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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 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
The Bank of Canada's new Quarterly Projection Model, QPM, Comnines the short-term dynamic properties necessary to support regular economic projections with the consistent behavioural structure necessary for policy analysis.
Persistent link: https://www.econbiz.de/10005808260
Social learning models of investment provide an interesting explanation for sudden changes in investment behaviour …
Persistent link: https://www.econbiz.de/10005162426
Using a unique micro-dataset containing real and financial information on Canadian households for 2000–07, the authors address two questions: (1) What is the proportion of households whose consumption displays excess sensitivity to income, and who are likely liquidity constrained? (2) Do house...
Persistent link: https://www.econbiz.de/10010599185
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
This paper uses discrete-choice models to quantify the role of consumer socioeconomic characteristics, payment …
Persistent link: https://www.econbiz.de/10009352265
variable (IV), or single-equation error-correction estimates of partial-equilibrium models. However, we know from the recent …
Persistent link: https://www.econbiz.de/10005536876
-likelihood estimates of models with codependent cycle restrictions. They find that the seven sectors under consideration contain five …
Persistent link: https://www.econbiz.de/10005536877
A default in the Automated Clearing Settlement System (ACSS) occurs when a Direct Clearer is unable to settle its final obligation. In August 2012, the Canadian Payments Association amended the ACSS by-law and rules to repeal the unwinding provisions from the ACSS default framework. Without...
Persistent link: https://www.econbiz.de/10010960404