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Why pay? An introduction to payments economics

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  • Kahn, Charles M.
  • Roberds, William

Abstract

This paper surveys the growing literature on payments. We begin by presenting a simple model that illustrates the essential function of payments and how this may be implemented through various arrangements. We show how the basic models of payments have been used to address a variety of microeconomic and macroeconomic policy issues. We then discuss the links between payments economics and other fields, including monetary theory, corporate finance, and industrial organization. We conclude with an overview of the empirical literature and directions for future research.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Financial Intermediation.

Volume (Year): 18 (2009)
Issue (Month): 1 (January)
Pages: 1-23

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Handle: RePEc:eee:jfinin:v:18:y:2009:i:1:p:1-23

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Web page: http://www.elsevier.com/locate/inca/622875

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Keywords: Payments Money;

References

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Blog mentions

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  1. Payment Systems in India
    by paragwaknis in Musings of the Sorts on 2012-08-05 21:20:51
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Cited by:
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  2. Anneke Kosse, 2013. "The Safety of Cash and Debit Cards: A Study on the Perception and Behavior of Dutch Consumers," International Journal of Central Banking, International Journal of Central Banking, International Journal of Central Banking, vol. 9(4), pages 77-98, December.
  3. Kosse, Anneke, 2011. "Do newspaper articles on card fraud affect debit card usage?," Working Paper Series 1389, European Central Bank.
  4. Santiago Carbó Valverde & Sujit Chakravorti & Francisco Rodríguez-Fernández, 2009. "Regulating two-sided markets: an empirical investigation," Working Paper Series, Federal Reserve Bank of Chicago WP-09-11, Federal Reserve Bank of Chicago.
  5. Hasan, Iftekhar & De Renzis, Tania & Schmiedel, Heiko, 2013. "Retail payments and the real economy," Working Paper Series 1572, European Central Bank.
  6. William Roberds & Stacey L. Schreft, 2009. "Data security, privacy, and identity theft: The economics behind the policy debates," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 22-30.
  7. Iftekhar Hasan & Heiko Schmiedel & Liang Song, 2012. "Returns to Retail Banking and Payments," Journal of Financial Services Research, Springer, vol. 41(3), pages 163-195, June.
  8. Harvey, Rachel, 2013. "The legal construction of the global foreign exchange market," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 343-354.
  9. Charles Kahn, 2013. "Private payment systems, collateral, and interest rates," Annals of Finance, Springer, vol. 9(1), pages 83-114, February.
  10. Bolt, Wilko & Jonker, Nicole & van Renselaar, Corry, 2010. "Incentives at the counter: An empirical analysis of surcharging card payments and payment behaviour in the Netherlands," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1738-1744, August.
  11. Kahn, Charles M., 2009. "Collateral Policy in a World of Round-the-Clock Payment," Working Papers 10-0100, University of Illinois at Urbana-Champaign, College of Business.
  12. Hasan, Iftekhar & De Renzis, Tania & Schmiedel , Heiko, 2012. "Retail payments and economic growth," Research Discussion Papers 19/2012, Bank of Finland.
  13. Wilko Bolt & Sujit Chakravorti, 2010. "Digitization of Retail Payment," DNB Working Papers, Netherlands Central Bank, Research Department 270, Netherlands Central Bank, Research Department.
  14. Norman, Ben & Shaw, Rachel & Speight, George, 2011. "The history of interbank settlement arrangements: exploring central banks’ role in the payment system," Bank of England working papers 412, Bank of England.
  15. Hiroshi Fujiki, 2013. "Japanese Money Demand from the Regional Data: An Update and Some Additional Results," IMES Discussion Paper Series 13-E-04, Institute for Monetary and Economic Studies, Bank of Japan.
  16. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2007. "A dynamic model of the payment system," Working Papers 07-22, Federal Reserve Bank of Philadelphia.

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