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

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Listed:
  • Carrie Jankowski
  • Richard D. Porter
  • Tara Rice

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.

Suggested Citation

  • Carrie Jankowski & Richard D. Porter & Tara Rice, 2007. "Against the tide—currency use among Latin American immigrants in Chicago," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 2-21.
    • Handle: RePEc:fip:fedhep:y:2007:i:qii:p:2-21:n:v.31no.2
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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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    References listed on IDEAS

    as
    1. 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.
    2. Catalina Amuedo-Dorantes & Cynthia 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.
    3. 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.
    4. William J. Baumol, 1952. "The Transactions Demand for Cash: An Inventory Theoretic Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 66(4), pages 545-556.
    5. 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.
    6. Richard D. Porter & Ruth 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.
    7. 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.
    8. Boyan Jovanovic & Peter L. Rousseau, 2002. "Moore's Law and Learning-By-Doing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 346-375, April.
    9. Anna Paulson & Audrey Singer & Robin Newberger & Jeremy Smith, . "Financial access for immigrants: lessons from diverse perspectives," Monograph, Federal Reserve Bank of Chicago, number 2006faflfd.
    10. Ellen Seidman & Moez Hababou & Jennifer Kramer, 2005. "A financial services survey of low income households," Proceedings 956, Federal Reserve Bank of Chicago.
    11. 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.
    12. Phillip Cagan, 1958. "The Demand for Currency Relative to the Total Money Supply," Journal of Political Economy, University of Chicago Press, vol. 66, pages 303-303.
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