Séminaire GREDEG - Sébastien Lotz (Université Paris 2)

"A New Monetarist Model of Fiat and E-Money"
Quand ? Le 10-10-2015,
de 14:00 à 15:30
Où ? Salle Picasso
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Sébastien Lotz

(Université Paris 2)

 

Jeudi 10 octobre 2015

 

Résumé : We study the competition between …at and electronic money (such as an e-purse) as a payment instrument. Our intent is to explain the reasons for the e-purse failure in Europe compared to its success in Asia and the U.S., and the conditions necessary for its greater adoption. E-money is safer than cash yet it is not universally accepted since merchants have to acquire the reading terminal needed to transfer e-money. We show that although buyers receive the storage device (e-purse) for free, they may decide not to use e-money. Additionally, although sellers must incur an investment cost to accept e-money, cash may be abandoned. Our framework captures the strategic complementarities between consumers and retailers leading to multiple equilibria where both payment instruments may be used, and we study the conditions for e-money to replace cash.

 

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