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is often maintained that a high quality of the banknotes in circulation helps the public detect counterfeits. However … Netherlands and Germany. Participants received a set of 200 banknotes with either a high or a low average soil level, based on the …
Persistent link: https://www.econbiz.de/10011452776
estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 … per cent of euro banknotes in circulation (cumulated net issuance) had been issued by the national central banks of France …, Germany, Italy and Spain (‘4 NCBs’). To date, the 4 NCBs have been using ARIMAX models to forecast the banknotes issued …
Persistent link: https://www.econbiz.de/10014320825
We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries: Australia, Austria, Canada …-country differences, for example, the level of cash usage differs across countries. Cash has not disappeared as a payment instrument …, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size …
Persistent link: https://www.econbiz.de/10010384150
This paper empirically investigates whether individuals withhold a certain amount of cash for precautionary reasons at … the point-of-sale (POS) in order to be able to cover future transactions that might have to be paid for in cash. Such … being settled in cash declines significantly as the amount of cash available at one’s disposal decreases. This indicates …
Persistent link: https://www.econbiz.de/10010192759
Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...
Persistent link: https://www.econbiz.de/10012502983
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10008664568
Euro coins have a common European side and an individual national side. Thanks to coin migration, coins bearing a panoply of national sides are in circulation throughout the euro area. In this paper, we model the mixing of coins circulating in the euro area countries and in particular the extent...
Persistent link: https://www.econbiz.de/10012272025
In times of financial distress, central banks provide unlimited liquidity to avoid fire sales. In response, banks raise their demand for collateral assets, and the short-term scarcity of collateral securities leads to higher prices, the Fire Buy premium. To avoid collateral scarcity, central...
Persistent link: https://www.econbiz.de/10011587096
The Eurosystem’s Public Sector Purchase Programme (PSPP) increased the scarcity of safe assets, which caused significant declines and substantial dispersion in European repo rates. However, banks holding these safe assets benefited from this development: First, using the German security...
Persistent link: https://www.econbiz.de/10012651072
This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014-2016, I show that QE encourages banks to rebalance from securities to loans. For identification, I use bond redemptions as exogenous variation in banks' need to rebalance their...
Persistent link: https://www.econbiz.de/10011874231