914:, including the minimum proportion of a bank’s assets that banks must hold in cash. When banks no longer believe they need as much cash in reserve they would return the cash to the monetary authority. Subject to directives from the regulator, banks tend to keep their cash reserves as low as is prudently necessary, as banks do not earn interest on it, and incur a cost to keep it securely. (The amount taken out of reserve is available for lending, at interest.) The amount of money needed to be at call varies because of a number of factors. For example, in many countries there is a higher demand at Christmas time when
40:
1220:
1523:
799:
1234:
811:
934:, without the use of cash. When a business makes a cash sale, it will keep the cash it receives until it pays it to someone else or deposits it into a bank account, keeping part of it in its "float", in order to give change to customers. A significant part of the cash in circulation is used by and held within the
906:
The currency in circulation in a country is based on the need or demand for cash in the community. The monetary authority of each country (or currency zone) is responsible for ensuring there is enough money in circulation to meet the commercial needs of the economy, and releases additional notes and
918:
activity is highest. Also, when workers were paid in cash, there was a higher demand for pay-day. There may also be sudden, unexpected surges in demand for cash by individuals during economic panics, which may result in a
885:
The published amount of currency in circulation tends to be overstated by an unknown amount. For example, money may have been destroyed, or stored as a form of security (the proverbial “money under the mattress”), or by
910:
Banks would routinely or exceptionally order cash from the monetary authority to meet anticipated demand, and keep it in reserve in the bank. The banking regulator would typically determine the banks’
956:, which can include banknotes, deposits, bonds, treasury bills and other government securities. The cash component is counted by the issuing central bank as part of its currency in circulation.
968:. After 12 years, in 2002 this figure was two trillion USD, and in 2008 it had increased to four trillion USD. (These figures do not make allowance for inflation or population changes.)
926:
Cash that is in the hands of individuals and businesses in the community may be needed for routine or exceptional purchases or held in reserve. Nowadays, a large part of everyday
979:(CPMI). The table below shows the statistics as of 31 December 2016 in billions of US dollars using the exchange rate at the end of the year. The total value is $ 4,687 billion.
756:
976:
841:
2928:
2884:
1368:
1711:
923:" as individuals seek to withdraw money from bank accounts. Cash held by banks is counted as part of the currency in circulation.
375:
151:
834:
975:
provides detailed statistics of the worth of banknotes and coins for 18 major currencies used by the member states of the
1932:
1855:
1303:
972:
512:
360:
1505:
453:
1361:
827:
2366:
1268:
2336:
2326:
2019:
1662:
1567:
1239:
558:
365:
2547:
2486:
2459:
1768:
497:
485:
2913:
2894:
2471:
2316:
2282:
2267:
2246:
2241:
387:
217:
141:
69:
878:
of a country, which can be defined in various ways, but always includes currency and also some types of
2888:
2464:
2154:
2144:
1354:
507:
490:
370:
2034:
953:
931:
392:
2918:
2864:
2607:
2562:
2401:
2272:
2149:
1751:
1689:
947:
895:
581:
546:
382:
2622:
2572:
2406:
2396:
2386:
2376:
2114:
2104:
2064:
2054:
1927:
1848:
551:
473:
468:
440:
23:
2742:
2587:
2447:
2390:
2346:
2309:
2059:
1999:
1974:
1944:
1917:
1810:
1739:
1699:
1340:
Statistics on payment, clearing and settlement systems in the CPMI countries, Figures for 2016.
783:
534:
350:
345:
330:
297:
156:
2874:
2557:
2532:
2517:
2491:
2430:
2109:
2049:
2029:
2024:
1793:
927:
623:
598:
502:
435:
161:
124:
102:
97:
2923:
2627:
2371:
2341:
2294:
2257:
2183:
2134:
2099:
2039:
2004:
1939:
1922:
1672:
1492:
965:
541:
355:
200:
1872:
964:
In 1990, total currency in circulation in the world passed the equivalent of one trillion
8:
2853:
2662:
2481:
2381:
2361:
2321:
2277:
2262:
2218:
2159:
2084:
2074:
2044:
1967:
1820:
911:
751:
628:
463:
425:
166:
129:
2522:
1954:
588:
2908:
2879:
2837:
2642:
2351:
2331:
2299:
2213:
2208:
2188:
2139:
2079:
2069:
2014:
2009:
1841:
1582:
1377:
1225:
867:
703:
430:
397:
335:
2953:
2772:
2747:
2657:
2537:
2425:
2228:
2164:
2129:
2119:
1989:
1815:
1761:
1724:
1609:
1572:
1299:
1273:
1258:
778:
766:
723:
568:
563:
287:
212:
2697:
638:
2822:
2767:
2752:
2737:
2722:
2652:
2632:
2612:
2567:
2174:
2124:
2094:
2089:
1979:
1905:
1798:
1783:
1728:
1679:
1641:
1631:
1263:
890:, or held in reserve within the banking system, including currency held by foreign
713:
698:
224:
195:
183:
173:
109:
89:
59:
54:
2702:
1326:
2933:
2827:
2792:
2757:
2692:
2617:
2602:
2496:
2452:
2289:
2223:
2198:
2193:
2169:
1900:
1885:
1778:
1706:
1636:
1614:
1587:
1413:
1385:
1293:
1247:
887:
815:
718:
678:
658:
524:
325:
320:
315:
282:
254:
114:
1250:- coins intended for circulation (as opposed to commemorative and bullion coins)
2847:
2832:
2797:
2782:
2762:
2732:
2552:
2203:
1912:
1880:
1805:
1788:
1773:
1419:
1253:
773:
688:
683:
340:
190:
146:
64:
39:
31:
2582:
608:
2947:
2812:
2802:
2777:
2717:
2712:
2707:
2687:
2677:
2647:
2637:
2542:
2442:
2415:
2179:
1463:
879:
708:
693:
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653:
648:
643:
618:
613:
277:
239:
136:
2842:
2787:
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2672:
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2592:
2437:
1962:
1890:
1694:
1684:
1621:
1528:
935:
891:
875:
803:
728:
673:
633:
420:
292:
259:
249:
207:
84:
79:
952:
Central banks of many countries hold currency of another country in their
2817:
2807:
2597:
2476:
2420:
1895:
1594:
1548:
1500:
1447:
1442:
1339:
733:
244:
229:
2727:
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2304:
1756:
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1395:
663:
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529:
480:
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1346:
761:
603:
234:
119:
74:
2356:
1604:
1562:
1557:
1424:
920:
915:
859:
866:(banknotes and coins) that has ever been issued by the country’s
1338:
Committee on
Payments and Market Infrastructures(October 2017).
1667:
1626:
1577:
1469:
1436:
1233:
810:
1539:
1475:
402:
178:
1833:
1646:
1599:
1430:
1407:
863:
1481:
1327:
Fiat
Currency in Circulation, How Much Money is There?
870:
less the amount that has been removed. More broadly,
1518:
1215:
1291:
2945:
977:Committee on Payments and Market Infrastructures
959:
901:
1849:
1362:
835:
941:
1856:
1842:
1369:
1355:
1292:Welch, Patrick J.; Gerry F. Welch (2016).
983:Value of banknotes and coin in circulation
842:
828:
16:Value of banknotes and coins still issued
907:coins when there is a demand for them.
2946:
1376:
1298:. John Wiley & Sons. p. 190.
152:Measures of national income and output
1837:
1735:Commodity theory of money (Metallism)
1350:
1933:Agent-based computational economics
13:
1285:
973:Bank for International Settlements
14:
2965:
1712:Akkadian standards of measurement
2391:neoclassical–Keynesian synthesis
1521:
1232:
1218:
809:
797:
38:
1398:(W. Mesoamerica & N. Andes)
1332:
1319:
1295:Economics: Theory and Practice
1269:List of circulating currencies
858:in a country is the value of
757:Publications in macroeconomics
1:
2327:Critique of political economy
1863:
1715:
1663:List of historical currencies
1568:Central bank digital currency
1279:
1240:Business and economics portal
960:Total currency in circulation
1769:Standard of deferred payment
1325:Mike Hewitt (25 June 2009).
902:Domestic demand for currency
882:, such as deposits at call.
7:
1211:
854:In monetary economics, the
10:
2970:
2465:Real business-cycle theory
945:
932:electronic funds transfers
508:New neoclassical synthesis
491:Real business-cycle theory
2905:
2863:
2505:
2239:
1988:
1953:
1871:
1655:
1538:
1516:
1491:
1456:
1384:
954:foreign exchange reserves
942:Foreign currency reserves
1752:Quantity theory of money
1573:Chattel/movable property
948:Foreign currency reserve
896:foreign exchange reserve
513:Saltwater and freshwater
2105:Industrial organization
1928:Computational economics
993:Billions of US dollars
856:currency in circulation
441:International economics
366:Overlapping generations
2310:Modern monetary theory
1975:Experimental economics
1945:Pluralism in economics
1918:Mathematical economics
1811:Complementary currency
1740:Credit theory of money
1700:Depository institution
784:Mathematical economics
535:Modern monetary theory
298:Universal basic income
1794:Digital gold currency
966:United States dollars
624:Wesley Clair Mitchell
599:Thomas Robert Malthus
436:Development economics
2184:Social choice theory
1940:Behavioral economics
1923:Complexity economics
1673:Coincidence of wants
1493:Representative money
1329:. The Market Oracle.
912:reserve requirements
872:money in circulation
361:Ramsey–Cass–Koopmans
201:Liquidity preference
2268:American (National)
1968:Economic statistics
1821:Time-based currency
986:
985:(31 December 2016)
816:Business portal
752:Macroeconomic model
629:John Maynard Keynes
426:Economic statistics
371:General equilibrium
1690:Clearinghouse bank
1378:Medium of exchange
1226:Numismatics portal
990:Country or region
982:
930:is effected using
868:monetary authority
704:Edward C. Prescott
431:Monetary economics
2941:
2940:
2472:New institutional
1831:
1830:
1816:Sectoral currency
1762:Market monetarism
1725:Code of Hammurabi
1514:
1513:
1506:Gold certificates
1274:Velocity of money
1259:Counterfeit money
1209:
1208:
852:
851:
779:Political economy
734:N. Gregory Mankiw
724:Thomas J. Sargent
569:Market monetarism
383:Endogenous growth
213:National accounts
2961:
2145:Natural resource
1980:Economic history
1906:Mechanism design
1858:
1851:
1844:
1835:
1834:
1799:Virtual currency
1784:Digital currency
1720:
1717:
1680:Bureau de change
1531:
1526:
1525:
1524:
1457:Domestic animals
1454:
1453:
1371:
1364:
1357:
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1316:
1314:
1312:
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1264:History of money
1242:
1237:
1236:
1228:
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1222:
1221:
996:US$ per capita
987:
981:
844:
837:
830:
814:
813:
804:Money portal
802:
801:
800:
714:William Nordhaus
699:Robert Lucas Jr.
589:François Quesnay
225:Nominal rigidity
196:Demand for money
174:Microfoundations
110:Financial crisis
90:Effective demand
60:Aggregate supply
55:Aggregate demand
42:
19:
18:
2969:
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2934:Business portal
2901:
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2623:von Böhm-Bawerk
2511:
2510:
2501:
2273:Ancient thought
2251:
2250:
2244:
2235:
2234:
2233:
1984:
1949:
1901:Contract theory
1886:Decision theory
1867:
1862:
1832:
1827:
1779:Unit of account
1718:
1651:
1637:Promissory note
1615:Deposit account
1588:Cheque clearing
1542:
1534:
1527:
1522:
1520:
1510:
1487:
1452:
1420:Precious metals
1387:
1380:
1375:
1345:
1337:
1333:
1324:
1320:
1310:
1308:
1306:
1290:
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1282:
1248:Business strike
1238:
1231:
1224:
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1214:
984:
962:
950:
944:
921:run on the bank
904:
888:coin collectors
848:
808:
798:
796:
789:
788:
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739:
738:
719:Joseph Stiglitz
679:Milton Friedman
659:Friedrich Hayek
584:
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573:
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393:Mundell–Fleming
388:Matching theory
326:Keynesian cross
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264:
50:
17:
12:
11:
5:
2967:
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2354:
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2344:
2339:
2337:Disequilibrium
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2313:
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2150:Organizational
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1913:Macroeconomics
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1881:Microeconomics
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1806:Local currency
1803:
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1789:Cryptocurrency
1781:
1776:
1774:Store of value
1771:
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1759:
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1737:
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1729:§100; §122–125
1722:
1719: 2150 BC
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1484:(Tibet, China)
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1427:(cotton cloth)
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1305:978-1118949733
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774:Microeconomics
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689:Lawrence Klein
686:
684:Paul Samuelson
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639:Michał Kalecki
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566:
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559:Disequilibrium
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547:Post-Keynesian
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415:Related fields
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193:
191:Money creation
188:
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176:
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159:
149:
147:Liquidity trap
144:
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133:
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127:
117:
112:
107:
106:
105:
100:
92:
87:
82:
77:
72:
67:
65:Business cycle
62:
57:
51:
49:Basic concepts
48:
47:
44:
43:
35:
34:
32:Macroeconomics
28:
27:
15:
9:
6:
4:
3:
2:
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2518:de Mandeville
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2475:
2473:
2470:
2466:
2463:
2462:
2461:
2460:New classical
2458:
2454:
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2441:
2439:
2436:
2432:
2429:
2428:
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2419:
2417:
2416:Malthusianism
2414:
2408:
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2404:
2403:
2400:
2398:
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2392:
2388:
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2377:Institutional
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2207:
2205:
2202:
2200:
2197:
2195:
2192:
2190:
2187:
2185:
2181:
2180:Public choice
2178:
2176:
2173:
2171:
2168:
2166:
2163:
2161:
2158:
2156:
2155:Participation
2153:
2151:
2148:
2146:
2143:
2141:
2138:
2136:
2133:
2131:
2128:
2126:
2123:
2121:
2118:
2116:
2115:Institutional
2113:
2111:
2108:
2106:
2103:
2101:
2098:
2096:
2093:
2091:
2088:
2086:
2083:
2081:
2078:
2076:
2073:
2071:
2068:
2066:
2065:Expeditionary
2063:
2061:
2058:
2056:
2055:Environmental
2053:
2051:
2048:
2046:
2043:
2041:
2038:
2036:
2033:
2031:
2028:
2026:
2023:
2021:
2018:
2016:
2013:
2011:
2008:
2006:
2003:
2001:
1998:
1997:
1993:
1991:
1987:
1981:
1978:
1976:
1973:
1969:
1966:
1965:
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1961:
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1946:
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1911:
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1733:
1731:; c. 1750 BC)
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1471:
1468:
1465:
1464:Water buffalo
1462:
1461:
1459:
1455:
1449:
1446:
1444:
1441:
1438:
1435:
1433:(Roman world)
1432:
1429:
1426:
1423:
1421:
1418:
1415:
1412:
1409:
1406:
1404:(Mesoamerica)
1403:
1400:
1397:
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1187:
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1120:
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1077:
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1050:
1047:
1045:United States
1044:
1043:
1039:
1036:
1033:
1032:
1028:
1025:
1022:
1021:
1017:
1014:
1012:Hong Kong SAR
1011:
1010:
1006:
1003:
1000:
999:
995:
992:
989:
988:
980:
978:
974:
969:
967:
957:
955:
949:
939:
937:
936:black economy
933:
929:
924:
922:
917:
913:
908:
899:
897:
893:
892:central banks
889:
883:
881:
880:bank deposits
877:
874:is the total
873:
869:
865:
861:
857:
845:
840:
838:
833:
831:
826:
825:
823:
822:
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812:
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795:
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785:
782:
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768:
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764:
763:
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750:
749:
743:
742:
735:
732:
730:
727:
725:
722:
720:
717:
715:
712:
710:
709:Peter Diamond
707:
705:
702:
700:
697:
695:
694:Edmund Phelps
692:
690:
687:
685:
682:
680:
677:
675:
672:
670:
669:Richard Stone
667:
665:
662:
660:
657:
655:
654:Joan Robinson
652:
650:
649:Simon Kuznets
647:
645:
644:Gunnar Myrdal
642:
640:
637:
635:
632:
630:
627:
625:
622:
620:
619:Irving Fisher
617:
615:
614:Knut Wicksell
612:
610:
607:
605:
602:
600:
597:
595:
592:
590:
587:
586:
583:
578:
577:
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536:
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523:
522:
521:
520:
514:
511:
509:
506:
504:
501:
499:
496:
492:
489:
488:
487:
486:New classical
484:
482:
479:
475:
472:
470:
467:
466:
465:
462:
461:
460:
455:
450:
449:
442:
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429:
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307:
306:
299:
296:
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291:
289:
286:
284:
281:
279:
276:
275:
269:
268:
261:
258:
256:
253:
251:
248:
246:
243:
241:
240:Shrinkflation
238:
236:
233:
231:
228:
226:
223:
219:
216:
215:
214:
211:
209:
206:
202:
199:
198:
197:
194:
192:
189:
185:
182:
181:
180:
177:
175:
172:
168:
165:
163:
160:
158:
155:
154:
153:
150:
148:
145:
143:
140:
138:
137:Interest rate
135:
131:
128:
126:
123:
122:
121:
118:
116:
113:
111:
108:
104:
101:
99:
96:
95:
94:Expectations
93:
91:
88:
86:
83:
81:
78:
76:
73:
71:
68:
66:
63:
61:
58:
56:
53:
52:
46:
45:
41:
37:
36:
33:
30:
29:
25:
21:
20:
2929:Publications
2885:Publications
2852:
2448:Neoclassical
2438:Mercantilism
2347:Evolutionary
2209:Sociological
2182: /
2080:Geographical
2060:Evolutionary
2035:Digitization
2000:Agricultural
1963:Econometrics
1891:Price theory
1695:Savings bank
1685:Central bank
1622:Legal tender
1529:Money portal
1334:
1321:
1309:. Retrieved
1294:
1287:
1188:South Africa
1089:Saudi Arabia
970:
963:
951:
928:transactions
925:
909:
905:
884:
876:money supply
871:
855:
853:
729:Paul Krugman
674:Hyman Minsky
634:Alvin Hansen
518:
517:
458:
421:Econometrics
398:Overshooting
351:Harrod–Domar
346:Arrow–Debreu
293:Central bank
260:Unemployment
250:Supply shock
208:Money supply
85:Disinflation
80:Demand shock
2723:von Neumann
2492:Supply-side
2477:Physiocracy
2421:Marginalism
2110:Information
2050:Engineering
2030:Development
2025:Demographic
1896:Game theory
1873:Theoretical
1647:Safekeeping
1501:Bimetallism
1416:(W. Africa)
1001:Switzerland
609:LĂ©on Walras
503:Supply-side
336:Accelerator
245:Stagflation
230:Price level
125:Demand-pull
2880:Economists
2753:Schumacher
2658:Schumpeter
2628:von Wieser
2548:von ThĂĽnen
2508:Economists
2407:Circuitism
2372:Humanistic
2367:Historical
2342:Ecological
2332:Democratic
2305:Chartalism
2295:Behavioral
2258:Mainstream
2219:Statistics
2214:Solidarity
2135:Managerial
2100:Humanistic
2095:Historical
2040:Ecological
2005:Behavioral
1757:Monetarism
1745:Chartalism
1642:Redemption
1632:Possession
1595:Clay token
1448:Trade bead
1402:Cocoa bean
1386:Commodity
1311:14 January
1280:References
1199:CPMI Total
916:commercial
664:John Hicks
594:Adam Smith
552:Circuitism
542:Ecological
530:Chartalism
481:Monetarism
459:Mainstream
356:Solow–Swan
331:Multiplier
288:Commercial
184:Endogenous
142:Investment
2798:Greenspan
2763:Samuelson
2743:Galbraith
2713:Tinbergen
2653:von Mises
2648:Heckscher
2608:Edgeworth
2487:Stockholm
2482:Socialist
2382:Keynesian
2362:Happiness
2322:Classical
2283:Mutualism
2278:Anarchist
2263:Heterodox
2160:Personnel
2120:Knowledge
2085:Happiness
2075:Financial
2045:Education
2020:Democracy
1955:Empirical
1865:Economics
1466:(SE Asia)
1396:Axe-money
1205:1,598.16
1117:1,428.55
1106:1,584.11
1095:1,677.72
1084:1,787.01
1073:2,379.05
1067:Australia
1062:3,579.10
1056:Euro area
1051:4,671.03
1040:5,241.81
1034:Singapore
1029:7,214.21
1018:7,341.34
1007:9,516.04
762:Economics
604:Karl Marx
519:Heterodox
498:Stockholm
464:Keynesian
235:Recession
130:Cost-push
120:Inflation
75:Deflation
2954:Currency
2948:Category
2909:Category
2889:journals
2875:Glossary
2828:Stiglitz
2793:Rothbard
2773:Buchanan
2758:Friedman
2748:Koopmans
2738:Leontief
2718:Robinson
2603:Marshall
2453:Lausanne
2357:Georgism
2352:Feminist
2300:Buddhist
2290:Austrian
2189:Regional
2165:Planning
2140:Monetary
2070:Feminist
2015:Cultural
2010:Business
1605:Currency
1583:Clearing
1563:Banknote
1558:Bailment
1478:(Arabia)
1439:(barley)
1425:Quachtli
1212:See also
1202:4,686.91
1059:1,217.91
1048:1,509.34
860:currency
746:See also
525:Austrian
283:Monetary
272:Policies
103:Rational
98:Adaptive
24:a series
22:Part of
2924:Outline
2895:Schools
2887: (
2848:Piketty
2843:Krugman
2708:Kuznets
2698:Kalecki
2673:Polanyi
2563:Cournot
2558:Bastiat
2543:Ricardo
2533:Malthus
2523:Quesnay
2426:Marxian
2317:Chicago
2247:history
2242:Schools
2229:Welfare
2199:Service
1990:Applied
1656:General
1610:Deposit
1600:Coinage
1472:(Hindu)
1414:Manilla
1254:Coining
1194:130.90
1183:151.26
1172:345.64
1161:443.58
1150:565.17
1139:688.80
1128:989.34
898:asset.
767:Applied
564:Marxian
454:Schools
2833:Thaler
2813:Ostrom
2808:Becker
2803:Sowell
2783:Baumol
2688:Myrdal
2683:Sraffa
2678:Frisch
2668:Knight
2663:Keynes
2638:Fisher
2633:Veblen
2618:Pareto
2598:Menger
2593:George
2588:Jevons
2583:Walras
2573:Gossen
2497:Thermo
2175:Public
2170:Policy
2125:Labour
2090:Health
1668:Barter
1627:Notary
1578:Cheque
1443:Shells
1437:Shekel
1410:(rice)
1302:
1180:196.49
1166:Brazil
1155:Turkey
1144:Mexico
1133:Sweden
1125:145.11
1122:Russia
1078:Canada
1026:915.72
582:People
310:Models
278:Fiscal
255:Saving
115:Growth
2919:Lists
2914:Index
2865:Lists
2838:Hoppe
2823:Lucas
2788:Solow
2778:Arrow
2768:Simon
2733:Lange
2728:Hicks
2703:Röpke
2693:Hayek
2643:Pigou
2613:Clark
2528:Smith
2443:Mixed
2402:Post-
2224:Urban
2204:Socio
2194:Rural
1549:Token
1540:Money
1476:Camel
1388:money
1177:India
1169:71.23
1158:35.40
1147:68.71
1114:93.78
1103:80.48
1100:Korea
1092:53.33
1081:64.40
1070:57.71
1037:29.39
1023:Japan
1015:54.16
1004:79.68
894:as a
403:NAIRU
321:AD–AS
316:IS–LM
179:Money
2854:more
2578:Marx
2568:Mill
2553:List
2431:Neo-
2387:Neo-
1707:Mint
1545:Fiat
1431:Salt
1408:Koku
1313:2017
1300:ISBN
1191:7.20
1136:6.88
971:The
864:cash
469:Neo-
376:DSGE
70:CAGR
2818:Sen
2538:Say
2397:New
2130:Law
1482:Yak
1470:Cow
862:or
474:New
218:SNA
167:NNI
162:GNI
157:GDP
2950::
1716:c.
938:.
26:on
2891:)
2393:)
2389:(
2249:)
2245:(
1857:e
1850:t
1843:v
1727:(
1721:)
1714:(
1551:)
1547:/
1543:(
1370:e
1363:t
1356:v
1315:.
919:"
843:e
836:t
829:v
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
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