Cash remains top-of-wallet! International evidence from payment diaries
Cash remains top-of-wallet! International evidence from payment diaries
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DOI：
10.1016/j.econmod.2017.09.002
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发表时间：
2018-01-01
影响因子：
4.7
通讯作者：
Hernandez, Lola
中科院分区：
文献类型：
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作者：
Arango-Arango, Carlos A.;Bouhdaoui, Yassine;Hernandez, Lola
近年来，许多研究都强调了电子支付的成本节约潜力。然而，在许多发达经济体，现金仍大量用于支付销售点交易。我们引入了一个最佳现金持有和支付模型，该模型利用了奥地利、加拿大、法国、德国、荷兰和美国的调查支付日记。我们的结果提供了证据，证明激励机制的差异，如信用卡与现金的相对成本，以及自动取款机取款成本的差异，是许多发达经济体现金仍是钱包最多的关键因素。事实上，我们的研究表明，现金一旦获得，就会被放在首位，因为它会在消费者的钱包中“燃烧”。
In recent years, many studies have emphasized the cost-saving potential of electronic payments. Yet, cash is still heavily used to pay for point-of-sale transactions in many developed economies. We introduce a model of optimal cash holdings and payments that exploits survey payment diaries from Austria, Canada, France, Germany, the Netherlands and the United States. Our results provide evidence that differences in incentives, such as the relative cost of cards compared with cash, and differences in ATM withdrawal costs, are key factors explaining why cash remains top-of-wallet across many developed economies. Indeed, we show that once obtained, cash goes first because it "burns" in consumers' wallets.