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Against the tide—currency use among Latin American immigrants in Chicago

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  • Carrie Jankowski
  • Richard Porter
  • Tara Rice
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    Abstract

    While the U.S. continues to transition away from cash toward electronic payment methods, some population segments continue to rely heavily on cash. In this study of foreign-born Latin Americans in Chicago, the authors find that the dramatic increase in the number of immigrants is supporting a growing demand for currency, notably in the $100 denomination.

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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2007/ep_2qtr2007_part1_jankowski_etal.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

    Volume (Year): (2007)
    Issue (Month): Q II ()
    Pages: 2-21

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    Handle: RePEc:fip:fedhep:y:2007:i:qii:p:2-21:n:v.31no.2

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    Related research

    Keywords: Currency convertibility ; Emigrant remittances ; Emigrant remittances - Latin America ; Payment systems;

    References

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    1. Boyan Jovanovic & Peter L. Rousseau, 2002. "Moore's Law and Learning-By-Doing," NBER Working Papers 8762, National Bureau of Economic Research, Inc.
    2. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Books, National Bureau of Economic Research, Inc, number caga58-1.
    3. Sujit Chakravorti & Victor Lubasi, 2006. "Payment instrument choice: the case of prepaid cards," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 29-43.
    4. Porter, Richard D. & Weinbach, Gretchen C., 1999. "Currency ratios and U.S. underground economic activity," Economics Letters, Elsevier, vol. 63(3), pages 355-361, June.
    5. Casey B. Mulligan & Xavier Sala-i-Martin, 2000. "Extensive Margins and the Demand for Money at Low Interest Rates," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 961-991, October.
    6. Catalina Amuedo-Dorantes & Cynthis Bansak & Susan Pozo, 2005. "On the remitting patterns of immigrants: evidence from Mexican survey data," Economic Review, Federal Reserve Bank of Atlanta, issue Q 1, pages 37-58.
    7. Judson, Ruth A. & Porter, Richard D., 2004. "Currency demand by federal reserve cash office: what do we know?," Journal of Economics and Business, Elsevier, vol. 56(4), pages 273-285.
    8. Richard D. Porter & Ruth A. Judson, 1996. "The location of U.S. currency: how much is abroad?," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 883-903.
    9. Ellen Seidman & Moez Hababou & Jennifer Kramer, 2005. "A financial services survey of low income households," Proceedings 956, Federal Reserve Bank of Chicago.
    10. Phillip Cagan, 1958. "The Demand for Currency Relative to the Total Money Supply," Journal of Political Economy, University of Chicago Press, vol. 66, pages 303.
    11. Philip Cagan, 1958. "The Demand for Currency Relative to Total Money Supply," NBER Chapters, in: The Demand for Currency Relative to Total Money Supply, pages 1-37 National Bureau of Economic Research, Inc.
    12. Anna Paulson & Audrey Singer & Robin Newberger & Jeremy Smith, . "Financial access for immigrants: lessons from diverse perspectives," Monograph, Federal Reserve Bank of Chicago, number 2006faflfd.
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