Kotkowski Radoslaw
Nicolaus Copernicus University in Toruń, Poland.
Financ Res Lett. 2023 Jan;51:103483. doi: 10.1016/j.frl.2022.103483. Epub 2022 Nov 9.
There was a significant increase in the demand for physical money during the COVID-19 pandemic. This stood in stark contrast to the decline in demand witnessed during previous pandemics. However, the change was not uniform and varied significantly between countries. By employing the "national culture" framework to identify the drivers of this variation, this study found that uncertainty avoidance, as well as social norms regarding gratification, played a major role. This suggests that some central banks should hold larger cash reserves to mitigate the risk of uncertainty and that the national culture framework may prove useful in researching the international differences in past, present, and future money demand.
在新冠疫情期间，实物货币的需求显著增加。这与之前疫情期间需求下降形成了鲜明对比。然而，这种变化并不一致，各国之间差异很大。通过运用“国家文化”框架来确定这种差异的驱动因素，本研究发现，不确定性规避以及关于满足的社会规范起到了主要作用。这表明一些央行应持有更多现金储备以降低不确定性风险，并且国家文化框架可能在研究过去、现在和未来货币需求的国际差异方面证明是有用的。
