Cash demand in times of crises: a global perspective

Nikolaus Bartzsch, Gerhard Rösl and Franz Seitz
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Nikolaus Bartzsch: Deutsche Bundesbank, Cash Department
Gerhard Rösl: Technical University of Applied Sciences (OTH) Regensburg
Franz Seitz: Technical University of Applied Sciences (OTH) Amberg-Weiden

Bank i Kredyt, 2025, vol. 56, issue 1, 1-44

Abstract: We analyse the repercussions of different kinds of crises on cash demand in an international perspective. Our case studies are based on time series of banknotes in circulation in a selection of 16 countries and currency areas across all continents over the period from 1990 to 2022. We distinguish between six different kinds of crises: (1) uncertainty of the digital infrastructure, (2) confidence crises of the financial system, (3) natural disasters, (4) political crises, (5) inflationary crises, and (6) exchange rate crises. Our case studies suggest that crises are likely to have contributed to the dynamic growth in demand for banknotes in the countries analysed. This applies both to small and large banknote denominations.

Keywords: cash; banknotes; crises (search for similar items in EconPapers)
JEL-codes: E41 E51 E58 O57 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:56:y:2025:i:1:p:1-44

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