文章基本信息

标题：SEPA, efficiency, and payment card competition
本地全文：下载
作者：Wilko Bolt ; Heiko Schmiedel
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：This paper analyzes the welfare implications of creating a Single Euro Payments Area. We study the e®ects of increased network compatibility and payment scale economies on consumer and merchant card fees and its impact on card usage. In particular, we model competition among debit cards and between debit and credit cards. We show that competitive pressures dampen merchant fees and increase total card acceptance. The paper argues that there is room for multilateral interchange fee arrangements to achieve optimal consumer and merchant fees, taking safety, income uncertainty, default risk, merchant's pricing power, and the avoided cost of cash at the retailers side into account. Consumers and merchants are likely to bene¯t the most from the creation of SEPA when su±cient payment card competition alleviates potential monopolistic tendencies.
关键词：SEPA; card network competition; optimal pricing; economic welfare