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Effects of credit and debit cards on the currency demand

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Author Info

  • Hakan Yilmazkuday
  • M. Ege Yazgan

Abstract

We analyze the effects of credit and debit cards on the currency in circulation by using GMM estimation. Instead of using the data obtained by surveys, we use monthly data obtained by an interbank institution that keeps the statistics of all credit and debit cards usage of a small open economy, Turkey, for the period over 2002M1-2006M10. As expected from the theory, we find that an increase in the usage of credit and debit cards leads to a decrease in the currency demand. Moreover, the usage of the debit cards has a bigger effect on the money demand, compared to the usage of the credit cards. We also find that the effect of credit cards is mostly through purchases and the effect of debit cards is mostly through withdrawals

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 41 (2009)
Issue (Month): 17 ()
Pages: 2115-2123

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Handle: RePEc:taf:applec:v:41:y:2009:i:17:p:2115-2123

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Cited by:
  1. Hakan Yilmazkuday, 2010. "Monetary Policy and Credit Cards: Evidence from a Small-Open Economy," DETU Working Papers 1010, Department of Economics, Temple University.

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