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Helmut Stix

30 December 2009
WORKING PAPER SERIES - No. 1144
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Abstract
Germans are still very fond of using cash. Of all direct payment transactions, cash accounts for an astounding 82% in terms of number, and for 58% in terms of value. With a new and unique dataset that combines transaction information with survey data on payment behaviour of German consumers, we shed light on how individuals choose payment instruments and why cash remains so important. We propose a two-stage empirical framework which jointly explains credit card ownership and the use of cash. Our results indicate that the pattern of cash usage is compatible with systematic economic decision making. Consumers decide upon the adoption of payment cards and then use available payment media according to their transaction and personal characteristics, the relative costs of cash and card usage, and their assessment of payment instruments
JEL Code
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
Network
Retail payments: integration & innovation
28 October 2011
WORKING PAPER SERIES - No. 1385
Details
Abstract
Standard transaction cost arguments can only partially explain why the share of cash transactions is still high in many countries. This paper shows that consumers
JEL Code
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
Network
Conference on the future of retail payments: opportunities and challenges
5 June 2014
WORKING PAPER SERIES - No. 1685
Details
Abstract
We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences – for example, the level of cash usage differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-ofsale characteristics such as merchant card acceptance and venue.
JEL Code
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Network
Eurosystem Research Network on Cash (EURECA)