. The transaction motive in the rest of the euro area and non-cash payments are part of the short-term dynamics. The long …

We estimate the demand for transaction and non-transaction cash balances in Canada, Denmark, Iceland, Sweden and Norway … over the last decades using the seasonal method. These countries share many features that are relevant for cash demand, but … nevertheless show large differences in terms of aggregate cash balances. While Canada, Iceland and Denmark have seen increased …

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 …

banknotes and take due account of other determinants of cash demand. We find a significant and positive relationship between the … cash demand equation including the shadow economy. …