CALENDAR AND SEASONAL EFFECTS ON THE SIZE OF WITHDRAWALS FROM ATMS MANAGED BY EURONET
CALENDAR AND SEASONAL EFFECTS ON THE SIZE OF WITHDRAWALS FROM ATMS MANAGED BY EURONET

Summary/Abstract: This study analyses the calendar effects on withdrawals from Automated TellerMachines (ATMs) (daily data) managed by the Euronet network for the periodfrom January 2008 to March 2012. Our study focuses on the identification ofspecific calendar and seasonal effects in the ATM cash withdrawal series of thecompany in the Polish provinces of Małopolska and Podkarpackie. The results ofthe analysis show that withdrawals depend strongly on the day of the week. OnFridays more cash is withdrawn than on other days, and Saturdays and Sundaysare the days of the week with the lowest level of withdrawals. In a month, it canbe seen that cash withdrawals take place more often in the second and in the lastweeks of the month. This observation suggests that withdrawals from ATMs canbe related to the profile of wage withdrawals. In Poland, in the public sectorwages are paid at the beginning of the month, and in the private sector at the endof the month. The time series of withdrawals also reflect seasonality. The largestamounts are withdrawn in July, August and December. Reason for the increaseddemand for cash are the summer holidays and the Christmas season. The resultsreflect consumer habits which show pronounced calendar and seasonal effects.

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