Promoting Efficient Retail Payments in Europe

Hasan, Iftekhar; Martikainen, Emmi; Takalo, Tuomas

doi:10.2139/ssrn.2509151

Cited by 8 publications

(1 citation statement)

References 40 publications

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“…According to the data of Martikainen et al (2013) this is because of popularity of cash payments in these countries. 1 As argued by Hasan and Takalo (2014), Figure 1 suggests a correlation between payment habits and recent economic fortunes, which we try to capture in Figure 2. Furthermore, some of the most exciting experimentation with new payment methods is currently taking place in the developing world, e.g., Kenya is a leading country in the adoption of mobile payments.…”

Section: Retail Payment Infrastructure and The Macroeconomymentioning

confidence: 88%

Promoting efficient retail payments in Europe

Hasan,

Martikainen,

Takalo

2015

JPSS

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This paper first documents the evidence showing how an efficient retail payment infrastructure enhances economic performance. It then reviews the policy tools available to promote efficient retail payments in Europe. The authors argue that, while SEPA is an important policy initiative that harmonises payment methods across the EU, it alone is not enough. Vigorous competition and consumer protection policies as well as direct interventions discouraging large-value cash payments would be particularly attractive policy tools, as they would put no strain on stretched government budgets.

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Section: Retail Payment Infrastructure and The Macroeconomymentioning

confidence: 88%

Promoting efficient retail payments in Europe

Hasan,

Martikainen,

Takalo

2015

JPSS

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Promoting the Integration of Payment Markets: A Stakeholder’s Vision

Domingos¹,

António

Pinheiro

2022

Eur Bus Org Law Rev

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We validate stakeholder theory using a natural experiment in the European payments industry, the Single Euro Payments Area (SEPA), supported by unique primary data. SEPA is an important part of the single European market, on the back of the creation of the single currency in 1999. SEPA created a new environment of competition across Europe by making national borders irrelevant. Interviews with Portuguese experts directly involved in the realization of SEPA make it possible for us to provide a new taxonomy of stakeholders according to their power and role. Our study highlights the association between stakeholder theory and a strategic project at the European level and invites further research on the theoretical underpinnings of large-scale ventures.

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The Net Worth Trap: Investment and Output Dynamics in the Presence of Financing Constraints

2014

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This paper investigates investment and output dynamics in a simple continuous time setting, showing that financing constraints substantially alter the relationship between net worth and the decisions of an optimizing firm. In the absence of financing constraints, net worth is irrelevant (the 1958 Modigliani-Miller irrelevance proposition applies). When incorporating financing constraints, a decline in net worth leads to the firm reducing investment and also output (when this reduces risk exposure). This negative relationship between net worth and investment has already been examined in the literature. The contribution here is providing new intuitive insights: (i) showing how large and long lasting the resulting non-linearity of firm behaviour can be, even with linear production and preferences; and (ii) highlighting the economic mechanisms involved-the emergence of shadow prices creating both corporate prudential saving and induced risk aversion. The emergence of such pronounced non-linearity, even with linear production and preference functions, suggests that financing constraints can have a major impact on investment and output; and this should be allowed for in empirical modelling of economic and financial crises (for example, the great depression of the 1930s, the global financial crisis of 2007-2008 and the crash following the Covid-19 pandemic of 2020).

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Promoting Efficient Retail Payments in Europe

Cited by 8 publications

References 40 publications

Promoting efficient retail payments in Europe

Promoting efficient retail payments in Europe

Promoting the Integration of Payment Markets: A Stakeholder’s Vision

The Net Worth Trap: Investment and Output Dynamics in the Presence of Financing Constraints

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