Sehr geehrte
Damen und Herren,
wir laden Sie herzlich zum VOSTA Freitagsseminar mit
Herrn Friedrich Schneider, Universität Linz, und Herrn Franz Seitz,
OTH Amberg-Weiden, mit dem Titel "Cash in circulation and the shadow economy: an empirical investigation for euro area countries and beyond" ein.
Termin:
Freitag, 05. April 2019 um 11.00 Uhr
Ort:
Oesterreichische Nationalbank
Veranstaltungssaal, Erdgeschoss
Otto-Wagner-Platz 3
1090 Wien
Abstract:
We analyze the net cash issues of the national euro area central banks in relation to the dynamics of the shadow economy within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro banknotes and
take due account of other determinants of cash demand. We find a significant and positive relationship between the net issues and the size of the shadow economy only for medium notes. And this result seems to be driven by the smaller euro area countries. Country-specific
influences of the financial crises of 2008 are also investigated. The use of large and small denominations is obviously not driven by the shadow economy. For comparison purposes, we also present panel results for eight non-euro area countries (Australia, Canada,
Japan, Norway, Sweden, Switzerland, UK, US). For these countries, we are not able to establish an economically meaningful and statistically significant cash demand equation including the shadow economy.
Um Ihre verlässliche
An- bzw. Abmeldung ersuchen wir bis
Dienstag, 02. April 2019, unter
event-management@oenb.at.
Mit freundlichen Grüßen
Event-Management
