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Different Motives for Holding Cash in France: an Analysis of the Net Cash Issues of the Banque de France

Franz Seitz, Lucas Devigne and Raymond de Pastor

Working papers from Banque de France

Abstract: The present paper analyzes the net cash issues of the Banque de France. It is divided in two parts. The first estimates cash demand functions for different denominational groups (small, medium, large). We find that many of the different motives for holding cash are present in the French case. In a second step we try to estimate the amounts used for transaction and store of wealth purposes, internal hoardings and foreign demand with indirect methods with a special focus on different variants of the so-called seasonal method. Our results reveal that in 2019 only around 15 % of the cumulated net issues are used for domestic transactions. Around 60 % are held outside France, either in other euro area countries or outside the euro area.

Keywords: Cash; Banknotes; Net Issues; Seasonal Method. (search for similar items in EconPapers)
JEL-codes: C22 E41 E58 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2022
New Economics Papers: this item is included in nep-eec, nep-mon and nep-pay
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