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The Way We Pay with Money

Author

Listed:
  • Boeschoten, W C
  • Fase, M M G

Abstract

We assess the sample distribution of payments in the Netherlands using survey data for 1984-86. The payment pattern fits a lognormal distribution with peaks caused by the price tags of the purchased items. The results are used to simulate the use of coins and notes, which indicates a rather efficient denominational mix but a high degree of hoarding for the large bank notes.

Suggested Citation

  • Boeschoten, W C & Fase, M M G, 1989. "The Way We Pay with Money," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(3), pages 319-326, July.
  • Handle: RePEc:bes:jnlbes:v:7:y:1989:i:3:p:319-26
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    Cited by:

    1. John Bagnall & David Bounie & Kim P. Huynh & Anneke Kosse & Tobias Schmidt & Scott Schuh, 2016. "Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 1-61, December.
    2. Bijwaard, G.E. & Franses, Ph.H.B.F., 2006. "Does rounding matter for payment efficiency?," Econometric Institute Research Papers EI 2006-43, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    3. Kippers, J. & Franses, Ph.H.B.F., 2003. "Do we need all Euro denominations?," Econometric Institute Research Papers EI 2003-39, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    4. Gilbert Koenig, 2004. "La demande de billets de valeurs faciales élevées et les activités financières souterraines," Recherches économiques de Louvain, De Boeck Université, vol. 70(4), pages 425-442.
    5. Bijwaard, Govert E. & Franses, Philip Hans, 2009. "The effect of rounding on payment efficiency," Computational Statistics & Data Analysis, Elsevier, vol. 53(4), pages 1449-1461, February.
    6. 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.
    7. Franses, Philip Hans & Kippers, Jeanine, 2007. "An empirical analysis of euro cash payments," European Economic Review, Elsevier, vol. 51(8), pages 1985-1997, November.
    8. Hancock, Diana & Humphrey, David B., 1997. "Payment transactions, instruments, and systems: A survey," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1573-1624, December.
    9. Franses, Ph.H.B.F. & Kippers, J., 2003. "How do we pay with euro notes? Empirical evidence from Monopoly experiments," Econometric Institute Research Papers EI 2003-32, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    10. Hebbink, Gerbert & Peeters, Marga, 1999. "The circulation of euro banknotes and coins in the Netherlands," MPRA Paper 23535, University Library of Munich, Germany.
    11. Wynne, Mark A., 1997. "More on optimal denominations for coins and currency," Economics Letters, Elsevier, vol. 55(2), pages 221-225, August.
    12. C.K. Folkertsma & G.E. Hebbink, 1998. "Cash management and choice of payment media: a critical survey of the theory," WO Research Memoranda (discontinued) 532, Netherlands Central Bank, Research Department.
    13. Hervé Sitruk, 2008. "Monnaie électronique, monnaie fiduciaire et monnaie scripturale. Quelles substitutions ? Quelles stratégies ?," Revue d'Économie Financière, Programme National Persée, vol. 91(1), pages 37-51.
    14. Bouhdaoui, Y. & Bounie, D. & François, A., 2014. "Convenient prices, cash payments and price rigidity," Economic Modelling, Elsevier, vol. 41(C), pages 329-337.
    15. Leo Van Hove & Jef Vuchelen, 1996. "Analyse de la répartition de la monnaie fiduciaire en coupures : la méthode de Hentsch reconsidérée," Revue Économique, Programme National Persée, vol. 47(5), pages 1149-1178.
    16. David Bounie & Abel François, 2006. "Les déterminants de la détention et de l’usage des instruments de paiement : éléments théoriques et empiriques," Revue d'Économie Financière, Programme National Persée, vol. 83(2), pages 159-176.
    17. Nicole Jonker, 2007. "Payment Instruments as Perceived by Consumers – Results from a Household Survey," De Economist, Springer, vol. 155(3), pages 271-303, September.
    18. Tschoegl, Adrian E., 2010. "The international diffusion of an innovation: The spread of decimal currency," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 100-109, January.
    19. Bouhdaoui, Y. & Bounie, D., 2012. "Efficient payments: How much do they cost for the Central Bank?," Economic Modelling, Elsevier, vol. 29(5), pages 1579-1584.
    20. Bouhdaoui, Y. & Bounie, D. & Van Hove, L., 2011. "Central banks and their banknote series: The efficiency-cost trade-off," Economic Modelling, Elsevier, vol. 28(4), pages 1482-1488, July.

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