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¿Es la Eurozona un área óptima para suprimir el efectivo? Un análisis sobre la inclusión financiera y el uso de efectivo

Author

Listed:
  • Juan-Francisco Albert

    (Departamento de Economía Aplicada, Universidad de Valencia.)

  • Nerea Gómez-Fernández

    (Centro de Gestión de la Calidad y del Cambio, Universidad Politécnica de Valencia.)

Abstract

In recent years blockchain technology is revolutionizing the current international payment system. This paper argues that the gradual substitution of cash in the Eurozone for a cryptocurrency based on blockchain technology, could lead to great microeconomic and macroeconomic advantages. However, to carry out a political decision of this magnitude, it is necessary to ensure that all agents will have the necessary means to carry out their transactions. Therefore, this paper analyzes the financial inclusion and use of cash in the Eurozone - using microdata from the Global Findex survey of the World Bank - in order to discern whether a proposal to substitute cash for virtual money would be timely or advisable. The descriptive and econometric results show a lower financial inclusion and a greater use of cash in the Eurozone than in monetary areas of similar level of development, although there is great heterogeneity among countries. Likewise, it is observed that the probability of using cash is greater for individuals with lower income and education levels. Based on the results, it is concluded that the possible proposals that advocate the total elimination of cash in the Eurozone should be carried out gradually and with strong public support to the sectors of the population with lower levels of income and education.

Suggested Citation

  • Juan-Francisco Albert & Nerea Gómez-Fernández, 2020. "¿Es la Eurozona un área óptima para suprimir el efectivo? Un análisis sobre la inclusión financiera y el uso de efectivo," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 43(121), pages 1-16, Enero.
    • Handle: RePEc:cud:journl:v:43:y:2020:i:121:p:1-16
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    Cited by:

    1. Satria Bangsawan & Muhammad Haseeb & Mahrinasari Ms, 2020. "A product of social mission, sustainable entrepreneurial and marketing orientation: enhancing social entrepreneurial self-efficacy in Indonesian education sector," Post-Print hal-03121047, HAL.

    More about this item

    Keywords

    Blockchain; Cryptocurrency; Eurozone; Financial inclusion; Cash; Global Findex;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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