Using unique data on between-firm payments and bank to firm lending, we investigate whether bank relationships across firms connected through product market ties affect the provision of loans to these firms. We show that the loans provided by a bank to a firm increase when the bank also lends to...

Cashless payment has rapidly developed in emerging markets following the digitization of finance. In this paper, by calculating the ratio of cashless payment in Russia, we find that it takes the shape of J-curve exponential growth, unlike in other developed and emerging economies. Although debit...

This paper studies strategic decision making by a private currency ledger operator, which faces competition from public money and/or other ledgers. A monopoly ledger operator can incentivize contract enforcement across the financial sector by threatening exclusion, but it can also impose markups...

In this article, we give a short introduction to cryptocurrencies and blockchain technology. The focus of the introduction is on Bitcoin, but many elements are shared by other blockchain implementations and alternative cryptoassets. The article covers the original idea and motivation, the mode...

Of recent, there has been increasing recognition by treasury groups who have lobbied for the development of a national based payment system. This addresses the significance and evolution of payment systems in select jurisdictions

This paper argues that the experiences with banking crises in Latin America have been different from those in the industrial world because of the peculiarities of Latin American financial system. Hence, applying the lessons from crisis resolution in the industrial world is not sufficient to deal...

Theories of rational redlining suggest a low housing sales volume should lead to greater uncertainty in house price appraisals, making the mortgage loan riskier, less attractive to lenders, and consequently more likely to be denied or charged a higher price. Previous empirical tests of this...

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...

This paper argues that investor reluctance to make long-term commitments to Latin American financial markets results from experience: in the 1980s while ex ante real interest rates on Latin American financial assets were usually high, ex post real interest rates wre often highly negative.

This paper focuses on the design of successful bank restructuring programs in Latin America-- a region where banking crises have been frequent in the past two decades.