This paper analyzes equilibrium pricing of payment cards and welfare consequences of payment card competition. In particular, we model competition between debit and credit cards. The paper argues that optimal consumer and merchant fees must take safety, income uncertainty, default risk, and the...

Purpose – The purpose of this paper is to investigate the state of integration of securities market infrastructure in Europe. Design/methodology/approach – Given the lack of quantitative and price-based measures, this paper adopts a rather qualitative approach to evaluating the degree and...

The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently...

We estimate convergence in the European retail payments market during the period 1995–2011 for the most popular retail payment instruments: cash, debit card, credit card, direct debit, credit transfer, cheque and e-money. To estimate convergence, we employ the concepts of beta and sigma...