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e non sanno come mai, io qualche ideuzza ce l'ho, molto interessante cmq, secondo me e' il vero polso di quanta poca fiducia ci sia in giro.
DIRECTORATE GENERAL FOR INTERNAL POLICIES
POLICY DEPARTMENT A: ECONOMIC AND SCIENTIFIC POLICY
Implications of the expanding use of cash for monetary policy
IN-DEPTH ANALYSIS
Abstract
Financial innovation seemsto have had little impact on the oldest medium of transaction, namely cash. The ratio of currency in circulation to GDP has increased in most countries, independently of the continuing spread of cashless transactions.
Currency is part of the monetary base. Its increase thus leads to an automatic increase in central banks’ balance sheets. This becomes relevant when the size of a central bank’s balance sheet becomes a policy instrument. Taking account of the increase in cash holdings can lead to a different view of the monetary policy stanceover longer periods of time. Holding the size of the overall balance sheet constant is equivalent to a gradual exit when currency holdings continue to increase
http://www.europarl.europa.eu/RegData/etudes/IDAN/...
DIRECTORATE GENERAL FOR INTERNAL POLICIES
POLICY DEPARTMENT A: ECONOMIC AND SCIENTIFIC POLICY
Implications of the expanding use of cash for monetary policy
IN-DEPTH ANALYSIS
Abstract
Financial innovation seemsto have had little impact on the oldest medium of transaction, namely cash. The ratio of currency in circulation to GDP has increased in most countries, independently of the continuing spread of cashless transactions.
Currency is part of the monetary base. Its increase thus leads to an automatic increase in central banks’ balance sheets. This becomes relevant when the size of a central bank’s balance sheet becomes a policy instrument. Taking account of the increase in cash holdings can lead to a different view of the monetary policy stanceover longer periods of time. Holding the size of the overall balance sheet constant is equivalent to a gradual exit when currency holdings continue to increase
http://www.europarl.europa.eu/RegData/etudes/IDAN/...
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