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    Payment Systems Innovations and Financial Intermediation: The Case of Indonesia

    Lubis, Alexander; Alexiou, Constantinos; Nellis, Joseph G. | July 2019
    Abstract
    This paper explores the relationship between innovations in payment systems and financial intermediation. By focusing on excess reserves and the currency demand, we provide evidence on the extant transmission mechanism. In this direction, we applied the generalized method of moments (GMM) and vector error correction model (VECM) techniques to a dataset collated for Indonesia. We found that the currency demand affects financial intermediation whilst observing a limited role of excess reserves in affecting financial intermediation. We discovered that credit card payments have a statistically significant effect on the currency demand, whereas debit card payments only influence financial intermediation in the long run. In addition, the real-time gross settlement (RTGS) exerts upward pressure on excess reserves. The findings are of great importance, as they provide support for policies that favor payment migration to an electronic platform, particularly that of card-based payment systems.
    Citation
    Lubis, Alexander; Alexiou, Constantinos; Nellis, Joseph G.. 2019. Payment Systems Innovations and Financial Intermediation: The Case of Indonesia. © Asian Development Bank Institute. http://hdl.handle.net/11540/10842.
    Keywords
    Public Financial Management
    Financial System
    Financial Statistics
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Foreign Direct Investment
    Pension Funds
    Mutual Funds
    Social Equity
    Financial Aspects
    Fiscal Policy
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Business Financing
    Investment Requirements
    Labor policy
    Manpower policy
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Investment Requirements
    Banks
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Financial crisis
    Credit control
    Credit allocation
    Capital market
    International liquidity
    Liquidity
    Exchange rate
    Pension plans
    Individual retirement accounts
    Employee pension trusts
    Investment management
    Investments
    Multiemployer pension plans
    Keogh plans
    Individual retirement accounts
    Pension plans
    Employee pension trusts
    Pension trusts
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    Citable URI
    http://hdl.handle.net/11540/10842
    Metadata
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    adbi-wp984.pdf (594.9Kb)
    Author
    Lubis, Alexander
    Alexiou, Constantinos
    Nellis, Joseph G.
    Theme
    Finance
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise