The development of technology and infrastructure related to electronic payments has sparked discussions on the possibility of giving up cash. However, unexpected increase in the demand for cash in recent years have brought new arguments to this discussion. The debate has primarily been focused...

An upward trend in the share of cash in GDP has been observed since the beginning of the 21st century and has not yet been fully explained in the literature. In fact, the interest rate is the only variable that has been well researched and well confirmed as a determinant of the cash/GDP ratio....