Network Effects On Cash‐Card Substitution in Transactions and Low Interest Rate Regimes
构建了一个博弈模型，分析在自动取款机网络竞争下，商户和消费者采用电子支付卡与现金共存的条件，发现低利率环境下支付创新技术对货币需求有高利率敏感性，并用英国1990-97年数据校准模型。
We develop a Nash game on the adoption of a new EFTPOS (Electronic Fund Transfer at Point of Sale) card payment media given cash is dispensed by a competitive ATM (Automated Teller Machine) network. Equilibrium conditions when cash and card use coexist entail a specific relationship between the card network coverage parameter (π<sup>k</sup>) and the proportion (ω) of cash financed expenditures. We derive a payments innovation technology constrained transactions demand for money which is highly interest rate sensitive in low interest rate regimes. Data on cash-card use in the UK (1990-97) is used to calibrate the model.