Vortex electrons, - freely propagating electrons whose wavefunction has helical wavefronts, - could become a novel tool in the physics of electromagnetic radiation. They carry a non-zero intrinsic orbital angular momentum (OAM) $\ell$ with respect to the propagation axis and, for \ell \gg 1, a large OAM-induced magnetic moment, \mu ~ \ell \mu_B (\mu_B is the Bohr magneton), which influences the radiation of electromagnetic waves. Here, we consider in detail the OAM-induced effects by such electrons in two forms of polarization radiation, namely in Cherenkov radiation and transition radiation. Thanks to the large \ell, we can neglect quantum or spin-induced effects, which are of the order of \hbar \omega/E_e \ll 1, but retain the magnetic moment contribution \ell \hbar \omega/E_e \lesssim 1, which makes the quasiclassical approach to polarization radiation applicable. We discuss the magnetic moment contribution to polarization radiation, which has never been experimentally observed, and study how its visibility depends on the kinematical parameters and the medium permittivity. In particular, it is shown that this contribution can, in principle, be detected in azimuthally non-symmetrical problems, for example when vortex electrons obliquely cross a metallic screen (transition radiation) or move nearby it (diffraction radiation). We predict a left-right angular asymmetry of the transition radiation (in the plane where the charge radiation distributions would stay symmetric), which appears due to an effective interference between the charge radiation field and the magnetic moment one. Numerical values of this asymmetry for vortex electrons with E_e = 300keV and \ell = O(100-1000) are O(0.1-1%), and we argue that this effect could be detected with existing technology. The finite conductivity of the target and frequency dispersion play the crucial roles in these predictions.
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