@article{BartzschRoeslSeitz, author = {Bartzsch, Nikolaus and R{\"o}sl, Gerhard and Seitz, Franz}, title = {A simple way to capture currency abroad}, series = {Applied Economics Letters}, volume = {19}, journal = {Applied Economics Letters}, number = {15}, publisher = {Routledge}, address = {Abingdon}, doi = {10.1080/13504851.2011.637886}, pages = {1511 -- 1514}, abstract = {In this article, we analyse the volume of euro banknotes issued by Germany that circulate abroad. Inferences are drawn from a coin model. Our approach suggests that foreign demand has increased since 2002. At the end of 2009 nearly 50\%, the equivalent of €170 billion, is held outside the euro area.}, language = {en} } @article{Roesl, author = {R{\"o}sl, Gerhard}, title = {Regionalw{\"a}hrungen in Deutschland}, series = {Wirtschaftsdienst}, volume = {85}, journal = {Wirtschaftsdienst}, number = {3}, pages = {182 -- 190}, abstract = {Die Emission von Regionalw{\"a}hrungen in Deutschland weist gegenw{\"a}rtig eine erstaunliche Dynamik auf Handelt es sich dabei um Gutscheine oder Geld? Wie bedeutend sind diese neuen Zahlungsmittel? L{\"a}sst sich dieses Ph{\"a}nomen in ein Gesamtkonzept (in-)offizieller Geldformen integrieren?}, language = {de} } @article{RoeslSeitz, author = {R{\"o}sl, Gerhard and Seitz, Franz}, title = {Cash demand in times of crisis}, series = {Journal of Payments Strategy and Systems}, volume = {16}, journal = {Journal of Payments Strategy and Systems}, number = {2}, publisher = {Ingenta}, address = {Oxford}, issn = {1750-1814}, pages = {107 -- 119}, abstract = {This paper focuses on the role of specific types of crisis (technological crisis, financial market crisis, natural disaster) and their effects on the demand for cash in an international context. As evidence from the last 30 years shows, demand for cash increases during periods of crisis, regardless of the nature of the crisis. The nature of the crisis does, however, determine whether small or large banknote denominations are affected more. This study finds that times of payment uncertainties are associated with increased demand for small denominations, probably reflecting an elevated demand for transaction balances. By contrast, in times of financial crisis or general economic uncertainty, the increased demand for cash is largely the result of consumers taking precautionary actions and building up non-transaction balances; for this reason, there is greater demand for large banknote denominations. This study finds that cash continues to play an important role in crisis management. Whether this function can also be fulfilled by a future central bank digital currency, however, remains to be seen.}, language = {en} } @article{RoeslSeitz, author = {R{\"o}sl, Gerhard and Seitz, Franz}, title = {Uncertainty, politics, and crises: The case for cash}, series = {Latin American Journal of Central Banking}, volume = {5}, journal = {Latin American Journal of Central Banking}, number = {3}, publisher = {Elsevier}, address = {Amsterdam}, issn = {2666-1438}, doi = {10.1016/j.latcb.2024.100128}, abstract = {We analyze the repercussions of different kinds of uncertainty on cash demand, including uncertainty of cashless infrastructures, confidence crises of the financial system, natural disasters, political uncertainties, and inflationary crises. Based on a comprehensive literature survey and complemented by case studies, we derive a classification scheme how cash holdings typically evolved in each of these types of uncertainty over the past 30 years by separating between demand for domestic and international cash as well as between transaction and store of value balances. Hereby, we focus on the stabilizing macroeconomic properties of cash and recommendguidelines for cash supply by central banks and the banking system. Finally, we exemplify ouranalysis with five case studies from the developing world, namely Venezuela, Zimbabwe, Afghanistan, Iraq, and Libya.}, language = {en} } @article{RoeslSeitz, author = {R{\"o}sl, Gerhard and Seitz, Franz}, title = {Central Bank Digital Currency and Cash in the Euro Area: Current Developments and one Specific Proposal}, series = {Credit and Capital Markets - Kredit und Kapital}, volume = {55}, journal = {Credit and Capital Markets - Kredit und Kapital}, number = {4}, publisher = {Duncker \& Humblot}, address = {Berlin}, doi = {10.3790/ccm.55.4.523}, pages = {523 -- 551}, abstract = {The present paper provides an overview on current developments of cash usage and issue of central bank digital currency (CBDC) in the euro area and proposes a possible design of a digital euro that allows for instant offline payments. Cash usage at the point-of-sale decreased perceptibly in the past years mainly due to the ongoing trend towards digitalization. However, we show that there are also indications that consumers were somewhat pushed into cashless payments by government regulations and supply-side restrictions by commercial banks. Nonetheless, overall demand for euro cash remained strong and even increased relative to GDP since the financial crisis in 2008. In this process, however, we observe a supply-driven shift towards lower banknote denominations. Central banks all over the world are intensively thinking about the potential issue of ­CBDC as a substitute or complement to cash. Based on some of its preferred characteristics, we propose a double pre-paid scheme combining central elements of TARGET Instant Payment Settlement and electronic money features enabling offline and online instant payments. Since anonymity is categorically discarded by the ECB and as cash has some special advantages from a consumer perspective, the digital euro will rather co-circulate with cash than replace it in transactions.}, language = {en} } @techreport{RoeslSeitz, type = {Working Paper}, author = {R{\"o}sl, Gerhard and Seitz, Franz}, title = {Cash and Crises: No surprises by the virus}, publisher = {Institute for Monetary and Financial Stability}, pages = {33 S.}, language = {en} } @article{RoeslSeitz, author = {R{\"o}sl, Gerhard and Seitz, Franz}, title = {Doing away with cash? The welfare costs of abolishing cash}, series = {IMFS Working Papers}, journal = {IMFS Working Papers}, number = {112}, publisher = {Institute for Monetary and Financial Stability}, language = {en} } @book{Roesl, author = {R{\"o}sl, Gerhard}, title = {A present value concept for measuring welfare}, number = {203}, publisher = {Goethe University Frankfurt}, pages = {34 S.}, abstract = {We create an alternative version of the present utility value formula to explicitly show that every store-of-value in the economy bears utility-interest (non-pecuniary income) for its holder regardless of possible interest earnings from financial markets. In addition, we generalize the well-known welfare measures of consumer and producer surplus as present value concepts and apply them not only for the production and usage of consumer goods and durables but also for money and other financial assets. This helps us, inter alia, to formalize the circumstances under which even a producer of legal tender might become insolvent. We also develop a new measure of seigniorage and demonstrate why the well-established concept of monetary seigniorage is flawed. Our framework also allows us to formulate the conditions for liability-issued money such as inside money and financial instruments such as debt certificates to become - somewhat paradoxically - net wealth of the society.}, language = {en} } @article{BartzschRoeslSeitz, author = {Bartzsch, Nikolaus and R{\"o}sl, Gerhard and Seitz, Franz}, title = {Cash demand in times of crises: a global perspective}, series = {Bank \& Credit}, volume = {56}, journal = {Bank \& Credit}, number = {01}, publisher = {Index Copernicus}, address = {Warsaw}, doi = {10.5604/01.3001.0054.9611}, pages = {1 -- 44}, abstract = {We analyse the repercussions of different kinds of crises on cash demand in an international perspective. Our case studies are based on time series of banknotes in circulation in a selection of 16 countries and currency areas across all continents over the period from 1990 to 2022. We distinguish between six different kinds of crises: (1) uncertainty of the digital infrastructure, (2) confidence crises of the financial system, (3) natural disasters, (4) political crises, (5) inflationary crises, and (6) exchange rate crises. Our case studies suggest that crises are likely to have contributed to the dynamic growth in demand for banknotes in the countries analysed. This applies both to small and large banknote denominations.}, language = {en} } @incollection{Roesl, author = {R{\"o}sl, Gerhard}, title = {Finanzielle Repression}, series = {Europ{\"a}ische Geldpolitik : Theorie Empirie und Praxis. (UTB ; 8285). - (wisu-texte)}, booktitle = {Europ{\"a}ische Geldpolitik : Theorie Empirie und Praxis. (UTB ; 8285). - (wisu-texte)}, editor = {G{\"o}rgens, Egon and Ruckriegel, Karlheinz and Seitz, Franz}, edition = {6}, publisher = {UVK Lucius}, address = {Konstanz}, isbn = {978-3-8252-8555-5}, pages = {390 -- 392}, language = {de} }