Showing 1 - 10 of 5,142
The topic of abolishing cash is discussed since some time, and economists such as Rogoff, Summers and Bofinger argue … argumentative lines of the supporters and opponents of an abolishing or limitation of cash, as well as the respective institutional …
Persistent link: https://www.econbiz.de/10011646056
We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys … United States). Our paper finds cross-country differences – for example, the level of cash usage differs across countries …. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash …
Persistent link: https://www.econbiz.de/10013370109
The rising stockpile of cash as a share of total assets at U.S. firms has intrigued economists since at least the paper … of Bates, Kahle, and Stulz (2006), yet there has been relatively little work on where this cash has come from and how it … is related to investment performance. We exploit Statement of Cash Flows data from Compustat to decompose firms' cash …
Persistent link: https://www.econbiz.de/10010280899
Merchant fees and reward programs generate an implicit monetary transfer to credit card users from non-card (or cash … average, each cash-using household pays $149 to card-using households and each card-using household receives $1,133 from cash …
Persistent link: https://www.econbiz.de/10010282764
This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...
Persistent link: https://www.econbiz.de/10011605731
Though checks' popularity is now waning in favor of electronic payments, checks were, for much of the twentieth century, the most widely used noncash payment method in the United States. How did such a relatively inefficient form of payment become so dominant? This article traces the historical...
Persistent link: https://www.econbiz.de/10010281873
We analyse daily lead-lag patterns in US equity and credit default swap (CDS) returns. We first document that equity returns robustly lead CDS returns. However, we find that the CDS-lag is due to common (and not firm-specific) news and arises predominantly in response to positive (instead of...
Persistent link: https://www.econbiz.de/10010326281
This paper investigates how technical trading systems exploit the momentum and reversal effects in the S&P 500 spot and futures market. The former is exploited by trend-following models, the latter by contrarian models. In total, the performance of 2,580 widely used models is analysed. When...
Persistent link: https://www.econbiz.de/10011435210
The study investigates the profitability of 1,024 moving average and momentum models and their components in the yen/dollar market. It turns out that all models would have been profitable between 1976 and 1999. The pattern of profitability is as follows: the models produce more single losses...
Persistent link: https://www.econbiz.de/10011435222
This study analyses the interaction between the aggregate trading behaviour of technical models and stock price fluctuations in the S&P 500 futures market. It examines 2,580 widely used trading systems based on 30-minutes prices. The sample comprises trend-following as well as contrarian models....
Persistent link: https://www.econbiz.de/10011435224