Bio

Marie-Hélène is a Senior Economist. Her primary area of research is applied microeconometrics. In the field of retail payments, she conducts research evaluating the impact of payment innovations on cash usage.


Staff discussion papers

Canadians’ Access to Cash Before and During the COVID-19 Pandemic

Staff Discussion Paper 2022-15 Heng Chen, Marie-Hélène Felt
This paper studies Canadians’ access to cash using the geographical distribution of automated banking machines (ABMs). During the pandemic, there have been no sustained adverse effects on cash accessibility.

Bitcoin Awareness, Ownership and Use: 2016–20

In this paper, we examine trends in Canadian ownership of Bitcoin and other cryptocurrencies from 2016 to 2020 using data from surveys conducted by the Bank of Canada.

Cash and COVID-19: The impact of the second wave in Canada

The COVID-19 pandemic significantly increased the demand for cash. Cash in circulation increased sharply from March through December 2020, particularly in the early months of this period. Although use of electronic methods of payment also increased significantly, cash use for payments remains high for low-value transactions and among certain demographic groups.

The Costs of Point-of-Sale Payments in Canada

Using data from our 2014 cost-of-payments survey, we calculate resource costs for cash, debit cards and credit cards. For each payment method, we examine the total cost incurred by consumers, retailers, financial institutions and infrastructures, the Royal Canadian Mint and the Bank of Canada.

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Staff working papers

Untapped Potential: Mobile Device Ownership and Mobile Payments in Canada

Staff Working Paper 2024-25 Marie-Hélène Felt, Angelika Welte, Katrina Talavera
We present a two-stage model of mobile phone and mobile payment usage that controls for selectivity. This reveals unobserved factors that work against having a mobile phone and toward mobile paying. Therefore, people who are unable to acquire or choose not to own a mobile device might have unmet payment needs.

Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in Canada and the United States

Although credit cards are more expensive for merchants to accept than cash or debit cards, merchants typically pass through their costs evenly to all customers. Along with consumer card rewards and banking fees, this creates cross-subsidies between payment methods. Because higher-income individuals tend to use credit cards more than those with lower incomes, our results indicate that these cross-subsidies might lead to regressive distributional effects.

Losing Contact: The Impact of Contactless Payments on Cash Usage

Staff Working Paper 2020-56 Marie-Hélène Felt
Contactless payment cards are a competitive alternative to cash. Using Canadian panel data from 2010 to 2017, this study investigates whether contactless credit cards are an important contributor to the decline in the transactional use of cash. 

A Look Inside the Box: Combining Aggregate and Marginal Distributions to Identify Joint Distributions

Staff Working Paper 2018-29 Marie-Hélène Felt
This paper proposes a method for estimating the joint distribution of two or more variables when only their marginal distributions and the distribution of their aggregates are observed. Nonparametric identification is achieved by modelling dependence using a latent common-factor structure.

Retail Payment Innovations and Cash Usage: Accounting for Attrition Using Refreshment Samples

Staff Working Paper 2014-27 Heng Chen, Marie-Hélène Felt, Kim Huynh
We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data model that accounts for unobserved heterogeneity and allows for general forms of non-random attrition.

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Technical reports

Sample Calibration of the Online CFM Survey

Technical Report No. 118 Marie-Hélène Felt, David Laferrière
The Canadian Financial Monitor (CFM) survey uses non-probability sampling for data collection, so selection bias is likely. We outline methods for obtaining survey weights and discuss the conditions necessary for these weights to eliminate selection bias. We obtain calibration weights for the 2018 and 2019 online CFM samples.
Content Type(s): Staff research, Technical reports Topic(s): Econometric and statistical methods JEL Code(s): C, C8, C81, C83

2017 Methods-of-Payment Survey: Sample Calibration and Variance Estimation

Technical Report No. 114 Heng Chen, Marie-Hélène Felt, Christopher Henry
This technical report describes sampling, weighting and variance estimation for the Bank of Canada’s 2017 Methods-of-Payment Survey. Under quota sampling, a raking ratio method is implemented to generate weights with both post-stratification and nonparametric nonresponse weight adjustments.
Content Type(s): Staff research, Technical reports Topic(s): Econometric and statistical methods JEL Code(s): C, C8, C81, C83

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