| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10183 |
| DP10183 The Role of Card Acceptance in the Transaction Demand for Money | |
| Philipp Schmidt-Dengler; Helmut Stix | |
| 发表日期 | 2014-10-05 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant. We hypothesize that the lack of card acceptance at the point of sale is a key reason why cash continues to play an important role. We formulate a simple inventory model that predicts that the level of cash demand falls with an increase in card acceptance. We use detailed payment diary data from Austrian and Canadian consumers to test this model while accounting for the endogeneity of acceptance. Our results confirm that card acceptance exerts a substantial impact on the demand for cash. The estimate of the consumption elasticity (0.23 and 0.11 for Austria and Canada, respectively) is smaller than that predicted by the classic Baumol-Tobin inventory model (0.5). We conduct counterfactual experiments and quantify the effect of increased card acceptance on the demand for cash. Acceptance reduces the level of cash demand as well as its consumption elasticity. |
| 主题 | Financial Economics ; International Macroeconomics ; Industrial Organization |
| 关键词 | Counterfactual distributions Endogenous switching regression Inventory models of money |
| URL | https://cepr.org/publications/dp10183 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539015 |
| 推荐引用方式 GB/T 7714 | Philipp Schmidt-Dengler,Helmut Stix. DP10183 The Role of Card Acceptance in the Transaction Demand for Money. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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