Les variations de la circulation fiduciaire, années 1952 et 1953

[eng] SUMMARY The note circulation is subject to long term fluctuations and also to shorter ones which reflect themselves every month in successive movements of expansion and contraction The expansion is primarily due to the fact that wages and salary pay ments are usually concentrated upon the end of the month which gives rise to temporary increases in the cash holdings of individuals The movements of contraction during the month appear to be primarily connected with tax payments loan flotations and uso with the degree of confidence in the currency Taking aside these monthly movements it has been possible however to trace definite trend towards slackening of the expansionist movement in the past years On the basis of such findings one can safely conclude that the note circulation is governed by series of independent factors besides those who influence the various sources of the money supply Government borro wings industrial and commercial advances inflow of foreign exchange This concept is particularly important since it shows hoiw the fluctuations In the various items of the weekly statement of Banque de France are to be interpreted