No CrossRef data available.
Article contents
IMMIGRATION AND LARGE BANKNOTES
Published online by Cambridge University Press: 12 November 2012
Abstract
Core share and HTML view are not available for this content. However, as you have access to this content, a full PDF is available via the 'Save PDF' action button.
Do immigrants have a higher demand for large-denominated banknotes than natives? This micro study examines whether banknote orders for CHF 1,000 notes are concentrated in Swiss municipalities with a high foreign-to-native ratio. The evidence for 251 Swiss municipalities finds that immigrants hoard fewer CHF 1,000 banknotes than natives. This empirical result means that immigration reduces seigniorage (per person) as measured by banknote orders. A 1% increase in the immigrant-to-native ratio is coincident with a reduction in banknote orders by CHF 4,000. This reduction is attributed to specific traits linked to immigrants.
Information
- Type
- Articles
- Information
- Copyright
- Copyright © Cambridge University Press 2012
References
REFERENCES
Arapovic, Domagoj and Brown, Martin (2009) Remittance outflows from Switzerland. Aussenwirtschaft 64 (1), 7–18.Google Scholar
Aydemir, Abdurrahman and Borjas, George J. (2011) Attenuation bias in measuring the wage impact of immigration. Journal of Labor Economics 29 (1), 69–113.CrossRefGoogle Scholar
Boeschoten, Willem C. and Fase, Martin M. G. (1992) ‘The demand for large bank notes. Journal of Money, Credit and Banking 24 (3), 319–337.CrossRefGoogle Scholar
Bover, Olympia and Watson, Nadine (2005) Are there economies of scale in the demand for money by firms? Some panel estimates. Journal of Monetary Economics 52 (8), 1569–1589.CrossRefGoogle Scholar
Bundesamt für Statistik [BfS] (2008) Ausländerinnen und Ausländer in der Schweiz. Bundesamt für Statistik, Neuchâtel, Switzerland.Google Scholar
Card, David (2001) Immigration inflows, native outflows, and the local labor market impacts of higher immigration. Journal of Labor Economics 19 (1), 22–64.CrossRefGoogle Scholar
Choi, Hyung Sun (2011) Money, credit, and limited participation. Macroeconomic Dynamics 15 (5), 616–655.CrossRefGoogle Scholar
Cortes, Patricia (2008) The effect of low-skilled immigration on U.S. prices: Evidence from CPI data. Journal of Political Economy 116 (3), 381–422.CrossRefGoogle Scholar
Duca, John V. and Whitesell, William C. (1995) Credit cards and money demand: A cross-sectional study. Journal of Money, Credit and Banking 27 (2), 604–623.CrossRefGoogle Scholar
Fischer, Andreas M. (2007) Measuring income elasticity for Swiss money demand: What do the cantons say about financial innovation. European Economic Review 51 (7), 1641–1660.CrossRefGoogle Scholar
Frattini, Tommaso (2008) Immigration and Prices in the UK. Mimeo. University College London.Google Scholar
Frenkel, Jacob A. and Jovanovic, Boyan (1980) On transactions and precautionary demand for money. Quarterly Journal of Economics 95, 25–41.CrossRefGoogle Scholar
Fujiki, Hiroshi (2002) Money demand near zero interest rate: Evidence from regional data. Bank of Japan, Monetary and Economic Studies 20 (2), 25–41.Google Scholar
Fujiki, Hiroshi and Mulligan, Casey B. (1996) A structural analysis of money demand: Cross-sectional evidence from Japan. Bank of Japan, Monetary and Economic Studies 14 (2), 53–78.Google Scholar
Gomis-Porqueras, Pere and Smith, Bruce D. (2003) Seasonality and monetary policy. Macroeconomic Dynamics 7 (4), 477–502.CrossRefGoogle Scholar
Jankowski, Carrie, Porter, Richard D., and Rice, Tara (2007) Against the tide—Currency use among Latin American immigrants in Chicago. Economic Perspectives Federal Reserve Bank of Chicago 2Q, 2–21.Google Scholar
Lach, Saul (2007) Immigration and prices. Journal of Political Economy 115 (3), 548–587.CrossRefGoogle Scholar
Maradan, Guy (2007) Die Nationalbank im Zahlungsverkehr. In Kohli, Ulrich (ed.), Die Schweizerische Nationalbank, pp. 343–353. Zürich: Verlag Neue Zürcher Zeitung.Google Scholar
Miller, Merton H. and Orr, Daniel (1966) A model of the demand for money by firms. Quarterly Journal of Economics 79, 413–435.CrossRefGoogle Scholar
Mulligan, Casey B. (1997) Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms. Journal of Political Economy 105, 1061–1079.CrossRefGoogle Scholar
Mulligan, Casey B. and Sala-i-Martin, Xavier (1992) U.S. money demand: Surprising cross-sectional estimates. Brooking Papers on Economic Activity 2, 285–329.CrossRefGoogle Scholar
Mulligan, Casey B. and Sala-i-Martin, Xavier (1996) Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy. CEPR discussion paper 1358.CrossRefGoogle Scholar
Münz, Rainer (2008) Migration, Labor Markets, and Integration of Migrants: An Overview for Europe. SP discussion paper 0807.Google Scholar
Porter, Richard D. and Judson, Ruth A. (1996) The location of U.S. currency: How much is abroad? Federal Reserve Bulletin, Board of Governors of the Federal Reserve System 82 (October), 883–903.Google Scholar
Redish, Angela and Weber, Warren E. (2011) Coin sizes and payments in commodity money systems. Macroeconomic Dynamics 15 (S1), 62–82.CrossRefGoogle Scholar
Rogoff, Kenneth (1998) Blessing or curse: Foreign and underground demand for euro notes. Economic Policy 13, 263–303.CrossRefGoogle Scholar
Schneider, Friedrich (2008) Shadow Economies and Corruption All Over the World: Empirical Results for 1999 to 2003. Mimeo, University of Linz.Google Scholar
Tin, Jan (2008) An empirical examination of the inventory-theoretic model of precautionary money demand. Economic Letters 99, 204–205.CrossRefGoogle Scholar
Whalen, Edward L. (1966) A rationalization of the precautionary demand for cash. Quarterly Journal of Economics 80, 314–324.CrossRefGoogle Scholar
You have
Access
- 3
- Cited by