large denomination

Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead

by Kenneth Rogoff  · 27 Feb 2025  · 330pp  · 127,791 words

been the medium of choice for stealth transactions. It is no coincidence that the overwhelming share of the world’s paper currency supply is in large-denomination notes, and the lion’s share of these appear to be used underground.13 And there is a lot of it sloshing around. Governments know

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topic, it might trace back to my days as a wandering professional chess player, when I was surprised more than once by the wads of large-denomination bills that a tournament sponsor or simultaneous-exhibition sponsor seemed to have stashed in their closet. As a teenager, although I did indeed wonder what

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course of the seventy-five-minute flight, we had a fascinating conversation covering topics such as how the U.S. government still had uses for large-denomination paper-currency notes—for example, when it needed to quietly buy off hostile governments in difficult negotiations, which sometimes required hundreds of millions of dollars

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collateral, 211–12 dominance of, xii, 1–2, 4–10, 47, 61, 289 gold standard and, x, 45, 236, 257, 264 high valuation of, 80 large-denomination notes, 190, 195 renminbi decoupling from, 67–68, 110–13. See also dominant currency dominant currency, 284 benefits of having, 211–18 borrowing capacity of

Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone

by John Y. Campbell and Tarun Ramadorai  · 25 Jul 2025

chapter 8. 9. Recent examples that illustrate the economic impact of payments system disruptions include the Indian government’s 2016 demonetization (withdrawal from circulation of large-denomination banknotes), and the exclusion of Russia from the international payments system after the 2022 invasion of Ukraine. See Amartya Lahiri, “The great Indian demonetization,” Journal

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and the economy: Evidence from India’s demonetization,” Quarterly Journal of Economics 135 (2020): 57–103. See also Kenneth Rogoff, The Curse of Cash: How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy (Princeton University Press, 2017). 41. Raymond Fisman, Daniel Paravisini, and Vikrant Vig, “Cultural proximity and

Stigum's Money Market, 4E

by Marcia Stigum and Anthony Crescenzi  · 9 Feb 2007  · 1,202pp  · 424,886 words

is in the range of 90 days and under. The average maturity for commercial paper is 45 days. By regulation, commercial paper is sold in large denominations, which prevents investment by most individuals. However, individual investors hold large amounts of commercial paper through money market mutual funds. Proceeds received from commercial paper

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rates decline, because the issuing banks can then reissue the CDs at lower rates. Small denomination CDs are sold in denominations smaller than $100,000. Large denomination, or “jumbo,” CDs are sold in denominations over $100,000, though they are normally sold in $1 million units. CDs can have any maturity longer

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of Glass-Steagall and (2) underwriting such paper was not the sort of bank activity that Glass-Steagall intended to prohibit. Note there were no large-denomination, negotiable CDs until 1961, decades after Glass-Steagall was written in 1933. The agency provision of Glass-Steagall enabled banks to do private placements in

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domestic offices other than time deposits in denominations of $100,000, have to be offset by increases in more volatile sources of funding such as large-denomination time deposits, federal funds and Eurodollar borrowings, and foreign office deposits, if a bank is to fund its assets. In 2006, increases in both official

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1968 and 1969. At that time, U.S. money rates rose above the rates that banks were permitted to pay under Reg Q on domestic, large-denomination CDs. To finance loans, U.S. banks were forced to borrow money in the Eurodollar market. All this resulted in a sort of merry-go

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, corporate treasurers will not make time deposits with IBFs when they can buy liquid Eurodollar paper in London. Today, IBFs may offer foreign nonbank residents large denomination time deposits subject to a minimum notice of two business days before withdrawal. Foreign banking firms and official institutions may place overnight funds with IBFs

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incorporates a range of near monies, such as savings accounts and consumer time deposits and money market funds? Or is it M3, which adds in large-denomination instruments such as wholesale CDs, large money funds, and repurchase agreements? Different criteria support different money-supply aggregates: M1 is closest to the monetarists’ textbook

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banks were borrowing about $35 billion in this market; all large U.S. banks, about $135 billion. (The Federal Reserve stopped releasing data on negotiable, large-denomination CDs in 1987.) Variable-Rate CDs In the late 1970s, largely in response to demand from dealers who sold CDs to money funds, banks began

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a bank or broker do the job may involve high transaction costs. Also, for some instruments, yields on small denominations are lower than those on large denominations. Finally, an investor with limited funds can’t easily reduce risk by diversifying: by buying a mix of different names or instruments. None of these

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in short-term debt securities. • Money market funds enable investors to invest in securities that would otherwise be difficult to invest in because of their large denominations and the frequency at which the securities would have to be rolled over. • A money fund resembles a special bank that accepts demand deposits only

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Board of Trade): A leading futures exchange established in 1848. certificate of deposit (CD): A time deposit with a specific maturity evidenced by a certificate. Large-denomination CDs are typically negotiable. CHIPS: The New York Clearing House’s computerized clearinghouse interbank payments system. Most Eurodollar transactions are cleared and settled through CHIPS

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expiration. negative carry: The net cost incurred when the cost of carry exceeds the yield on the securities being financed. negotiable certificate of deposit: A large-denomination (generally $1 million) CD that can be sold but cannot be cashed in before maturity. negotiated sale: Situation in which the terms of an offering

The Curse of Cash

by Kenneth S Rogoff  · 29 Aug 2016  · 361pp  · 97,787 words

staff. To my chagrin, I was later told that the main thing that Rubin focused on was not my argument for getting rid of all large-denomination notes (say, equivalent to $50 and above). Rather, it was my conjecture that the planned new 500-euro notes (about $570) might challenge the dominance

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to be holding $13,600 just in $100 bills, and that is not counting smaller bills. Treasuries and central banks routinely make billions from printing large-denomination notes, yet no one quite knows where exactly most of it lives or what it is used for. Only a minor fraction is in cash

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see their reverse money laundering operations as a mixed blessing. I use the label “reverse money laundering” to capture how central banks effectively take clean large-denomination notes, ship them out to banks where, after a series of intermediate transactions, cash—and big notes especially—often end up as dirty money in

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mentioned, several central banks are doing it! The main obstacle to introducing negative interest rates on a larger scale is legacy paper currency, particularly the large-denomination notes that would be at the epicenter of any full-scale run from Treasury bills into cash.8 Of course, other institutional obstacles impede full

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the convenience and privacy of paper currency in small transactions are important reasons that any path toward phasing out paper currency needs to begin with large-denomination notes and possibly leave small-denomination notes circulating indefinitely or until fully satisfactory alternatives are in place. Organizing a book around a theme that touches

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also consider the case of developing countries and emerging markets; for most it is too soon to contemplate phasing out paper currency, though phasing out large-denomination notes is likely still a good idea. The Final Thoughts chapter concludes the book. Finally, a few words on terminology. Throughout, I use the term

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scale it is hard to get one’s head around. Even more stunning is that the vast bulk of the world currency supply is in large-denomination notes that ordinary citizens seldom see or use, including the United States’ $100 bill, Japan’s 10,000-yen note (about $93 at present), the

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, most of the demand for euro paper currency cannot be accounted for by legal domestic holdings. One important takeaway from the surveys is that the large-denomination notes must be almost entirely floating around outside the legal, fully tax-compliant economy. With advances in alternative transaction technologies, mega-notes are at best

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roughly 80% of transactions. Their data do not specify denomination of the notes used; presumably only a small share of these cash transactions are in large denominations, such as $50 or $100 bills. However, although cash is dominant in these low-income retail outlets, its share has been declining, and the Fed

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is something we will want to take into account when designing any phaseout of cash. Yet again, it points to the fact that demand for large-denomination notes is qualitatively different from that for small-denomination notes. Finally, it is often argued that cash transactions are faster on average, though this is

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and is itself forbidden. To draw an analogy between life in a Tsarist prison and life in the modern liberal state as a defense of large-denomination notes borders on the absurd.) Table 5.1: Restrictions on the use of cash in the Eurozone Country Maximum cash payment Date enacted Belgium 3

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was counterfeit;56 a 2012 Federal Reserve study supports this claim.57 That said, the vigilance one observes at many retail establishments in dealing with large-denomination notes, even in the United States, suggests that some wariness is reasonable. Although the counterfeit rate is no doubt low, it is hard to imagine

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depend in part on how much residual currency the public ends up holding after the transition. Suppose, for example, the only change is to eliminate large-denomination notes, $50 and $100 bills in the case of the United States. My conjecture is that this would actually lead to a substantial initial shrinkage

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of information from anyone trying to turn them in at banks, or worse, simply declaring them null and void. Indeed, it is highly probable that large-denomination notes would trade at a discount rather than a premium. A gradual phaseout of large notes could take a couple decades, but there are faster

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chapter 6, the government in our case can afford to be somewhat more aggressive in requiring information and details from anyone bringing substantial sums of large-denomination notes either to trade for smaller ones or for electronic currency. Because the government is on a path to exiting the paper currency business, it

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government can air-drop currency for temporary use, redeemable for electronic currency after the crisis. Paper currency adds little to the mix if there are large-denomination coins and smartphones, and even today, cash arguably ranks much lower than many other emergency preparedness items. Security Many people pay cash for small purchases

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at the core of the payment system, as discussed further in chapter 14. It is particularly hard to see in any of these arguments why large-denomination notes are important. Probably they would be looked on askance after a power outage, earthquake, or other kind of catastrophe. I won’t deny there

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increasingly vestigial in medium-sized and large transactions. This point is brought into sharp relief by the ever rising and ever more dominant share of large-denomination notes in the currency supply of advanced countries. The $100 bill and the 500-euro note, for example, are relatively unimportant in everyday retail transactions

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of currency supplies in the United States and Europe. The evidence was already overwhelming two decades ago, when I first began to argue that retaining large-denomination notes was penny-wise and pound-foolish; the likely benefits from marginally increased tax receipts and marginal reductions in crime almost certainly outweigh the lost

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sundry objections being easily handled, given enough lead time. Facilitating negative interest rate policy is not the main reason for phasing out paper currency, especially large-denomination notes. But it is an important collateral benefit that we turn to in part II. PART II Negative Interest Rates CHAPTER 8 The Cost of

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, especially now that the European Central Bank (ECB) has finally been persuaded to phase out the 500-euro note. As the United Kingdom did with large-denomination euro notes, any country that phases out cash unilaterally will need to put in place obstacles to moving large amounts of foreign currency in and

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notes just sat in the underground economy, facilitating crime and trade, without ever entering the legal economy? For example, a black market could develop for large-denomination euro notes on the darknet, effectively allowing a 100-, 200- or 500-euro note to be used multiple times before being smuggled out of the

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be plastic currency) in coordination with Europe. However, controls of the type SOCA and the Treasury have already implemented could easily be extended to other large-denomination foreign notes. EMERGING MARKETS Most emerging markets would likely be large net beneficiaries if advanced countries phased out their own paper currencies, especially the

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large-denomination notes so prevalent in corruption and crime. But for most, it is far too soon to contemplate phasing out their own currencies. For one thing,

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International factors are important and potentially affect the design and implementation of any plan to phase out paper currency. Well-designed international coordination to eliminate large-denomination bills would be a good place to start, and issues in international monetary policy should be looked at afresh in a world where negative interest

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social consciousness and culture. But if one looks more deeply, it becomes apparent that the virtues of paper currency open the door to many vices. Large-denomination notes, which constitute 80–90% of the global hard currency supply, largely circulate in the underground economy, helping facilitate tax evasion, crime, and corruption, and

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fade anytime soon, unless governments actively move to phase out paper currency. The simplest way to start would be for governments to cease printing new large-denomination notes, an action that can be taken quite straightforwardly by most treasuries and central banks. This is just a step on the road to actively

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and that the issue really doesn’t matter that much. They couldn’t be more wrong. The massive quantities of cash circulating today, and especially large-denomination notes, are a huge public policy problem that needs to be urgently discussed, not taken as an immutable fact of life. A postcript: As this

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, inspired by the announcement that the Eurozone planned to issue a 500-euro note, I presented my first research paper on the dubious role of large-denomination notes. My paper, titled “Blessing or Curse? Foreign and Underground Demand for Euro Notes,” was later published in the journal Economic Policy. I was fortunate

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makes it difficult to use interest-bearing government debt for transaction purposes. For one thing, the government issues interest-bearing bonds and notes only in large denominations. If three-month Treasury bills paid market interest and if they came in, say, $100 denominations, they might even be preferred to cash for some

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of 1812, when small Treasury bills bearing interest were sometimes used as currency.1) Second, even if the government issues bills and bonds only in large denominations, it has to be careful to prohibit private financial firms from issuing interest-bearing paper money–like substitutes that are 100% backed by government bonds

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. Without the second restriction, which the government exercises through its monopoly on currency creation, intermediaries might be able to step in and basically chop up large-denomination bonds into pieces that could be used as paper money, and then sell them at profit. As we all know, the financial system is very

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bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. 5. The largest ruble note, the 5,000, is worth about $77, albeit this figure

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Russia’s volatile exchange rate. Former head of Standard Charter Bank, Peter Sands (2015), has argued forcefully for coordinated Group of 20 action on eliminating large-denomination notes. (The Group of 20 includes governments and central bank governors from 20 major countries that hold meetings at the minister and head-of-state

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consumers in, 52; discount rate cuts in response to recent crises, 132; foreign holdings of currency, 42; interest rates near the zero bound, 131; large-denomination notes, 37; large-denomination notes, phaseout of, 95; paper currency phaseout, costs and benefits of, 89; revenue as a percentage of GDP, 2006–2015, 83–84; tax evasion

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; corruption of public officials, 70–73, 205; counterfeiting, 19, 77–78; human trafficking, human smuggling, and exploitation of migrants, 73–74; illegal immigration, 74–76; large-denomination euro notes and, 200–201; money laundering, 68–69, 76–77; tax evasion (see tax evasion); terrorism, 76–77 Croesus (king of Lydia), 18 cryptocurrencies

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, 40; discount rate cuts in response to recent crises, 131–32; financial stability concerns, negative interest rates and, 178; foreign holdings of currency, 45–47; large-denomination notes of, 31; member countries of, 235n5; negative interest rates, functioning of swap markets and, 163; negative interest rates in, 5, 123; nominal policy interest

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, 35–36, 235n6; currency/GDP ratio, 1953–2015, 35; currency per capita, 37, 40; double-digit inflation, 183; interest rates near the zero bound, 131; large-denomination notes, 31; loss of seigniorage as nonissue, 203; negative interest rates by the central bank, 123; negative interest rates in, 5; paper currency phaseout, costs

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, 227–30 (see also zero bound constraint) monetary seigniorage, 82, 86–87 money illusion, 182–83, 187 money laundering, 4, 68–69, 76–77; of large-denomination euro notes, 201; Serious Organised Crime Agency (SOCA), reports of, 200 Moonlighting, 74 Morgan, J. P., 209 Morse, H. B., 24 Mossack Fonseca (and Panama

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, 54 payments per dollar amount per consumer, 54 Pederson, Carl, 44 Peng, Wensheng, 236n13 Peristiani, Stavros, 237n4 Perry, Rick, 191 (governor of Texas) phaseout of large-denomination paper currency, proposal for, 95 Philippon, Thomas, 251n6 Piketty, Thomas, 76 Pissarides, Christopher A., 239n13 politics: of money, 191–93; Nixon’s pressure on the

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, Henry, 86 Sims, Christopher, 227 Singapore: discount rate cuts in response to recent crises, 132; foreign demand for paper currency of, 34; large-denomination notes of, 33, 37; phaseout of large-denomination paper currency in, 95, 235n4; revenue as a percentage of GDP, 2006–2015, 83–84 Skolimowski, Jerzy (director, Moonlighting), 74 Slemrod, Joel

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zero bound, 131; low-income individuals, accommodations for, 3; negative interest rates, payment on bonds and, 163; negative interest rates in, 5, 123; phaseout of large-denomination paper currency in, 95, 107, 109; revenue as a percentage of GDP, 2006–2015, 84 Swiss National Bank, 160–61, 246n23 Switzerland: borrowing capacity and

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concerns, negative interest rates and, 178; foreign demand for paper currency of, 34; foreign holdings of currency, 41; interest rates near the zero bound, 131; large-denomination notes of, 31, 37; negative interest rates in, 5, 123; revenue as a percentage of GDP, 2006–2015, 83–84; as tax haven, 66; underground

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, 15; gold standard, post–World War I return to, 29; Henry VIII’s coinage debasement, 20, 184; interest rates, 1930–present, 128; large-denomination euro notes, action against, 200; large-denomination notes of, 37; negative interest rates in response to the financial crisis, 123; nominal policy interest rates, 2000–2015, 130; paper currency phaseout

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from printing money, 81–82 (see also seigniorage); illegal drug market, estimated size of, 69; inflationary periods in, 27–28; Kleptocracy Asset Recovery Initiative, 72; large-denomination notes, 3, 31; negative interest rates in response to the financial crisis, 123; New York Federal Reserve discount rates, 1929–1939, 128–29; nominal policy

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, 88–89; paper currency supply in small bills, percentage of, 85; payments by instrument type, 54; payments per dollar amount per consumer, 54; phaseout of large-denomination paper currency, proposal for, 95; quantitative easing in, 140–42; revenue as a percentage of GDP, 2006–2015, 83–84; scanner data from retail transactions

Big Debt Crises

by Ray Dalio  · 9 Sep 2018  · 782pp  · 187,875 words

1979–80.32 Eventually, new funding instruments were invented to continue lending and bypass the reserve requirement. These included commercial paper, eurodollars, repurchase agreements, and large-denomination certificates of deposits.33 In 1969, the Federal Reserve attempted to address the loopholes that were enabling banks to skirt the reserve requirements. New bank

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to 20 percent. However, in 1973, these requirements were both lowered down to 8 percent. This was the same requirement as was in place for large-denomination certificates of deposits.35 In the late 1960s, the Federal Home Loan Bank Board (FHLBB) used reserve requirements to affect mortgage lending. The FHLBB reduced

The Global Money Markets

by Frank J. Fabozzi, Steven V. Mann and Moorad Choudhry  · 14 Jul 2002

peculiar to financial institutions such as certificates of deposits, federal funds, bankers acceptances, and funding agreements. These instruments are the focus of this chapter. T LARGE-DENOMINATION NEGOTIABLE CDS A certificate of deposit (CD) is a financial asset issued by a depository institution that indicates a specified sum of money that has

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money market. It also ushered in a new era of competition among depository institutions. There are two types of negotiable CDs. The first is the large-denomination CD, usually issued in denominations of $1 million or more. The second type is the small-denomination CDs (less than $100,000) which is a

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retail-oriented product. Our focus here is on the large-denomination negotiable CD with maturities of one year or less and we refer to them as simply CDs throughout the chapter. The largest group of CD

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Cater Allen, 139 CBOT. See Chicago Board of Trade CCR function, usage (Bloomberg), 196–197 Certificate of deposit (CD), 60, 278. See also Largedenomination CDs; Large-denomination negotiable CDs; Negotiable CDs; Sterling CDs; Thrifts equivalent yield, 16–17, 31, 55–56 face value, 19 futures. See Eurodollar CDs interest rates (quoted), 20

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Life, 99 JCPenney, 192 Junior tranches, 182–183 Kambhu, John, 43 King & Shaxson Bond Brokers Limited, 139 Knight-Ridder, 35 Kuwait, invasion, 38 Large-denomination CDs, 86 322 Large-denomination negotiable CDs, 85–90 Lazards, 139 Lee, Wanda, 76 Legal structures, 187 Lending lines, 262 Letter of credit (LOC), 96 Level I PAC bond

Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821

by George Anthony Selgin  · 13 Jul 2008  · 386pp

metal, with the coins' weights corresponding to their face values; 2. resort to bimetallism, with low-denomination coins made from the less valuable metal, and large-denomination coins made from the more valuable one; or 3. issue avowedly fiduciary or token small-denomination coins, on government account. 21 Each option had its

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they were coined" (Snelling 1766, preface). The standard metal could, of course, be one from which convenient small-denomination coins might be made; but then large-denomination coins of the same metal would end up being too bulky. A bimetallic system might have avoided the problem of undersized or oversized coins. 23

Crashed: How a Decade of Financial Crises Changed the World

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, invoked Apocalypse Now.78 What really worried Berlin were rumors that German savers were panicking. As cash withdrawals spiked, the Bundesbank registered unprecedented demand for large-denomination euro notes. Abruptly, less than twenty-four hours after returning from Paris, Merkel decided that she must make a statement. It was all Steinbrück could

Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition

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not involved. Princes, abbots, bishops, even the Holy Roman Emperor debased the subsidiary coinage used in daily transactions (but not gold and silver coin of large denominations) by raising the denomination of existing coins, substituting base for good metals, and reducing the metallic content of coins to extract more seignorage to prepare

Fantasyland

by Kurt Andersen  · 5 Sep 2017

, sharing a brand—the name, the groovy music, and the belief that God is still granting ordinary folks magical superpowers. And because Calvary Chapel, a large denomination, was created in America during and after the 1960s, it insists it’s “nondenominational”—like American politicians who began insisting at the same time they

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