amount of banknotes in circulation on the exchange rate is neither theoretically necessary nor appear to be empirically evident. The paper proceeds as follows: first it presents some stylized facts on the development of currency in circulation in the euro area and in the US since the middle of the nineties. Then the paper describes how a substitution of euro banknotes by dollar banknotes affects the balance sheets of central banks and how central banks neutralize the effects on the domestic money market. Next section provides an empirical analysis of the relationship between the US dollar and euro banknotes time series and the exchange rate between the two currencies. |
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