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Payment Innovations, the Shadow Economy and Cash Demand of Households in Euro Area Countries
Reimers, Hans-Eggert; Schneider, Friedrich; Seitz, Franz - 2021
We analyze for the first time cash holdings of private households in all euro area countries from 2002 to 2019 within a … panel cointegration framework. Besides the traditional determinants of cash demand like transactions balances and … opportunity costs, we concentrate on cashless payments media as substitutes to cash payments and the role of the shadow economy …
Persistent link: https://www.econbiz.de/10013315295
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The quantity theory of money and Friedmanian monetary policy: An empirical investigation
Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012
We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...
Persistent link: https://www.econbiz.de/10010281041
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Cash in Circulation and the Shadow Economy: An Empirical Investigation for Euro Area Countries and Beyond
Seitz, Franz; Reimers, Hans-Eggert; Schneider, Friedrich - 2018
banknotes and take due account of other determinants of cash demand. We find a significant and positive relationship between the … cash demand equation including the shadow economy. …
Persistent link: https://www.econbiz.de/10011887403
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Payment Innovations, the Shadow Economy and Cash Demand of Households in Euro Area Countries
Reimers, Hans-Eggert; Schneider, Friedrich; Seitz, Franz - 2020
We analyze for the first time cash holdings of private households in all euro area countries from 2002 to 2019 within a … panel cointegration framework. Besides the traditional determinants of cash demand like transactions balances and … opportunity costs, we concentrate on cashless payments media as substitutes to cash payments and the role of the shadow economy …
Persistent link: https://www.econbiz.de/10012314861
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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence
Niepelt, Dirk - 2018
banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …
Persistent link: https://www.econbiz.de/10011931926
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Crypto Trading and Bitcoin Prices : Evidence from a New Database of Retail Adoption
Auer, Raphael; Cornelli, Giulio; Doerr, Sebastian; … - 2023
Prices for cryptocurrencies have undergone multiple boom-bust cycles, together with ongoing entry by retail investors. To investigate the drivers of crypto adoption, we assemble a novel database (made available with this paper) on retail use of crypto exchange apps at daily frequency for 95...
Persistent link: https://www.econbiz.de/10014254558
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Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking
Li, Ye; Mayer, Simon - 2021
Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...
Persistent link: https://www.econbiz.de/10012657966
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A Model of Supply Chain Finance
Hu, Bo; Watanabe, Makoto; Zhang, Jun - 2023
This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. The SCF program pools liquidity from suppliers and meanwhile provides immediate payment to suppliers with pressing liquidity needs. We show that the intermediary optimally selects...
Persistent link: https://www.econbiz.de/10014469327
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Money Creation in Decentralized Finance : A Dynamic Model of Stablecoin and Crypto Shadow Banking
Li, Ye; Mayer, Simon - 2021
Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...
Persistent link: https://www.econbiz.de/10013214344
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The Pandemic, Cash and Retail Payment Behaviour : Insights from the Future of Payments Database
Auer, Raphael; Cornelli, Giulio; Frost, Jon - 2023
? What do they imply for the future of cash and digital payments? We assemble a new “Future of Payments” database on retail … countries. We find that card-not-present payments, payment app downloads and the volume of cash in circulation all rose in weeks …
Persistent link: https://www.econbiz.de/10014261473