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Why pay? An introduction to payments economics

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Author Info

  • 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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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  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:
  1. Kosse, Anneke, 2011. "Do newspaper articles on card fraud affect debit card usage?," Working Paper Series 1389, European Central Bank.
  2. Carbó-Valverde, Santiago & Chakravorti, Sujit & Rodríguez Fernández, Francisco, 2009. "Regulating two-sided markets: an empirical investigation," Working Paper Series 1137, European Central Bank.
  3. Harvey, Rachel, 2013. "The legal construction of the global foreign exchange market," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 343-354.
  4. Wilko Bolt & Sujit Chakravorti, 2010. "Digitization of Retail Payment," DNB Working Papers 270, Netherlands Central Bank, Research Department.
  5. Hasan, Iftekhar & Schmiedel, Heiko & Song, Liang, 2009. "Return to retail banking and payments," Working Paper Series 1135, European Central Bank.
  6. Pedro Gomis-Porqueras & Daniel R. Sanches, 2010. "Optimal monetary policy in a model of money and credit," Working Papers 11-4, Federal Reserve Bank of Philadelphia.
  7. Hasan, Iftekhar & De Renzis, Tania & Schmiedel , Heiko, 2012. "Retail payments and economic growth," Research Discussion Papers 19/2012, Bank of Finland.
  8. Wilko Bolt & Nicole Jonker & Corry van Renselaar, 2008. "Incentives at the counter: An empirical analysis of surcharging card payment and payment behaviour in the Netherlands," DNB Working Papers 196, Netherlands Central Bank, Research Department.
  9. 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.
  10. Hasan, Iftekhar & De Renzis, Tania & Schmiedel, Heiko, 2013. "Retail payments and the real economy," Working Paper Series 1572, European Central Bank.
  11. 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, vol. 9(4), pages 77-98, December.
  12. Thorsten Koeppl & Cyril Monnet & Ted Temzelides, 2007. "A dynamic model of the payment system," Working Papers 07-22, Federal Reserve Bank of Philadelphia.
  13. 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.
  14. Charles Kahn, 2013. "Private payment systems, collateral, and interest rates," Annals of Finance, Springer, vol. 9(1), pages 83-114, February.
  15. 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.
  16. 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.

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