The use of cashless payment instruments has been on an increase over many years now. At the same time, demand for cash has been on the rise as well and we can observe a particularly high level of growth demand for banknotes during crisis times. The increase in demand for cash known as the “banknote paradox” is a phenomenon observed in many economies. It results from the existence of two streams of demand for cash - transactional and precautionary, and the differences in the directions of their changes from the point of view of the central bank and other entities involved in cash transactions, since it enables the optimization of cash supply management, which allows, on the one hand, to reduce the costs of cash processing and, on the other hand, to improve the effectiveness of monetary policy. This paper estimates the share of the transaction demand for cash with the aggregate demand. The strength and direction of the impact of selected macroeconomic and behavioural factors (uncertainty caused by the Global Financial Crisis and the Pandemic Crisis) on transaction and precautionary demand for cash were also assessed. A novel approach to the problem of demand for cash is based on considering the impact of macroeconomic shocks in the form of crises on the demand for cash.

中文翻译：

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现金需求及其决定因素——后危机方法1

多年来，无现金支付工具的使用一直在增加。与此同时，对现金的需求也在上升，我们可以观察到在危机时期对纸币的需求增长特别高。被称为“纸币悖论”的现金需求增加是许多经济体中观察到的现象。这是由于现金需求的两个流的存在——交易性和预防性，以及从中央银行和其他参与现金交易的实体的角度来看，它们的变化方向不同，因为它能够优化现金供应管理，一方面可以降低现金处理成本，另一方面可以提高货币政策的有效性。本文估计现金交易需求占总需求的份额。还评估了选定的宏观经济和行为因素（全球金融危机和大流行危机造成的不确定性）对交易和预防性现金需求的影响强度和方向。解决现金需求问题的一种新方法是基于考虑以危机形式出现的宏观经济冲击对现金需求的影响。