Against the Tide - Currency Use Among Latin American Immigrants in Chicago

20 Pages Posted: 9 May 2007

See all articles by Carrie Jankowski

Carrie Jankowski

Federal Reserve Bank of Chicago

Tara Rice

Bank for International Settlements (BIS)

Richard D. Porter

Federal Reserve Bank of Chicago

Abstract

While the U.S. continues to transition away from cash toward electronic payment methods, some population segments continue to rely heavily on cash. In this study of foreign-born Latin Americans in Chicago, the authors find that the dramatic increase in the number of immigrants is supporting a growing demand for currency, notably in the $100 denomination.

Keywords: immigration, currency demand, financial participation, domestic currency holdings, Personal Income, Wealth, and Their Distributions, Demand for Money, Banks, Other Depository Institutions, Micro Finance Institutions, Mortgages, Geographic Labor Mobility, Immigrant Workers

Suggested Citation

Jankowski, Carrie and Rice, Tara and Porter, Richard D., Against the Tide - Currency Use Among Latin American Immigrants in Chicago. Economic Perspectives, Vol. 31, No. 2, Second Quarter 2007, Available at SSRN: https://ssrn.com/abstract=984936

Carrie Jankowski (Contact Author)

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

Tara Rice

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Richard D. Porter

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

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