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Currency Use and Payment Patterns
by W.C. Boeschoten (Author)
About the author
Dr. W. C. Boeschoten was Economist /Deputy Head of Research Department at the De Nederlandsche Bank, the centralbank of the Netherlands from 1979 to 1996, and published numerous articles, especially on Monetary Economics. He got his Masters in Econometrics from the University of Amsterdam, where he also got his Ph.D.
About this book
Introduction:
We seem to be well on the way to a cashless society. Paradoxically, however, the majority of the transactions are still paid in cash even in the most advanced economies. A second paradoxical observation is that, despite the primary and common character of currency, the economic theory on the use of and demand for cash is only rarely supported by empirical evidence. In addition, some aspects of the theory have not been tested at all because of a lack of relevant data. Nevertheless, the interest in currency has flagged.
In view of these unsolved questions and the persistent importance of currency as a medium of payment and as an element of various economic key variables, such as base money, the money multiplier and seigniorage, this study aims to contribute to the knowledge on currency use and payment patterns. The analysis of the theory and the empirical evidence on currency demand and the replacement by alternative payments media afford an insight into future changes in the payment pattern and the demand for currency and plastic money. This insight is of basic interest to all financial intermediaries, and in particular to the banking system, which is primarily involved in the payments system by providing the means of payment and financial assets.
The contribution of this study is twofold. First, it analyses the demand for and use of currency on a micro-econometric basis. There we provide a methodology for the measurement of cash management and payments behaviour and expected changes by means of surveys. These surveys are unique in that they have been specially designed for this purpose. Comparable, though less extended,approaches have, as far as we know, been applied only in the United Kingdom and the United States. For the practical implementation, the Netherlands serves as a case study, but the methodology has general applicability. Second, the study provides a macro-econometric approach, which consists primarily of across-section analysis for 1970-1989 of the currency circulation and composition of as many as 15 industrial countries, using unique information on their payments systems derived from a questionnaire sent to the central banks. Such a multinational approach seems especially useful for the analysis of the effect of new payments media on the demand for currency, because of the limited number of observations per country. Apart from this, we analyse the development of the currency circulation in the Netherlands in 1955-1990, giving explicit attention to the effects of financial innovation and technological change.
Series: Financial and Monetary Policy Studies (Book 23)
Paperback: 230 pages
Publisher: Springer; 1992 edition (June 27, 2013)
Language: English
ISBN-10: 9401051119
ISBN-13: 978-9401051118
Kluwer__Currency Use and Payment Patterns.pdf
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