The Evolution of the Banking System and the Theory of Saving, Investment and Interest

  • Chick V
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Abstract

One similarity among many developed economies is the predominance of cash over electronic payments in terms of payment frequency, especially for the low-value transactions that are the bulk of retail payments. We use the Bank of Canada's 2009 Methods-of-Payment Survey, which collected information on consumers' payment choices through shopping diaries, to estimate a simple model of choice between cash and other payment methods. Results suggest that the main reasons cash is still a popular payment instrument in Canada, especially for low-value transactions, are its wide acceptance among merchants compared with other alternatives, speed and ease of use, and low marginal cost when on hand. (JEL E41, D12, L81) [ABSTRACT FROM AUTHOR] Copyright of Contemporary Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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APA

Chick, V. (1992). The Evolution of the Banking System and the Theory of Saving, Investment and Interest. In On Money, Method and Keynes (pp. 193–205). Palgrave Macmillan UK. https://doi.org/10.1007/978-1-349-21935-3_12

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