Efficient payment systems boost intermediation
Efficient payment systems increase financial intermediation and the availability of credit, new research from the Bank of England posits.
The analysis shows that payment systems reforms are associated with a trend increase in credit as they decrease the amount of cash used in the economy, relative to bank deposits. The analysis looks at the transition from paper-based to modern, automated payment systems in Eastern European countries during the period from 1995 to 2005.
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