FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3124200213> ?p ?o ?g. }

• W3124200213 endingPage "964" @default.
• W3124200213 startingPage "942" @default.
• W3124200213 abstract "Prepaid cards, cash cards, electronic purses, smart cards these are but a few of the elements inthe revolution now taking place in monetary systems around the world. At that movement's heart is the emergence of a new value transfer system where alternative monies are offered toconsumers through the miracle of electronics. There are many stories in the business press about the general enthusiasm for these new forms of money. According the hyperbole from marketing reps from this side of the financial community, currency and demand deposits soon will be endangered species. Consumer acceptance is alleged be high, and cost efficiency associated with the new technology is expected be substantial. Yet, as Wenninger and Laster (1995) suggest, to succeed, an electronic purse system will need offer enough features of value its three constituencies consumers, merchants, and issuers induce them bear the cost. Most arguments in favorof these media of exchange can be viewed as a reaction the rising costs associated with current check clearing and on-line credit systems. Data are scare. However, the cost advantages the banking system of a movement from paper check debit cards is alleged be in the range of 50%. Off-line pre-paid cards are expected reduce the cost of clearing transactions, handling cash and reducing fraud for merchants. To read the press, the consumer is equally enthusiastic. However, the economic rationale for this consumer enthusiasm is a bit unclear. Each application of the emerging electronic technology has been different in important ways. The universal receptivity alternative monies may be more a good marketing ploy than good economics. To understand consumer reaction requires a careful analysis of the desirability of any one of these alternative technologies in terms of its impact on consumer cash management costs through changes in transaction patterns, average money holdings, and total transaction costs. The authors attempt this analysis by investigating the effect of variations in the number and type of monies on consumer transactions demand using a Baumol-Tobin type model of moneydemand. They investigate the behavior of a representative consumer facedwith a choice ofmonies with which transact, and ask how variations in the characteristics of these monies will affect the consumer choice of transaction vehicle, transactions frequency, and average balance in various media. The results are surprising. Variations in the cost of transfer, interest rates, and the acceptabilityof alternative media have surprising effects on consumer choice. In general, the cost of using amedium of exchange determines whether it will be used and for which goods it will be traded. The choice of medium of exchange, then, has a direct effect on both the average holdings ofdifferent types of money and their transition frequencies. It suggests that efforts by banks alter the costs of using a particular form of money may cause consumers change their exchange behavior, shifting it sometimes rather dramatically. The authors demonstrate the impact of these results with an example of a stored value card, and its competitive position vis-a-vis the two most common media of exchange. This transfermedium offers some of the features of demand deposits such as ease of transfer and generalacceptability. At the same time, it avoids the fixed costs of a checking account while offering noreturn on average balances. The authors have observed that households tend use the high-interest medium of exchange buy the good that constitutes the larger share of its income. Given the relative rates of return on stored value cards and checking account balances, the former is unlikely dislodge the use of checks for purchases. On the other hand, the stored value card represents a credible threat for cash transactions. Here, rates of return are both zero, although it can be argued that cash may have a negative return due theft. Given their new ease of use, smart cards could also be competitive from a transfer fee perspective. In fact, given the lower cost of transfer into the card, it may dominate cash in the near future. While the foregoing results apply the individual household, aggregate results often are moredifficult prove. For example, an increase in the cost of obtaining a medium of exchange,reduces the number of households using the exchange, but raises average balances for thosehouseholds that continue use it. Therefore, efforts by banks lower the costs of using aparticular form of medium of exchange may well reduce the average holding of that medium. Also, interest rates generally have ambiguous effects on money holdings. Determining whetheran increase in a particular interest rate will raise or lower holdings of a particular form of money requires a case by case analysis, and the conclusions can change from one day the next with changes in other parameters of concern the household. The authors conclude that affecting monetary behavior is no simple matter. As providers ofdifferent monies move from experimentation implementation, these results offer a warning. The choice of money or monies be used for transactions purposes is a complex decision. Itdoes not lend itself simple extrapolation from consumer surveys, and, in fact, may result insubstantially different outcomes than had been presumed." @default.
• W3124200213 created "2021-02-01" @default.
• W3124200213 creator A5031720277 @default.
• W3124200213 creator A5048053529 @default.
• W3124200213 date "1996-01-01" @default.
• W3124200213 modified "2023-09-27" @default.
• W3124200213 title "Alternative monies and the demand for media of exchange" @default.
• W3124200213 hasPublicationYear "1996" @default.
• W3124200213 type Work @default.
• W3124200213 sameAs 3124200213 @default.
• W3124200213 citedByCount "0" @default.
• W3124200213 crossrefType "posted-content" @default.
• W3124200213 hasAuthorship W3124200213A5031720277 @default.
• W3124200213 hasAuthorship W3124200213A5048053529 @default.
• W3124200213 hasConcept C10138342 @default.
• W3124200213 hasConcept C108087509 @default.
• W3124200213 hasConcept C119857082 @default.
• W3124200213 hasConcept C122941539 @default.
• W3124200213 hasConcept C141121606 @default.
• W3124200213 hasConcept C144133560 @default.
• W3124200213 hasConcept C145097563 @default.
• W3124200213 hasConcept C15744967 @default.
• W3124200213 hasConcept C162324750 @default.
• W3124200213 hasConcept C2776291640 @default.
• W3124200213 hasConcept C2778083465 @default.
• W3124200213 hasConcept C2780112241 @default.
• W3124200213 hasConcept C2781354396 @default.
• W3124200213 hasConcept C2983355114 @default.
• W3124200213 hasConcept C41008148 @default.
• W3124200213 hasConcept C54750564 @default.
• W3124200213 hasConcept C556758197 @default.
• W3124200213 hasConcept C71052197 @default.
• W3124200213 hasConcept C77805123 @default.
• W3124200213 hasConceptScore W3124200213C10138342 @default.
• W3124200213 hasConceptScore W3124200213C108087509 @default.
• W3124200213 hasConceptScore W3124200213C119857082 @default.
• W3124200213 hasConceptScore W3124200213C122941539 @default.
• W3124200213 hasConceptScore W3124200213C141121606 @default.
• W3124200213 hasConceptScore W3124200213C144133560 @default.
• W3124200213 hasConceptScore W3124200213C145097563 @default.
• W3124200213 hasConceptScore W3124200213C15744967 @default.
• W3124200213 hasConceptScore W3124200213C162324750 @default.
• W3124200213 hasConceptScore W3124200213C2776291640 @default.
• W3124200213 hasConceptScore W3124200213C2778083465 @default.
• W3124200213 hasConceptScore W3124200213C2780112241 @default.
• W3124200213 hasConceptScore W3124200213C2781354396 @default.
• W3124200213 hasConceptScore W3124200213C2983355114 @default.
• W3124200213 hasConceptScore W3124200213C41008148 @default.
• W3124200213 hasConceptScore W3124200213C54750564 @default.
• W3124200213 hasConceptScore W3124200213C556758197 @default.
• W3124200213 hasConceptScore W3124200213C71052197 @default.
• W3124200213 hasConceptScore W3124200213C77805123 @default.
• W3124200213 hasLocation W31242002131 @default.
• W3124200213 hasOpenAccess W3124200213 @default.
• W3124200213 hasPrimaryLocation W31242002131 @default.
• W3124200213 hasRelatedWork W1971922554 @default.
• W3124200213 hasRelatedWork W1998613640 @default.
• W3124200213 hasRelatedWork W2046098217 @default.
• W3124200213 hasRelatedWork W2154022406 @default.
• W3124200213 hasRelatedWork W231195496 @default.
• W3124200213 hasRelatedWork W2312687144 @default.
• W3124200213 hasRelatedWork W2322295037 @default.
• W3124200213 hasRelatedWork W2340605344 @default.
• W3124200213 hasRelatedWork W2490914971 @default.
• W3124200213 hasRelatedWork W2506710009 @default.
• W3124200213 hasRelatedWork W2530385894 @default.
• W3124200213 hasRelatedWork W2740787792 @default.
• W3124200213 hasRelatedWork W2971542359 @default.
• W3124200213 hasRelatedWork W2973610589 @default.
• W3124200213 hasRelatedWork W3021677414 @default.
• W3124200213 hasRelatedWork W3122053445 @default.
• W3124200213 hasRelatedWork W3124538240 @default.
• W3124200213 hasRelatedWork W646010769 @default.
• W3124200213 hasRelatedWork W70178838 @default.
• W3124200213 hasRelatedWork W2472729132 @default.
• W3124200213 isParatext "false" @default.
• W3124200213 isRetracted "false" @default.
• W3124200213 magId "3124200213" @default.
• W3124200213 workType "article" @default.