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This paper describes how the two most important clearing and settlement systems in Denmark, VP and the Sumclearing, function in practice. Furthermore, it analyses how the legal framework in the Securities Trading Act, STA, based on directive 98/26/EC on settlement finality in payment and...
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Over millennia, mankind has used hard cash in various forms ranging from shells to gold coins and paper. More recently, cash has become unpopular in political circles, as it effectively restricts states’ power to tax (explicitly or via negative interest rates) or to survey and potentially...
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Consumer payments in the United States gradually have been shifting away from paper checks for the past several years …. Cash use has declined as well, although at a much slower pace. As the number of check payments has decreased, those … payments have been replaced with electronic and card payments. However, the transition from paper to electronic and card …
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replacing paper with cards and electronic payments. Stavins (2021) examines the evolution of payments from paper to cards and … electronic payments, while Shy (2020) shows the payments landscape across merchant types. This paper combines the cross …-sectional analysis across merchants with the aggregate time series study to analyze the evolution of consumer payments by merchant type …
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