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European hoarding: currency use among immigrants in Switzerland

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  • Andreas M. Fischer

Abstract

Do immigrants have a higher demand for large denominated banknotes than natives? This study examines whether cash orders for CHF 1000 notes, a banknote not used for daily transactions, is concentrated in Swiss cities with a high foreign-to-native ratio. Controlling for a range of socio-economic indicators across 250 Swiss cities, European immigrants in Switzerland are found to hoard less CHF 1000 banknotes than natives. A 1 percent increase in the immigrant-to-native ratio leads to a reduction in currency orders by CHF 4000. This negative correlation between immigrant-to-native ratio and currency orders for CHF 1000 notes holds irrespective of the European immigrants' country of origin. Hoarding of large denominated banknotes by natives is attributed tax avoidance.

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File URL: http://dallasfed.org/assets/documents/institute/wpapers/2009/0035.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Dallas in its series Globalization and Monetary Policy Institute Working Paper with number 35.

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Date of creation: 2009
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Handle: RePEc:fip:feddgw:35

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Keywords: Money ; Immigrants ; Bank notes ; Monetary policy;

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Cited by:
  1. Kathrin Degen & Andreas M. Fischer, 2010. "Immigration and Swiss House Prices," Working Papers 2010-16, Swiss National Bank.

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