One of the main concerns when considering Central Bank Digital Currency (CBDC) is the disintermediating effect on the banking sector in normal times, and even more the risk of a bank run in times of crisis. This paper extends the bank run model of Gertler and Kiyotaki (2015) by analyzing the...

Mobile payment services are experiencing the fastest growth compared to other payment methods, mainly due to the ever-increasing popularity of smartphones in recent years. Even though the technology has been available for more than a decade, mobile payment has been adopted into widespread usage...

In this paper, we examine the determinants of the choice of payment instrument for low-value day-to-day transactions. Using Japanese household data from 2007 to 2014, we find that three payment instruments, namely, cash, electronic money, and credit cards, comprise the major payment choices for...

To reduce the load on cellular networks, offloading to Wi-Fi has long been discussed as a technological solution. Despite advances in scheduling algorithms and incentive schemes, most mobile operators do not actively promote Wi-Fi offloading and most Wi-Fi usage is limited to stationary in-home...

This paper employs firm-level panel data of 57 incumbent and entrant firms for 23 European countries in the decade from 2003 to 2012. We examine the impact of service- and facility-based competition on firm level investment as well as the strategic effects underlying infrastructure investment...

The question of how retail banks adapt to a changing market place that is driven by disruptive Fintech firms is increasingly becoming important. This is especially critical in East Africa where banks have traditionally had limited presence. This paper examines the impact of digital technologies...