Bank notes

• Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies

  Staff Working Paper 2017-5 Ben Fung, Scott Hendry, Warren E. Weber

  This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Financial services JEL Code(s): E, E4, E41, E42, E5, E58
• December 8, 2016

  Engaging Canadians: a #bankNOTEable process

  Remarks Stephen S. Poloz Canadian Museum of History Gatineau, Quebec

  Governor Poloz, with Ministers Morneau and Hadju, announces the #bankNOTEable woman.

  Content Type(s): Press, Speeches Topic(s): Bank notes

• Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering

  Staff Working Paper 2016-8 Angelika Welte

  Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Market structure and pricing, Payment clearing and settlement systems JEL Code(s): D, D1, D12, E, E5, E58, G, G2, G28

• On the Essentiality of E-Money

  Staff Working Paper 2015-43 Jonathan Chiu, Tsz-Nga Wong

  Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, L, L5, L51

• Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes

  Staff Working Paper 2015-18 Warren E. Weber

  The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Financial services JEL Code(s): E, E4, E41, E42, E5, E58
• May 14, 2015

  The Use of Cash in Canada

  Bank of Canada Review - Spring 2015 Ben Fung, Kim Huynh, Gerald Stuber

  The Bank of Canada’s 2013 Methods-of-Payment Survey indicates that the share of cash in the overall number of retail transactions has continued to decrease, mainly because of increased use of contactless credit cards. The share of cash in the total value of retail transactions was virtually unchanged from 2009 to 2013. In particular, the value share of cash transactions above $50 increased. Automated banking machines (ABMs), still the major source of cash for Canadians, were used less often in 2013 than in 2009. Cash use in Canada is broadly similar to that in Australia and the United States.

  Content Type(s): Publications, Bank of Canada Review Article Topic(s): Bank notes, Digital Currencies, Econometric and statistical methods, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C8, C83, E, E4, E42, G, G2, G21, L, L8, L81

• 2013 Methods-of-Payment Survey Results

  Staff Discussion Paper 2015-4 Christopher Henry, Kim Huynh, Rallye Shen

  As the sole issuer of bank notes, the Bank of Canada conducts methods-of-payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage.

  Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Bank notes, Digital Currencies JEL Code(s): E, E4

• The Efficiency of Private E-Money-Like Systems: The U.S. Experience with National Bank Notes

  Staff Working Paper 2015-3 Warren E. Weber

  Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Financial services JEL Code(s): E, E4, E41, E42, E5, E58

• Demographics and the Demand for Currency

  Staff Working Paper 2014-59 Geoffrey R. Dunbar

  I use data from the Bank of Canada’s Bank Note Distribution System and exploit a natural experiment offered by the timing of Easter in the Gregorian calendar to analyze the effects of demographic change for currency demand.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): C, C3, C31, C36, E, E4, E41

• The Role of Card Acceptance in the Transaction Demand for Money

  Staff Working Paper 2014-44 Kim Huynh, Philipp Schmidt-Dengler, Helmut Stix

  The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Econometric and statistical methods, Financial services JEL Code(s): C, C3, C35, C8, C83, E, E4, E41