Coronavirus panic fuels a surge in cash demand

Hoarding cash

Not a week seems to pass without a media story on the ongoing demise of cash amid the rapid technological advances in payment systems that are supposedly making it obsolete. Many observers cite Sweden, where the share of cash in payment transactions and in GDP has fallen precipitously, as a template for where other countries are heading.

However, as we highlighted in our most recent research,1 cash in circulation as a share of GDP has actually been increasing quite rapidly in a number of

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