SNB: immigrants reduce seigniorage
A Swiss National Bank paper published on Wednesday examines whether immigrants have a higher demand for large-denominated banknotes than natives.
Andreas Fischer, the author, investigates whether cash orders for Sfr1,000 notes ($1,031), a banknote used for storage purposes, is concentrated in Swiss municipalities with a high foreign-to-native ratio.
Controlling for a range of regional indicators across 251 Swiss municipalities, Fischer shows that European immigrants in Switzerland are found to
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