The UK economy has enjoyed an unprecedented period of positive economic growthsince the early 1990s. The absence of recession for more than a decade has been accompanied bya sustained decline in the level of mortgage arrears, as reported by major lenders. This paperseeks to examine the factors...

This paper explores the relationship between innovations in payment systems and financial intermediation. By focusing on excess reserves and the currency demand, we provide evidence on the extant transmission mechanism. In this direction, we applied the generalized method of moments (GMM) and...