Cash Cult in Russia: How to Debunk It and What Will Be the Consequences?
Since 2010 the issues of development of retail payment systems in Russia have been discussed by the general public. But there is still a lack of assessments of possible macroeconomic effects. In our research we offer systematization of positive effects generated by broad implementation of retail payment systems and analyze the key tendencies in substitution of cash payments by non-cash payment instruments. We compare both potential of monetary policy and specific technical measures (growth in use of payment infrastructure, etc.) in stimulating households’ demand for retail payment systems in Russia. Using econometric analysis we conclude that technical measures are more effective. Besides, they are associated with lower macroeconomic risks in middle-term perspective.
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