We analyse a card payment system to assess the economic impact of the interchange fee. This fee is paid by the bank of … the merchant, the acquirer, to the bank of the consumer, the issuer. We build up a mode in order to explore whether the …

We analyse a card payment system to assess the economic impact of the interchange fee. This fee is paid by the bank of … the merchant, the acquirer, to the bank of the consumer, the issuer. We build up a mode in order to explore whether the …

countercyclical bank markups. Markup increments during recessions directly increase borrowing costs for firms and indirectly damage … model. -- small open economy ; countercylical bank markups ; exchange rate regimes ; Bayesian estimation ; balance sheet …

endogenously determined. Although the microeconomics of the bank behaviour is quite simple, credit and money as well as bonds …