Economists of the Central Bank of Austria, having studied the data on 96% of world GDP, in their conclusion for CERP noted the global tendency to increase the share of cash in circulation.
An analysis of statistical data was carried out for the European Research Center, and not only members of the OECD, but also other countries were considered. As a result, analysts concluded that since 2007, in most states, a stable increase in cash in the economy is observed. The exception is not even developed countries. Similar dynamics are observed in the USA, Japan, Great Britain and the Eurozone. Outside OECD, this trend is not so strong, but there are now the indicators now exceed the level of 2003.
Economists still definitely do not understand the mechanisms of cash requirement. From the middle of the XX century, non-cash payments quickly displaced physical money, but the 2008 crisis changed the trend. At the same time, the successes of some countries in improving the non-cash settlement system do not interfere with this process.
An increase in the share of physical money automatically leads to a reduction in electronic turnover and an increase in retail business that uses cash. In addition, the share of the shadow sector of the economy and tax evasion increases, which also leads to the accumulation of funds in the hands.
The study of analysts of the Kommersant Publishing House shows that in Russia such a tendency began since 2015 and is now supported by the reviews of bank licenses and the fall in the profitability of deposits. Although the fight against money laundering and the translation on the World Maps had an impact, but did not rejoice the trend.
A global scale also has an increase in demand for popular currencies, such as euro, dollar, franc, in countries with an unstable economy.
According to experts, cash accumulation contributes to financial crises and slow depreciation of currencies, as well as a high level of taxation forms a global hidden, isolated turnover.
However, for Russia, the US sanctions are an additional factor.