Payments Economics: Theory and Policy

NOTE: The papers listed here are reproduced as submitted by their respective authors, and do not necessarily reflect the opinions or policies of the Bank of Canada. Papers submitted by persons not in the employ of the Bank of Canada may be subject to the copyright policies of the submitters' organizations and/or countries, and therefore should not be reproduced in whole or in part without the permission of the author(s). Papers are presented in the language of the authors only.

"Money and Credit with Limited Commitment and Theft"

Daniel Sanches and Stephen Williamson

"Consumer Choice and Merchant Acceptance of Payment Media"

Wilko Bolt and Sujit Chakravorti

"The Economics of Two-Sided Payment Card Markets: Pricing, Adoption and Usage"

Zhu Wang and James McAndrews

"Systemic Risk and Liquidity in Payment Systems\"

Gara Minguez Afonso and Hyun Song Shin

"A Model of Tiered Settlement Networks"

James Chapman, Jonathan Chiu, and Miguel Molico

"Banks' Intraday Liquidity Management during Operational Outages: Theory and Evidence from the UK Payment System"

Ouarda Merrouche and Jochen Schanz

"Pairwise Trade, Payments, Asset Prices, and Monetary Policy"

Ed Nosal and Guillaume Rocheteau

"Information, Liquidity and Asset Prices"

Ben Lester, Andrew Postlewaite and Randy Wright

"The Economics of Payment Card Fee Structure: Policy Considerations of Payment Card rewards"

Fumiko Hayashi

"The Future of Real-Time Gross Settlement: The Role of the Central Bank"

Peter Allsopp, Bruce Summers, and John Veale

"A Model of Indivisible Commodity Money with Minting and Melting"

Angela Redish and Warren Weber

"Offshore Settlement, Collateral, and Interest Rates"

Charlie Kahn