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Credit cards and money demand: a cross-sectional study

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  • John V. Duca
  • William C. Whitesell

Abstract

This study investigates credit card holding and the household demands for several monetary assets in a simultaneous equations framework. It exploits the detailed data on household assets as well as demographic and preference characteristics in the 1983 Survey of Consumer Finances. A key finding is that, consistent with theory, a higher probability of credit card ownership implies lower demand for transaction balances with no effect on small time deposit balances. Copyright 1995 by Ohio State University Press.

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File URL: http://dallasfed.org/assets/documents/research/papers/1991/wp9112.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Dallas in its series Research Paper with number 9112.

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Date of creation: 1991
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Handle: RePEc:fip:feddrp:9112

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Keywords: Money supply ; Credit cards;

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References

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  1. Jappelli, Tullio, 1990. "Who Is Credit Constrained in the U.S. Economy?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(1), pages 219-34, February.
  2. John V. Duca & Stuart S. Rosenthal, 1991. "An econometric analysis of borrowing constraints and household debt," Research Paper, Federal Reserve Bank of Dallas 9111, Federal Reserve Bank of Dallas.
  3. Heckman, James J, 1978. "Dummy Endogenous Variables in a Simultaneous Equation System," Econometrica, Econometric Society, Econometric Society, vol. 46(4), pages 931-59, July.
  4. Boyes, William J. & Hoffman, Dennis L. & Low, Stuart A., 1989. "An econometric analysis of the bank credit scoring problem," Journal of Econometrics, Elsevier, Elsevier, vol. 40(1), pages 3-14, January.
  5. Lindley, James T. & Rudolph, Patricia & Selby, Edward Jr., 1989. "Credit card possesion and use: Changes over time," Journal of Economics and Business, Elsevier, Elsevier, vol. 41(2), pages 127-142, May.
  6. Akhand, Hafiz & Milbourne, Ross, 1986. "Credit cards and aggregate money demand," Journal of Macroeconomics, Elsevier, Elsevier, vol. 8(4), pages 471-478.
  7. Lee, Lung-Fei & Trost, Robert P., 1978. "Estimation of some limited dependent variable models with application to housing demand," Journal of Econometrics, Elsevier, Elsevier, vol. 8(3), pages 357-382, December.
  8. Gronau, Reuben, 1973. "The Effect of Children on the Housewife's Value of Time," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 81(2), pages S168-99, Part II, .
  9. Edgar L. Feige, 1964. "The Demand For Liquid Assets: A Temporal Cross‐Section Analysis," Journal of Finance, American Finance Association, American Finance Association, vol. 19(1), pages 116-117, 03.
  10. White, Kenneth J, 1976. "The Effect of Bank Credit Cards on the Household Transactions Demand for Money," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 8(1), pages 51-61, February.
  11. Feige, Edgar L, 1974. "Temporal Cross-Section Specifications of the Demand for Demand Deposits," Journal of Finance, American Finance Association, American Finance Association, vol. 29(3), pages 923-40, June.
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