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 …

We use an “unexplained demand for cash” approach to measure the size of the shadow economy in Sweden. The size of the … changes in net financial positions. Moreover, the correlation between the demand for cash that cannot be explained by recorded … transactions and this residual is strong. -- Cash use ; demand for cash ; shadow economy ; National Accounts ; Financial Accounts …

, German policy and law makers have been misguided during the last three decades. Therefore, we introduce the Modified-Cash …. -- underground economy ; shadow economy ; cash-depositratio ; currency demand approach ; MIMIC approach …