This paper empirically investigates whether individuals withhold a certain amount of cash for precautionary reasons at the point-of-sale (POS) in order to be able to cover future transactions that might have to be paid for in cash. Such behaviour is costly for consumers because it imposes...

Privacy is a feature inherent to the use of cash for payments. With steadily increasing market shares of commercial digital payments platforms, privacy in payments may no longer be attainable in the future. In this paper, we explore the potential welfare impact of reductions in privacy in...

In a market where consumers choose between payment options and firms compete with products and prices, we show that payment data drives the formation of a market monopoly. A data-sharing policy can successfully restore and maintain a competitive market, but often at the expense of both...

Elektronisches Geld stellt die (vorerst) neueste Innovation im Bereich des Zahlungsverkehrs dar. Inwieweit sich aus seiner Verbreitung Konsequenzen für die Geldpolitik ergeben, hängt nicht zuletzt davon ab, in welchem Umfang elektronisches Geld vom Publikum tatsächlich zu Zahlungszwecken...

Electronic money constitutes (for the time being) the most recent innovation in payment instruments. The extent to which the further spread of electronic money might have consequences for monetary policy depends not least on the actual demand for electronic money. Numerous studies have sought to...