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Policy Discussion Paper, No. PDP 2009-8, December 2009
Externalities in Payment Card Networks: Theory and Evidence

Payment cards continue to replace cash and checks in advanced economies. Along with the growth of payment card transactions has come greater scrutiny by public authorities of certain payment network rules along with the level of certain fees. This article reviews the growing payment card literature and discusses the impact of several regulatory interventions on card adoption, usage, and social welfare.

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