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dc.contributor.authorvon Kalckreuth, Ulfen_US
dc.contributor.authorSchmidt, Tobiasen_US
dc.contributor.authorStix, Helmuten_US
dc.date.accessioned2010-01-28en_US
dc.date.accessioned2010-02-24T15:51:43Z-
dc.date.available2010-02-24T15:51:43Z-
dc.date.issued2009en_US
dc.identifier.isbn978-3-86558-592-9en_US
dc.identifier.urihttp://hdl.handle.net/10419/30032-
dc.description.abstractGermans are still very fond of using cash. Of all direct payment transactions, cash accounts for an astounding 82% in terms of number, and for 58% in terms of value. With a new and unique dataset that combines transaction information with survey data on payment behaviour of German consumers, we shed light on how individuals choose payment instruments and why cash remains so important. We propose a two-stage empirical framework which jointly explains credit card ownership and the use of cash. Our results indicate that the pattern of cash usage is compatible with systematic economic decision making. Consumers decide upon the adoption of payment cards and then use available payment media according to their transaction and personal characteristics, the relative costs of cash and card usage, and their assessment of payment instruments' characteristics. Whereas older consumers use significantly more cash, the comparison with younger consumers shows that the difference in payment behaviour is not explained by age as such but to a large extent by differences in the characteristics of these two groups. It is interesting that the possession of a credit card, especially alongside a debit card, does not significantly affect the use of cash in Germany.en_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Paper Series 1: Economic Studies 2009,36en_US
dc.subject.jelE41en_US
dc.subject.jelE58en_US
dc.subject.jelD12en_US
dc.subject.ddc330en_US
dc.subject.keywordPayment instrumentsen_US
dc.subject.keywordpayment cardsen_US
dc.subject.keywordpayment behaviouren_US
dc.subject.keywordpayment innovationen_US
dc.subject.keywordcash usageen_US
dc.subject.keywordcash substitutionen_US
dc.subject.keyworddebit cardsen_US
dc.subject.keywordcredit cardsen_US
dc.subject.keywordsurvey dataen_US
dc.subject.stwZahlungsverkehren_US
dc.subject.stwKonsumentenverhaltenen_US
dc.subject.stwKreditkarteen_US
dc.subject.stwGeldumlaufen_US
dc.subject.stwMikrodatenen_US
dc.subject.stwDeutschlanden_US
dc.titleChoosing and using payment instruments: evidence from German microdataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn61738505Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:200936-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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