Central Banking

Debit card and cash usage: Cross-country analysis

This Chicago Fed Working Paper finds that while check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast.

During the last decade, debit card transactions grew rapidly in most advanced countries. The authors use panel estimation techniques to analyze the change in transactional demand for cash resulting from greater usage of debit cards in 13 countries from 1988 to 2003. They are able to disentangle cash's store of value

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