Recent Developments in Payment Economics



Session 1: Credit and Collateral in Large Value Payment Systems

Alexandra Lai, Nikil Chande* (Bank of Canada) and Sean O’Connor
'Credit in a tiered payment system'
Discussants: Bob Chakravorti (Chicago Fed), Ronald Bosman (DNB)

John P. Jackson* (Bank of England) and Mark J. Manning
'Central bank intraday collateral policy and implications for tiering in RTGS payment systems'
Discussants: Elisabeth Ledrut (BIS), Ronals Heijmans (DNB)

Session 2: Retail payment systems and competition policy

Jean-Charles Rochet* (IDEI, Toulouse) and Jean Tirole
'Must-take cards and the tourist test'
Discussants: Cyril Monnet (ECB), Wilko Bolt (DNB)

Michael Katz* (UC Berkeley)
'An antitrust approach to payment networks'
Discussants: Edward Droste (Netherlands Competition authority), Roland Uittenbogaard (DNB) 

Session 3: Empirical issues in retail payment systems

Martijn van Emmerik, Marieke van der Hoeven, Nicole Jonker* (DNB), Bram Scholten and Marco Wind 'Counterfeit or genuine: Can you see the difference'
Discussants: Joanna Stavins (Boston Fed), Simon Lelieveldt (Netherlands Banker’s Association)

Wilko Bolt and David Humphrey* (Florida State University)
'Payment scale economies and the replacement of cash and stored value cards'
Discussants: Santiago Carbo Valverde (University of Granada), Pierre Lafourcade (DNB) 

Session 4: Monetary policy and payment systems

James McAndrews*(New York Fed) and Zhu Wang
'Microfoundations of twosided market dynamics: The payment card example'
Discussants: Alexander Tieman (IMF), Peter van Els (DNB)

Vítor Gaspar* (Banco de Portugal) and Daniela Russo
'Evolving payment systems, central bank money and the conduct of monetary policy'
Discussants: Elizabeth Kiser (Federal Reserve Board), Jan Marc Berk (DNB)