that analyze the impact of such evolution on the demand for cash. Beyond data availability, this research is complicated by … the fact that the debit card provides two services for consumers, cash withdrawal and payment, that have contrasted … effects on cash holdings and cash usage. Using micro-level data, we estimate the impacts of both services on the demand for …

compare loss sharing under two loss-allocation mechanisms - variation margin haircutting and cash calls - and study the … cash calls, the degree of loss sharing does not affect trading volume but instead affects the chance that a cash call is …

central clearing counterparty (CCP). Finally, we show how to mitigate procyclicality of initial margins using a three …