Transformation of payment systems: The case of European Union enlargement

• Francisco José Callado Muñoz ^[1] ; Jana Hromcová Biela ^[2] ; Natalia Utrero González ^[1]
  1. [1] Universitat de Girona

     Universitat de Girona

     Gerona, España

     
  2. [2] Universitat Autònoma de Barcelona

     Universitat Autònoma de Barcelona

     Barcelona, España

     
• Localización: Working papers = Documentos de trabajo: Serie AD, Nº. 23, 2011, págs. 1-29
• Idioma: inglés
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• Resumen

  • In this paper we present a general equilibrium model on payment choice at retail level. We analyze how the accession to an economic and monetary union, and the influence of new institutions may shape the evolution of consumers' payments in newly acceded countries. The model suggests that accessing countries approach accepting group attitudes towards payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to 2004 European Union enlargement process. Results confirm the relevance of institutional environment and technology development in retail payment system decisions of newly acceded countries.