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The complexities of geopolitical events, financial and fiscal crises, and the ebb and flow of personal life circumstances can weigh heavily on individuals’ minds as they make critical economic decisions. To investigate the impact of cognitive load on such decisions, the authors conducted an incentivized online experiment involving a representative sample of 2,000 French households. The results revealed that exposure to a taxing and persistent cognitive load significantly reduced consumption, particularly for individuals under the threat of furlough, while simultaneously increasing their account balances, particularly for those not facing such employment uncertainty. These effects were not driven by supply constraints or a worsening of credit constraints. Instead, cognitive load primarily affected the optimality of the chosen policy rules and impaired the ability of the standard economic model to accurately predict consumption patterns, although this effect was less pronounced among college-educated subjects
Despite the increasing use of cashless payment instruments, the notion that cash loses importance over time can be unambiguously refuted. In contrast, the authors show that cash demand increased steeply over the past 30 years. This is not only true on a global scale, but also for the most important currencies in advanced countries (USD, EUR, CHF, GBP and JPY). In this paper, they focus especially on the role of different crises (technological crises, financial market crises, natural disasters) and analyse the demand for small and large banknote denominations since the 1990s in an international perspective. It is evident that cash demand always increases in times of crises, independent of the nature of the crisis itself. However, largely unaffected from crises we observe a trend increase in global cash aligned with a shift from transaction balances towards more hoarding, especially in the form of large denomination banknotes.
We analyze the repercussions of different kinds of uncertainty on cash demand, including uncertainty of the digital infrastructures, confidence crises of the financial system, natural disasters, political uncertainties, and inflationary crises. Based on a comprehensive literature survey, theoretical considerations and complemented by case studies, we derive a classification scheme how cash holdings typically evolve in each of these types of uncertainty by separating between demand for domestic and international cash as well as between transaction and store of value balances. Hereby, we focus on the stabilizing macroeconomic properties of cash and recommend guidelines for cash supply by central banks and the banking system. Finally, we exemplify our analysis with five case studies from the developing world, namely Venezuela, Zimbabwe, Afghanistan, Iraq, and Libya.
The authors focus on the stabilizing role of cash from a society-wide perspective. Starting with conceptual remarks on the importance of money for the economy in general, special attention is paid to the unique characteristics of cash. As these become apparent especially during crisis periods, a comparison of the Great Depression (1929 – 1933) and the Great Recession 2008/09 shows the devastating effects of a severe monetary contraction and how a fully elastic provision of cash can help to avoid such a situation.
The authors find interesting similarities to both crises in two separate case studies, one on the demonetization in India 2016 and the other on cash supply during various crises in Greece since 2008. The paper concludes that supply-driven cash withdrawals from circulation (either by demonetization or by capital controls) destabilize the economy if electronic payment substitutes are not instantly available.
However, as there is no perfect substitute for cash due to its unique properties, from the viewpoint of the society as a whole an efficient payment mix necessarily includes cash: It helps to stabilize the economy not only in times of crises in general, no matter which government is in place. The authors argue that it should be the undisputed task of central banks to ensure that cash remains in circulation in normal times and is provided in a fully elastic way in times of crisis.
Für Schüler/innen ist Unterricht ein krisenhafter Prozess, da sie dort mit Fremdem konfrontiert werden. Die Aufgabe von Lehrer/innen besteht darin, solche Krisen sowohl zu initiieren als auch bei deren Lösung behilflich zu sein. Aber auch Lehrer/innen können im Unterricht in Krisen geraten. Wie erfahren Lehrer/innen diese Krisen, wie gehen sie mit ihnen um? Und wie hängen die Krisen der Lehrer/innen mit denjenigen der Schüler/innen zusammen? Mit diesen Fragen befasst sich der Erziehungswissenschaftler Jan-Hendrik HINZKE in einer vor kurzem erschienenen Studie.
HINZKE hat eine Reihe von Interviews mit Lehrer/innen geführt und mithilfe der dokumentarischen Methode ausgewertet. Die Ergebnisse hat er schließlich in einer Typologie präsentiert. In dem vorliegenden Aufsatz wird diese Studie nicht nur vorgestellt, sondern auch kritisch erörtert. Zu diesem Zweck wird ein Teil eines Interviews mittels der Methode der objektiven Hermeneutik reanalysiert. Es zeigt sich, dass die Lehrperson, mit der das Interview geführt wurde, ihr pädagogisches Handeln nicht als krisenhaft erfährt, sondern als durch Routinen geprägt. Insoweit kann dem Ergebnis von HINZKE, dass alle Lehrer/innen ihr Handeln als krisenhaft erfahren, nicht zugestimmt werden. Das andere Ergebnis, nämlich dass die Krisen der Schüler/innen kaum in den Blick der Lehrer/innen geraten, bestätigt sich hingegen.