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Some Ambiguities Concerning the Development of Electronic Money

  • Helmi Hamdi

    (Centre of Economic Analys University Paul Cezanne Aix-Marseille III Aix-en-Provence, France)

The aim of this paper is to analyse the economic efficiency of electronic money and to identify different factors hindering its growth. It is argued that electronic money might eventually make paper money obsolete. Nevertheless, prospects for the development of this monetary innovation remain uncertain due to the complexity and ambiguity of electronic money products. In particular, the paper identifies network effects and habit persistence as major factors hindering the adoption and more widespread use of electronic money.

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File URL: http://www.ijf.hr/eng/FTP/2007/3/hamdi.pdf
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Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

Volume (Year): 31 (2007)
Issue (Month): 3 ()
Pages: 293-307

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Handle: RePEc:ipf:finteo:v:31:y:2007:i:3:p:293-307
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  1. Humphrey David & Willesson Magnus & Lindblom Ted & Bergendahl Göran, 2003. "What Does it Cost to Make a Payment?," Review of Network Economics, De Gruyter, vol. 2(2), pages 1-16, June.
  2. Stuber, Gerald, 1996. "The Electronic Purse: An Overview of Recent Developments and Policy Issues," Technical Reports 74, Bank of Canada.
  3. William P. Osterberg & James B. Thomson, 1998. "Network externalities: the catch-22 of retail payments innovations," Economic Commentary, Federal Reserve Bank of Cleveland, issue Feb.
  4. Sujit Chakravorti & Victor Lubasi, 2006. "Payment instrument choice: the case of prepaid cards," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 29-43.
  5. Austan Goolsbee & Peter J. Klenow, 1999. "Evidence on Learning and Network Externalities in the Diffusion of Home Computers," NBER Working Papers 7329, National Bureau of Economic Research, Inc.
  6. Charles Goodhart & Malte Krueger, 2001. "The impact of technology on cash usage," LSE Research Online Documents on Economics 25048, London School of Economics and Political Science, LSE Library.
  7. David Humphrey & Moshe Kim & Bent Vale, 1998. "Realizing the gains from electronic payments: costs, pricing, and payment choice," Proceedings 586, Federal Reserve Bank of Chicago.
  8. Joanna Stavins, 1997. "A comparison of social costs and benefits of paper check presentment and ECP with truncation," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 27-44.
  9. Stefan W. Schmitz, 2002. "The Institutional Character of Electronic Money Schemes: Redeemability and the Unit of Account," Macroeconomics 0211009, EconWPA.
  10. Katz, Michael L & Shapiro, Carl, 1986. "Technology Adoption in the Presence of Network Externalities," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 822-41, August.
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