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Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data

Bagnall, John; Bounie, David; Huynh, Kim; Kosse, Anneke; … - Bank of Canada - 2014

We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences -...

Persistent link: https://www.econbiz.de/10010849952

Cash Management and Payment Choices: A Simulation Model with International Comparisons

Arango, Carlos; Bouhdaoui, Yassine; Bounie, David; … - Bank of Canada - 2013

Despite various payment innovations, today, cash is still heavily used to pay for low-value purchases. This paper develops a simulation model to test whether standard implications of the theory on cash management and payment choices can explain the use of payment instruments by transaction size....

Persistent link: https://www.econbiz.de/10010849960

Electronic Money and Payments: Recent Developments and Issues

Fung, Ben; Molico, Miguel; Stuber, Gerald - Bank of Canada - 2014

The authors review recent developments in retail payments in Canada and elsewhere, with a focus on e-money products, and assess their potential public policy implications. In particular, they study how these developments will affect the demand for bank notes, and the central bank’s balance...

Persistent link: https://www.econbiz.de/10010849977

The Role of Card Acceptance in the Transaction Demand for Money

Huynh, Kim; Schmidt-Dengler, Philipp; Stix, Helmut - Bank of Canada - 2014

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...

Persistent link: https://www.econbiz.de/10010960390

Risk Premium, Variance Premium and the Maturity Structure of Uncertainty

Feunou, Bruno; Fontaine, Jean-Sébastien; Taamouti, … - Bank of Canada - 2012

Expected returns vary when investors face time-varying investment opportunities. Longrun risk models (Bansal and Yaron … 2004) and no-arbitrage affine models (Duffie, Pan, and Singleton 2000) emphasize sources of risk that are not observable to … the econometrician. We show that, for both classes of models, the term structure of risk implicit in option prices can …

Persistent link: https://www.econbiz.de/10010548355

The Impact of Retail Payment Innovations on Cash Usage

Fung, Ben; Huynh, Kim; Sabetti, Leonard - Bank of Canada - 2012

Many predict that innovations in retail payment may render cash obsolete. We investigate this possibility in the context of recent payment innovations such as contactless-credit and stored-value cards. We apply causal inference methods on the 2009 Bank of Canada Method of Payment survey, a...

Persistent link: https://www.econbiz.de/10010556665

Financial Structure and Economic Growth: A Non-Technical Survey

Dolar, Veronika; Meh, Césaire - Bank of Canada - 2002

Persistent link: https://www.econbiz.de/10005673279

The Efficiency of Private E-Money-Like Systems: The U.S. Experience with State Bank Notes

Weber, Warren E. - Bank of Canada - 2014

In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes. It examines historical evidence on how well the bank...

Persistent link: https://www.econbiz.de/10010762053

Retail Payment Innovations and Cash Usage: Accounting for Attrition Using Refreshment Samples

Chen, Heng; Felt, Marie-Hélène; Huynh, Kim - Bank of Canada - 2014

We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data modelthat accounts for unobserved heterogeneity and allows for general forms of non-random attrition. We use...

Persistent link: https://www.econbiz.de/10010783638

The Financial Services Sector: An Update on Recent Developments

Freedman, Charles; Goodlet, Clyde - Bank of Canada - 2002

The Canadian financial industry continues to experience significant changes. This report provides an update on recent developments and re-examines a number of issues facing financial service providers that were identified in Technical Report No. 82. In particular, this report highlights the role...

Persistent link: https://www.econbiz.de/10005808261