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Displaying results 1 to 25 of 49.

  1. The use of cash by households in the euro area
    Author: Esselink, Henk; Hernández, Lola
    Published: [2017]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries... more

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    Although euro banknotes and coins have been in circulation for fifteen years, not much is known about the actual use of cash by households. This paper presents an estimation of the number and value of cash transactions in all 19 euro area countries in 2016, based on survey results. It presents an extensive description of how euro area consumers pay at points of sale (POS). The aim of this study is to shed light on consumers' payment behaviour and in particular to improve the understanding of consumers' payment choices at POS, based on a large sample of countries. Therefore, it provides central banks and relevant payment system stakeholders with fundamental information for the development of their policies and strategic decisions that can contribute to improving the efficiency of the cash cycle and the payment system as a whole. Previous estimates of the value of cash usage by households in the euro area date from 2008. Since then some central banks have carried out their own research on cash usage. This paper is the first study to measure the transaction demand for cash in the euro area. The results show that in 2016 around 79% of all payments at POS were made with cash, 19% with cards and 2% with other payment instruments. In terms of value, the market share of main payment instruments was 54% for cash, 39% for cards and 7% for other instruments. However, results show substantial differences between euro area countries.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289928632
    Other identifier:
    hdl: 10419/175743
    Series: Occasional paper series / European Central Bank ; no 201 (November 2017)
    Subjects: euro area; money; household; payment; consumer behaviour; banking policy; payment behaviour; money demand; payment systems; cash; consumer choice
    Scope: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  2. Banks, money and the zero lower bound
    Author: Kumhof, Michael; Wang, Xuan
    Published: August 2018
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 752
    Subjects: Banks; financial intermediation; endogenous money creation; bank loans; bank deposits; money demand; deposits-in-advance; Phillips curve; zero lower bound; monetary policy rules
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  3. Banks are not intermediaries of loanable funds
    facts, theory and evidence
    Author: Jakab, M. Zoltán; Kumhof, Michael
    Published: October 2018
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
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    Series: Staff working paper / Bank of England ; no. 761
    Subjects: Banks; financial intermediation; loanable funds; money creation; bank lending; bank financing; money demand
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  4. Communal Responsibility and the Coexistence of Money and Credit Under Anonymous Matching
    Author: Börner, Lars; Ritschl, Albrecht
    Published: 2010
    Publisher:  Humboldt-Universität zu Berlin, Berlin

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Subjects: Handelsforschung; Kredit; Durchsetzung; Rechtsnorm; Kreditsicherung; Matching; Zahlungsverkehr
    Other subjects: (stw)Handelsforschung; (stw)Kredit; (stw)Rechtsdurchsetzung; (stw)Kreditsicherung; (stw)Matching; (stw)Zahlungsverkehr; (stw)Theorie; Communal responsibility; anonymous matching; money demand; credit; bills of exchange; Arbeitspapier; Graue Literatur; Buch; Online-Publikation
    Scope: Online-Ressource
    Notes:

    In: Sonderforschungsbereich 649: Ökonomisches Risiko, Band 2010, Ausgabe 60, 2010
  5. Money as an inflationary phenomenon
    Author: Pasche, Markus
    Published: [2018]
    Publisher:  Friedrich Schiller University Jena, Jena

    Empirical tests of the quantity theory and particularly the neutrality of money are based on the idea that money growth "explains", to some extent, inflation. Modern macroeconomic theory, however, considers inflation targeting central banks which use... more

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    Empirical tests of the quantity theory and particularly the neutrality of money are based on the idea that money growth "explains", to some extent, inflation. Modern macroeconomic theory, however, considers inflation targeting central banks which use the interest rate as a policy tool, while money is seen as an endogenous outcome of financial intermediation, i.e. credit creation. A simple NKM model with fiat money demonstrates that money growth is tied to inflation, changes of output and interest rate changes. The latter are determined by inflation and output gap if we consider an inflation-targeting central bank. The quantity equation emerges from the macroeconomic transmission process but the economic causalities run from output and inflation to money creation. Hence, money growth does not explain inflation. Besides, the result does not require a sophisticated microfoundation of money demand but simply emerges from the transmission process.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/194235
    Series: Jena economic research papers ; # 2018, 011
    Subjects: quantity equation; endogenous money; New Keynesian Macroeconomics; inflation targeting; money demand
    Scope: 1 Online-Ressource (circa 10 Seiten), Illustrationen
  6. Quantitative easing and quantitative tightening
    the money channel
    Author: Kumhof, Michael; Salgado-Moreno, Mauricio
    Published: 09 July 2024
    Publisher:  Centre for Economic Policy Research, London

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
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    Series: Array ; DP19228
    Subjects: Quantitative easing; quantitative tightening; monetary policy; central bank reserves; interbank loans; bank deposits; bank loans; money demand; money supply; credit creation
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  7. Debit card and cash usage
    a cross-country analysis
    Published: Mar. 2007
    Publisher:  Federal Reserve Bank of Chicago, Chicago, Ill.

    "During the last decade, debit card transactions grew rapidly in most advanced countries. While check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast. We use panel... more

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    "During the last decade, debit card transactions grew rapidly in most advanced countries. While check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast. We use panel estimation techniques to analyze the change in transactional demand for cash resulting from greater usage of debit cards in 13 countries from 1988 to 2003. We are able to disentangle cash's store of value function from its payment function by separating cash into three denomination categories. We find that the demand for low denomination notes and coins decreases as debit card usage increases because merchants need to make less change for customer purchases. On the other hand, the demand for high denomination notes is generally less affected suggesting that these denomination notes are also used for non-transactional purposes"--Federal Reserve Bank of Chicago web site

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Federal Reserve Bank of Chicago ; 2007-04
    Subjects: Kreditkarte; Zahlungsverkehr; Konsumentenverhalten; Industrieländer
    Other subjects: Array
    Scope: Online-Ressource, 45 S., Text, graph. Darst.
    Notes:

    Title from PDF file as viewed on 5/24/2007

    Includes bibliographical references

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  8. The price revolution in the 16th century
    empirical results from a structural vectorautoregression model
    Published: Aug. 2007
    Publisher:  WWZ, Basel

    This paper provides empirical evidence in favor of the hypothesis that the secular price increase in the 16th century is mainly caused by money supply developments as the discovery of new mines in Latin America. First we review price developments for... more

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    This paper provides empirical evidence in favor of the hypothesis that the secular price increase in the 16th century is mainly caused by money supply developments as the discovery of new mines in Latin America. First we review price developments for several European countries over the 16th century in the light of this hypothesis. Second the application of a SVAR model to annual time series of price indexes for Old Castile and Leon and New Castile over the 16th century indicates that not only the trend but also the short to medium variability of price movements in 16th century Spain are dominated by permanent money supply shocks.

     
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    hdl: 10419/123383
    Series: WWZ working paper ; 07,12
    Subjects: Preisniveau; Geldnachfrage; Geldmenge; VAR-Modell; Schätzung; Welt; Price revolution; money demand; money supply
    Scope: Online-Ressource, [17] S., Text, graph. Darst.
  9. The demand for divisia money
    theory and evidence
    Author: Belongia, Michael T.; Ireland, Peter N.
    Published: November 2017
    Publisher:  Boston College, Chestnut Hill, MA, USA

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    Series: Boston College working papers in economics ; number 937
    Subjects: Divisia monetary aggregates; money demand; money-in-the-utility function
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  10. Agregados monetarios Divisia y demanda de dinero en Uruguay
    Author: González Giangrossi, José Ignacio
    Published: [2016]
    Publisher:  Banco Central del Uruguay, [Montevideo, Uruguay]

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    Language: Spanish
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    Series: Documento de trabajo / Banco Central del Uruguay ; no 2016, 003
    Subjects: monetary aggregates; Divisa index; money demand; cointegration; uruguay
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  11. Currency demand at negative policy rates
    Author: Rainone, Edoardo
    Published: [2022]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Series: Temi di discussione / Banca d'Italia ; number 1359 (February 2022)
    Subjects: financial stability; monetary policy; negative interest rates; deposits; zero lower bound; money demand
    Scope: 1 Online-Ressource (circa 85 Seiten), Illustrationen
  12. Digital payments adoption and the demand for cash: new international evidence
    = Adopcion de pagos digitales y la demanda porefectivo
    Author: Arango-Arango, Carlos A.; Suárez-Ariza, Nicolás F.
    Published: [2019]
    Publisher:  Banco de la Republica Colombia, Bogotá, Colombia

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    Source: Union catalogues
    Language: English
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    Series: Borradores de economía ; no. 1074 (2019)
    Subjects: money demand; digital payments; cash; denominational structure; panel data
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  13. Does Bitcoin behave as a currency?
    a standard monetary model approach
    Author: Hui, Cho H.; Lo, Chi-Fai; Chau, Po-Hon; Wong, Andrew
    Published: [2019]
    Publisher:  Hong Kong Institute for Monetary Research, Hong Kong

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    Source: Union catalogues
    Language: English
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    Series: HKIMR working paper ; 2019, no. 11 (September 2019)
    Subjects: Bitcoin; money demand; currency crash; flexible-price monetary model
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  14. How does international capital flow?
    Author: Kumhof, Michael; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 890 (October 2020)
    Subjects: bank lending; money creation; money demand; uncovered interest parity; exchange rate determination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  15. Financial innovation, payment choice and cash demand
    causal evidence from the staggered introduction of contactless debit cards
    Author: Brown, Martin; Hentschel, Nicole; Mettler, Hannes; Stix, Helmut
    Published: [2020]
    Publisher:  OeNB, Oesterreichische Nationalbank, Vienna, Austria

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264822
    Edition: This draft: April 20, 2020
    Series: Working paper / OeNB, Oesterreichische Nationalbank ; 230
    Subjects: Financial innovation; cash; money demand; payment choice; pre-analysis plan
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  16. The demand for safe liquid assets and the implications of issuing a Central Bank Digital Currency for bank funding instruments
    Author: Müller, Carola
    Published: [2020]
    Publisher:  Norges Bank, Oslo

    The pros and cons of issuing a Central Bank Digital Currency (CBDC) is currently debated by Norges Bank and other central banks. A CBDC would grant access to the central bank balance sheet to a broader set of economic agents, including for example... more

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    The pros and cons of issuing a Central Bank Digital Currency (CBDC) is currently debated by Norges Bank and other central banks. A CBDC would grant access to the central bank balance sheet to a broader set of economic agents, including for example companies or individuals. How such access would be designed or administered are topics of the discussion. One dimension to consider is the potential impact on the stability of the financial system through the effect of CBDC issuance on bank funding markets. This article provides an overview on research related to the demand for financial institutions' funding instruments and derives implications for the issuance of a CBDC. A key message is that CBDC has the potential to substantially crowd out bank funding instruments due to its superior safety features.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9788283791716
    Other identifier:
    hdl: 11250/2690368
    hdl: 10419/246151
    Series: Staff memo / Norges Bank ; no. 2020, 8
    Subjects: Central bank digital currencies; safe assets; bank funding markets; financial stability; money demand
    Scope: 1 Online-Ressource (circa 26 Seiten)
  17. Long-run stability of money demand and monetary policy
    the case of Algeria
    Author: Boucekkine, Raouf; Laksaci, Mohammed; Touati-Tliba, Mohamed
    Published: [2021]
    Publisher:  Aix-Marseille School of Economics, [Aix-en-Provence

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    Series: Working papers / AMSE, Aix-Marseille School of Economics ; WP 2021, nr 04
    Subjects: Monetary policy; money demand; long-run stability; resource-rich countries; Algeria; co-integration
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  18. Long-run stability of money demand and monetary policy
    the case of Algeria
    Author: Boucekkine, Raouf; Laksaci, Mohammed; Touati-Tliba, M.
    Published: [2021]
    Publisher:  Institut de recherche économiques et sociales, UC Louvain, Louvain-la-Neuve

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    Source: Union catalogues
    Language: English
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    Other identifier:
    hdl: 2078.1/241813
    Series: LIDAM discussion paper IRES ; 2021, 01
    Subjects: Monetary policy; money demand; long-run stability; resource-rich countries; Algeria; co-integration
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  19. Dynamic econometrics in action: a biography of David F. Hendry
    Author: Ericsson, Neil R.
    Published: 2021
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Source: Union catalogues
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    Series: International finance discussion papers ; number 1311 (March 2021)
    Subjects: cointegration; consumers' expenditure; dynamic specification; equilibrium correction; forecasting; machine learning; model evaluation; money demand; PcGive; structural breaks
    Scope: 1 Online-Ressource (circa 50 Seiten)
  20. How does international capital flow?
    Author: Kumhof, Michael; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: November 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks... more

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    Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks domestic and cross-border gross positions between banks and households, with explicit settlement of all transactions through banks. We formalise the conceptual distinction between cross-border saving and financing, which often move in opposite directions in response to shocks. This matters for at least four policy debates. First, current accounts are poor indicators of financial vulnerability, because in a crisis, creditors stop financing debt rather than current accounts, and because following a crisis, current accounts are not the primary channel through which balance sheets adjust. Second, we reinterpret the global saving glut hypothesis by arguing that US households do not finance current account deficits with foreigners' physical saving, but with digital purchasing power, created by banks that are more likely to be domestic than foreign. Third, Triffin's current account dilemma is not in fact a dilemma, because the creation of additional US dollars requires dollar credit creation by US and non-US banks rather than US current account deficits. Finally, we demonstrate that the observed high correlation of gross capital inflows and outflows is overwhelmingly an automatic consequence of double entry bookkeeping, rather than the result of two separate sets of economic decisions.

     
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    hdl: 10419/242328
    Edition: This is an updated version of the Staff Working Paper originally published on 21 August 2020
    Series: Jahrestagung 2021 / Verein für Socialpolitik ; 21
    Staff working paper / Bank of England ; no. 884
    Subjects: Bank lending; money creation; money demand; uncovered interest parity; exchange ratedetermination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  21. National culture and the demand for physical money during the first year of the COVID-19 pandemic
    Author: Kotkowski, Radoslaw
    Published: 2021
    Publisher:  Narodowy Bank Polski, Warsaw

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    Series: NBP working paper ; no. 351
    Subjects: COVID-19 pandemic; money demand; currency in circulation; national culture; uncertainty avoidance
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  22. CBDC policies in open economies
    Author: Kumhof, Michael; Pinchetti, Marco; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: April 2023
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Language: English
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    Series: BIS working papers ; no 1086
    Subjects: Central bank digital currencies; monetary policy; bank deposits; bank loans; monetary frictions; money demand; money supply; credit creation
    Scope: 1 Online-Ressource (circa 94 Seiten), Illustrationen
  23. Financial innovation, payment choice and cash demand
    causal evidence from the staggered Introduction of contactless debit cards
    Author: Brown, Martin; Hentschel, Nicole; Mettler, Hannes; Stix, Helmut
    Published: April 20, 2020
    Publisher:  School of Finance, University of St. Gallen, St. Gallen

    We examine how an innovation in payment technology impacts on consumer payment choice and cash demand. We study the staggered introduction of contactless debit cards between 2016-2018. The timing of access to the contactless technology is... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    We examine how an innovation in payment technology impacts on consumer payment choice and cash demand. We study the staggered introduction of contactless debit cards between 2016-2018. The timing of access to the contactless technology is quasi-random across clients, depending only on the expiry date of the existing debit card. Our analysis is based on administrative data for over 21'000 bank clients and follows a pre-analysis plan. Average treatment effects show that the receipt of a contactless card increases the use of debit cards especially for small-value payments. However, we find only a moderate average reduction in the cash share of payments and no reduction of average cash demand. Treatment effects on payment choice are strongest among consumers with an intermediate pre-treatment use of cash. Explorative analyses reveal that effects are largely driven by young consumers in urban locations

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: This draft: April 20, 2020
    Series: Working papers on finance ; no. 2020, 02
    University of St.Gallen, School of Finance Research Paper ; No. 2020/02
    Subjects: Financial innovation; cash; money demand; payment choice; pre-analysis plan
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  24. Banks, money, and the zero lower bound on deposit rates
    Author: Kumhof, Michael; Wang, Xuan
    Published: [2020]
    Publisher:  Tinbergen Institute, Amsterdam, The Netherlands

    We develop a New Keynesian model where all payments between agents require bank deposits through deposits-in-advance constraints, bank deposits are created through disbursement of bank loans, and banks face a convex lending cost. At the zero lower... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 432
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    We develop a New Keynesian model where all payments between agents require bank deposits through deposits-in-advance constraints, bank deposits are created through disbursement of bank loans, and banks face a convex lending cost. At the zero lower bound on deposit rates (ZLBD), changes in policy rates affect activity through both real interest rates and banks' net interest margins (NIM). At estimated credit supply elasticities, the Phillips curve is very flat at the ZLBD, because inflationary pressures increase NIM. This strongly increases credit and thereby output, but it dampens inflation by relaxing price setters' credit rationing constraint. At the ZLBD, monetary policy has far larger effects on output relative to inflation, and Taylor rules stabilize output less effectively than rules that also respond to credit. For post-COVID-19 policy, this suggests urgency in returning inflation to targets, avoidance of negative policy rates, and a strong influence of credit conditions on rate setting.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/229670
    Series: Array ; TI 2020, 050
    Subjects: Banks; money creation; inside money; money demand; deposits-in-advance; Phillipscurve; zero lower bound; monetary policy rules; Taylor rules; post-COVID-19 reforms
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  25. Towards a new monetary theory of exchange rate determination
    Author: Cesa-Bianchi, Ambrogio; Kumhof, Michael; Sokol, Andrej; Thwaites, Gregory
    Published: August 2019
    Publisher:  Bank of England, London

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    Language: English
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    Series: Staff working paper / Bank of England ; no. 817
    Subjects: Bank lending; money creation; money demand; endogenous money; uncovered interest parity; exchange rate determination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen