publication . Research . Preprint . 2012

Retail payments and economic growth

Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko;
Open Access
  • Published: 20 Apr 2012
  • Publisher: Helsinki: Bank of Finland
Abstract
This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995-2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption and trade. Among different payment instruments, this relationship is strongest for card payments, followed by credit transfers and direct debits. Cheque payments are found to have a relatively low macroeconomic impact. Retail payment transaction technology itself is also associated positively to real economic aggregates. We also show that initiatives to integrate and harmo...
Subjects
acm: TheoryofComputation_GENERAL
free text keywords: G20, economic growth, financial development, G21, retail payments; economic growth; financial development, retail payments, jel:G21, jel:G20, ddc:330
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publication . Research . Preprint . 2012

Retail payments and economic growth

Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko;