In this keynote presentation, Bob Chakravorti discusses how FinTech and big tech firms are increasing competition in the payments space. Entry into payments, often allows these non-bank providers the ability to offer loans to underserved consumers and small merchants. In the rest of the talk, Chakravorti discusses the effectiveness of...
Chakravorti and Emmons model side payments in a competitive credit‐card market. If competitive retailers absorb the cost of accepting credit cards by charging a higher goods price to everyone, then someone must subsidize convenience users of credit cards to prevent them from defecting to merchants who do not accept cards...
The Mexican securities clearance and settlement system is ahead of many markets in terms of having one of the shortest settlement periods. However, cross-border transactions—such as those involving American Depositary Receipts—have tended to be associated with a greater number of settlement fails than purely domestic transactions because the U.S. and...