Banknote issuance is up while the velocity of their circulation is slowing

Les émissions de billets augmentent et leur vitesse de circulation se replie

Lucas Devigne, Raymond De Pastor and Lalouette Laure

Eco Notepad (in progress) from Banque de France

Abstract: The number of banknotes in circulation and the motives for holding them have evolved over the past 20 years. The increase in banknote issuance coincides with a significant rise in both domestic hoarding of cash reserves and foreign demand. The escalation in motives for hoarding, but not for transactional purposes, has slowed the velocity of banknote circulation.

La quantité de billets en circulation et les motifs de détention évoluent depuis 20 ans. La hausse des émissions de billets s’accompagne d’une importance accrue de la thésaurisation domestique et de la demande étrangère. La progression de ces motifs de détention, mais non de transaction, induit une vitesse de circulation plus faible.

Date: 2023-06-08
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:econot:316

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