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Network Effects On Cash-Card Substitution In Transactions And Low Interest Rate Regimes

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Author Info
Sheri M. Markose
Yiing Jia Loke

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Abstract

We develop a Nash game on the adoption of a new EFTPOS (Electronic Fund Transfer at Point of Sale) card payment media given cash is dispensed by a competitive ATM (Automated Teller Machine) network. Equilibrium conditions when cash and card use coexist entail a specific relationship between the card network coverage parameter ("π"-super-"k") and the proportion ("ω") of cash financed expenditures. We derive a payments innovation technology constrained transactions demand for money which is highly interest rate sensitive in low interest rate regimes. Data on cash-card use in the UK (1990-97) is used to calibrate the model. Copyright 2003 Royal Economic Society.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 113 (2003)
Issue (Month): 487 (04)
Pages: 456-476
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Handle: RePEc:ecj:econjl:v:113:y:2003:i:487:p:456-476

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  1. Helmut Stix, 2003. "How Do Debit Cards Affect Cash Demand? Survey Data Evidence," Working Papers 82, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
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  2. Peter Mooslechner & Helmut Stix & Karin Wagner, 2006. "How Are Payments Made in Austria? Results of a Survey on the Structure of Austrian Households’ Use of Payment Means in the Context of Monetary Policy Analysis," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 111-134, August 20. [Downloadable!]
  3. Jyrkönen , Hanna, 2004. "Less cash on the counter: Forecasting Finnish payment preferences," Research Discussion Papers 27/2004, Bank of Finland. [Downloadable!]
  4. Helmut Stix, 2004. "The Impact of ATM Transactions and Cashless Payments on Cash Demand in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 90-105, May. [Downloadable!]
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