Interchange Fees in Australia, the UK, and the United States: Matching Theory and Practice
对比了澳大利亚、英国和美国信用卡与借记卡交换费的理论模型和实际做法，旨在弥合理论与实证文献之间的差距，对研究支付卡定价和监管的学者有参考价值。
Interchange fees are an integral part of the pricing structure of credit and debit card industries. While in recent years the theoretical literature on interchange fees, and payment cards in general, has grown rapidly, the empirical literature has not. There are several reasons for this. First, comprehensive data are hard to obtain. Second, the industries are very complicated, and empirical models need to incorporate many industry-specific features, such as payment-card network rules and government regulations. And third, empirical studies may require a generalized empirical model since, typically, only a few payment card networks exist in a given country. However, because of the first and second reasons, generalizing empirical models may prove problematic. This article seeks to provide a bridge between the theoretical and empirical literatures on interchange fees. Specifically, the article confronts theory with practice by asking: To what extent do existing models of interchange fees match up with actual interchange fee practices in Fumiko Hayashi is a senior economist at the Federal Reserve Bank of Kansas City. Stuart E. Weiner is a vice president and director of Payments System Research at the bank. The authors thank Nathan Halmrast, Jean-Charles Rochet, Julian Wright, and seminar participants at the European Central Bank and at the “Competition and