Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/259739 
Year of Publication: 
2019
Citation: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 155 [Issue:] 14 [Publisher:] Springer [Place:] Heidelberg [Year:] 2019 [Pages:] 1-22
Publisher: 
Springer, Heidelberg
Abstract: 
Knowing the part of currency in circulation that is used for transactions is important information for a central bank. For several countries, the share of banknotes that is hoarded or circulates abroad is sizeable, which may be particularly relevant for large-denomination banknotes. We analyze the demand for Swiss banknotes over a period starting in 1950 to 2017 and use different methods to derive the evolution of the amount that is hoarded. Our findings indicate a sizeable amount of hoarding, in particular for large denominations. The hoarding shares increased around the break-up of the Bretton Woods system, were comparatively low in the mid-1990s, and have increased significantly since the turn of the millennium and the recent financial and economic crises.
Subjects: 
Currency in circulation
Cash Demand for banknotes
Hoarding of banknotes
Banknotes held by non-residents
JEL: 
E41
E52
E58
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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