In a study prepared together with Professor Friedrich Schneider of the Johannes Kepler University Linz, illegal demand for cash in Germany is investigated. The study presents an overview of economic research on the use of cash in the shadow economy as well as fresh empirical analyses by the authors. They look at the influence of the shadow economy on cash lodgements at Bundesbank branches and the demand for banknotes in Germany.

The July 2019 edition of the Bundesbank’s Monthly Report describes co-movements between the exchange rates of major currencies and addresses the topic of crypto tokens in payments and securities settlement.