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Two-Sided Market, R&D and Payments System Evolution
by Bin Grace Li, James McAndrews, and Zhu Wang

Series:Working Paper No. 19/57
ISBN 9781484399620
Code: #WPIEA2019057

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
48 pages
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It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a twosided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary significantly through the endogenous R&D channel.
Two-Sided Market, R&D and Payments System Evolution
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 124782 Added: 2019.4.6