-euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of … a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra …

zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR … Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro … economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity …

zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR … Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro … economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity …