Zbyněk Revenda
Oběživo v České republice
Číslo: 1/2017
Periodikum: Acta Oeconomica Pragensia
DOI: 10.18267/j.aop.566
Klíčová slova: bank reserves, central bank, cash, demand deposits, demand for money, monetary base, monetary aggregates, monetary policy, Bankovní rezervy, centrální banka, hotovost, netermínované vklady, poptávka po penězích, měnová základna, měnové agregáty, měnová politika
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The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An
analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities
for cash is associated mainly with liquidity, banks’ credibility and technological sophistication.
Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but
it has little meaning with the decline in interest rates on bank deposits. The total stock of cash in
the analyzed period rises, but its relative importance declines. Demand deposits are also liquid
assets of households and enterprises. Cash compared with demand deposits clearly confirms the
declining importance. Its share was the highest in 2004, at 30 %. It fell to less than 18 % in 2015.
We found a similar tendency in the comparison of cash with other variables. Barring unforeseen
circumstances such as complete collapse of computer networks or severe banking crisis, the author assumes that the relative importance of cash must decline in the long term. Some theoretical aspects of cash and cashless money are also discussed.