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Cost reductions in electronic payments: The roles of consolidation, economies of scale, and technical change

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  • Hancock, Diana
  • Humphrey, David B.
  • Wilcox, James A.
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    File URL: http://www.sciencedirect.com/science/article/B6VCY-418Y1HF-F/2/d6d60563dd846c31bcf47d5a39a1a8fd
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 23 (1999)
    Issue (Month): 2-4 (February)
    Pages: 391-421

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    Handle: RePEc:eee:jbfina:v:23:y:1999:i:2-4:p:391-421

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    Web page: http://www.elsevier.com/locate/jbf

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    References

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    1. Adam M. Gilbert & Dara Hunt & Kenneth C. Winch, 1997. "Creating an integrated payment system: the evolution of Fedwire," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 1-7.
    2. Gallant, A. Ronald, 1981. "On the bias in flexible functional forms and an essentially unbiased form : The fourier flexible form," Journal of Econometrics, Elsevier, vol. 15(2), pages 211-245, February.
    3. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
    4. Humphrey, David Burras, 1981. "Economies to scale in federal reserve check processing operations," Journal of Econometrics, Elsevier, vol. 15(1), pages 155-173, January.
    5. Gary C. Zimmerman, 1981. "The pricing of Federal Reserve services under MCA," Economic Review, Federal Reserve Bank of San Francisco, issue Win, pages 22-40.
    6. David B. Humphrey, 1994. "Delivering deposit services: ATMs versus branches," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 59-81.
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    Cited by:
    1. Adams, Robert M & Bauer, Paul W & Sickles, Robin C, 2004. "Scale Economies, Scope Economies, and Technical Change in Federal Reserve Payment Processing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(5), pages 943-58, October.
    2. Beijnen, Christine & Bolt, Wilko, 2009. "Size matters: Economies of scale in European payments processing," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 203-210, February.
    3. Jong-Kun Lee & Biaggio Bossone, 2002. "In Finance, Size Matters," IMF Working Papers 02/113, International Monetary Fund.
    4. Giuseppe Bertola & Leonardo Bartolini & Alessandro Prati, 2000. "Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention," IMF Working Papers 00/163, International Monetary Fund.
    5. Holthausen, Cornelia & Rochet, Jean Charles, 2003. "Efficient Pricing of Large Value Interbank Payment Systems," CEPR Discussion Papers 3943, C.E.P.R. Discussion Papers.
    6. Barry Eichengreen, 2006. "The development of Asian bond markets," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 1-12 Bank for International Settlements.
    7. Wilko Bolt & Sujit Chakravorti, 2010. "Digitization of Retail Payment," DNB Working Papers 270, Netherlands Central Bank, Research Department.
    8. Robert M. Adams & Paul W. Bauer & Robin C. Sickles, 2002. "Scope and scale economies in Federal Reserve payment processing," Working Paper 0213, Federal Reserve Bank of Cleveland.
    9. Franklin Allen & James McAndrews & Philip Strahan, 2001. "E-Finance: An Introduction," Center for Financial Institutions Working Papers 01-36, Wharton School Center for Financial Institutions, University of Pennsylvania.
    10. Humphrey, David & Willesson, Magnus & Bergendahl, Goran & Lindblom, Ted, 2006. "Benefits from a changing payment technology in European banking," Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1631-1652, June.
    11. Allen N. Berger & Astrid A. Dick & Lawrence G. Goldberg & Lawrence J. White, 2005. "The effects of competition from large, multimarket firms on the performance of small, single-market firms: evidence from the banking industry," Finance and Economics Discussion Series 2005-15, Board of Governors of the Federal Reserve System (U.S.).
    12. Wilko Bolt & David Humphrey, 2005. "Public good issues in TARGET - natural monopoly, scale economies, network effects and cost allocation," Working Paper Series 505, European Central Bank.
    13. Berger, Allen N. & Buch, Claudia M. & DeLong, Gayle & DeYoung, Robert, 2004. "Exporting financial institutions management via foreign direct investment mergers and acquisitions," Journal of International Money and Finance, Elsevier, vol. 23(3), pages 333-366, April.
    14. Allen N. Berger, 2000. "The integration of the financial services industry: where are the efficiencies?," Finance and Economics Discussion Series 2000-36, Board of Governors of the Federal Reserve System (U.S.).

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