Wilko Bolt


Wilko Bolt

Economics and Research Division
Phone +31 20 5243524
E mail Wilko Bolt


1997 - Ph.D. (Mathematical economics), Free University Amsterdam; dissertation: Theory of Negotiation.
1992 - Master’s Econometrics, Free University Amsterdam.

Research Interests 

  • Monetary Economics
  • Industrial Organization
  • Two-sided Markets
  • Payment Economics
  • Banking Competition and Regulation
  • Financial Conglomerates                           

Working Papers

Using debit card payments data for nowcasting Dutch household consumption (with Roy Verbaan and Carin van der Cruijsen), DNB Working Paper No. 571, 2017. Download

On the value of virtual currencies (with Maarten van Oordt), Bank of Canada Staff Working Paper 42, 2016. Download; DNB Working Paper 521, 2016. Download

Identifying booms and busts in house prices under heterogeneous expectations (with Maria Demertzis, Cees Diks, Cars Hommes and Marco van der Leij), DNB Working Paper 450, 2014. Download  

Tourist test or tourist trap? Unintended consequences of debit card interchange fee regulation (with Nicole Jonker en Mirjam Plooij), DNB Working Paper 405, 2013. Download

See also my Repec page.

Publications in refereed journals

Bolt, W. and M. van Oordt (2019), On the value of virtual currencies, forthcoming, Journal of Money, Credit and Banking.

Bolt, W. and L.J. Mester (2017), Introduction to retail payments: Mapping out the road ahead, Journal of Financial Services Research, 52(1-2), pp.1-3.

Bolt, W. and D. Humphrey (2015), Assessing bank competition for consumer loans, Journal of Banking and Finance 61, 127–141. Download

Bolt, W. and D. Humphrey (2015), A frontier measure of U.S. banking competition, European Journal of Operational Research 246(2), 450-461. Download

Bolt, W., and D. Humphrey (2014), Competition in bank-provided payment services, Journal of Financial Market Infrastructures 2(4), 21-51. Download

Bolt, W., 2013, Pricing, competition and innovation in retail payment systems: A brief overview, Journal of Financial Market Infrastructures 1(3), 73-90. Download

Bolt, W., and H. Schmiedel, 2013, Pricing of payment cards, competition, and efficiency: A possible guide for SEPA, Annals of Finance 9(1), 5-25. Download

Bolt, W., L. de Haan, M. Hoeberichts, M. van Oordt and J. Swank, 2012, Bank profitability during recessions, Journal of Banking and Finance 36(9), 2552–2564. Download

Bolt, W. and D. Humphrey, 2010, Bank competition efficiency in Europe: A frontier approach, Journal of Banking and Finance 34(8), 1808-1817. Download

Bolt, W., N. Jonker and C. van Renselaar, 2010, Incentives at the counter: An empirical analysis of surcharging card payments and payment behaviour in the Netherlands, Journal of Banking and Finance 34(8), 1738-1744. Download

Bolt, W. and D. Humphrey, 2009, Payment scale economies from individual bank data, Economics Letters 105(3), 293-295. Download

Beijnen, C. and W. Bolt, 2009, Size matters: Economies of scale in European payments processing, Journal of Banking and Finance 33(2), 203-210. Download

Bolt, W. and A. Tieman, 2008, Heavily skewed pricing in two-sided markets, International Journal of Industrial Organization 26(5), 1250-1255. Download

Bolt, W., D. Humphrey and R. Uittenbogaard, 2008, The effect of transaction pricing on the adoption of electronic payments: A cross-country comparison, International Journal of Central Banking 4(1), 89-123. Download

Bolt, W. and D. Humphrey, 2008, Reducing payment processing costs: Scale economies and SEPA, Journal of Payment Strategy and Systems 2(3), 250-258.

Bolt, W. and D. Humphrey, 2007, Payment network scale economies, SEPA, and cash replacement, Review of Network Economics 6, 453-473. Download

Bolt, W. and A. Tieman, 2006, Social welfare and cost recovery in two-sided markets, Review of Network Economics 5, 103-117. Download

Bolt, W., 2006, Retail payments in the Netherlands: Facts and theory, De Economist 154(3), 345-372. Download

Bolt, W. and A. Tieman, 2004, Banking competition, risk, and regulation, Scandinavian Journal of Economics 106, 783-804. Download

Houba, H. and W. Bolt, 2000, Holdouts, backdating and wage negotiations, European Economic Review 44, 1783-1800. Dowload

Bolt, W. and H. Houba, 1998, Strategic bargaining in the variable threat game, Economic Theory 11,  57-77. Download

Bolt, W., 1995, Striking for a bargain between two completely informed agents: a comment, American Economic Review 85, 1344-1347. Download 

Books and publications in books

Bolt, W., Jonker, N. and Plooij, M. (2017), European Payment Systems: Pricing, Regulation and Innovation, in: T. Beck and B. Casu (Eds.), The Palgrave Handbook of European Banking, Palgrave Macmillan.

Bolt, W. and D. Humphrey (2015), Competition and Prices by Bank Service Line, in Handbook on Competition in Banking and Finance, Bikker and Spierdijk (eds.), Edward Elgar, forthcoming.

Bolt, W., and S. Chakravorti, 2012, Pricing in retail payment systems: A public policy perspective on pricing of payment cards, in: Payment Systems: Design, Governance and Oversight, B. Summers (ed.), Central Banking Publications, 217-235. Download Working Paper version

Bolt, W., and S. Chakravorti, 2012, Digitization of retail payments, in: Oxford Handbook of the Digital Economy, M. Peitz and J. Waldfogel (eds.), Oxford University Press, 108-137. Download Working Paper version.

Bolt, W., N. Jonker and C. van Renselaar, 2009, An empirical analysis of payment behaviour and debit card surcharges in the Netherlands, in: Evolving Payment Habits, H. Leinonen (ed.), Proceedings of the Bank of Finland Payment Habits Seminar 2008.

Bolt, W., 2003, Effectivity of deposit insurance (comment), in: Banking Supervision at the Crossroads, T. Kuppens, H. Prast and S. Wesseling (eds.), Edward Elgar, 131-133.

Houba, H. and W. Bolt, 2002, Credible threats in negotiations: A game-theoretic approach, Kluwer Academic Publishers. Download

Bolt, W. and H. Peeters, 1998, Corporate governance in the Netherlands, in: Corporate Governance, Financial Markets and Global Convergence, M. Balling et al. (eds.), Kluwer Academic Publishers, 89-112.

Bolt, W, 1997, Theory of negotiation, Thesis Publishers, Amsterdam

Other publications

Bolt, W. (2017), Book Review: Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction, by Arvind Narayanan et al., Princeton University Press, in: Journal of Economic Literature, forthcoming.

Bolt, W., and M. van Oordt, 2017, Volatiliteit bitcoinkoers neemt af bij meer gebruik (Volatility Bitcoin exchange rate is reduced when usages increases), Economische Statistische Berichten, 102(4748), pp. 174-177.

Bolt, W., and B. Butler, 2017, E-commerce drukt prijzen (E-commerce dampens prices), Economische Statistische Berichten, 102(4753S), pp. 14-17.

Bolt, W., and K. Mavromatis, S. van Wijnbergen, 2018, Winnaar en verliezers bij handelsoorlog tussen Verenigde Staten en China (Trade war between United States and China - winners and losers),Economische Statistische Berichten, 103(4768), pp. 554-556.

Bolt, W. and M. van der Leij, 2018, Ontwrichting van tweezijdige markten door platformen (Two-sided disruption by platforms), Economische Statistische Berichten, 103(4768S), pp. 12-15.

Bolt, W., L. de Haan, M. Hoeberichts, M. van Oordt and J. Swank (2013), Bankwinsten in een krimpende economie (Bank profitability during recessions), Economisch Statistische Berichten 98(4662), 372-375.

Bolt, W. and S. Chakravorti, 2009, Un panorama sobre la literatura de las tarjetos de pago, Perspectivas del Sistema Financiero 97, 1-13.

Bolt, W. and S. Chakravorti, 2009, A summary of payment card economics, The Lydian Payments Journal, November.

Bolt, W. and S. Chakravorti, 2008, Economics of payment cards: A status report, Electronic Banking, Law & Commerce Report 13(10), 1-16. Download

Bolt, W. and S. Chakravorti, 2008, Economics of payment cards: A status report, Economic Perspectives, Federal Reserve Bank of Chicago, Q4, 15-27. Download

Bolt, W, 2008, The European Commission’s ruling in MasterCard: A wise decision?, www.globalcompetitionpolicy.org, April.

Bolt, W., 2008, Op weg naar een gemeenschappelijke Europese betaalmarkt (Toward a common European payments market), ESB 93, 714-716

Bolt, W, 2007, Retail payments in card use in the Netherlands: Pricing, scale, and antitrust, Competition Policy International 3(1), 257-270.

Bolt, W., 2006, Regulation and Development, by Jean-Jacques Laffont, De Economist 154(2), 317-318 (book review).

Bolt, W., 2005, Putting Auction Theory to Work, by Paul Milgrom, De Economist 153(2), 231-232 (book review).

Bolt, W., M. van Rooij and A. Tieman, 2002, Nooit meer hoge inflatie (Never again high inflation), ESB 87, 130-131 (book review).

Bolt, W. and C. Winder, 2002, Particulieren betalen voor betalen (Consumers pay to pay), ESB 87, 603-605.

Bolt, W. and A. Tieman, 2002, Banking regulation and risk in a competitive environment, Bank- en Financiewezen/Revue Bancaire et Financière 66(2-3), 156-165.

Bolt, W. and H. Houba, 2000, Een lager loon, met terugwerkende kracht (Lower wages, in retroaction), ESB 85, 621-662.

Output gap and future inflation from an international perspective, Quarterly Bulletin, September 2000, 57-64.

Bolt, W., H. Prast and A. Stokman, 2000, Eurodynamiek verliest momentum: uitkomsten van de negende DNB-euro-enquête (Eurodynamics loses power: results from the 9th DNB-euro-survey), Bank- en Effectenbedrijf 49, 31-33. 



Latest update: January 2019