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robertogreco : financial   3

Who Gains and Who Loses from Credit Card Payments? Theory and Calibrations [.pdf]
"Merchant fees & reward programs generate implicit monetary transfer to credit card users from non-card (or “cash”) users because merchants generally do not set differential prices for card users to recoup costs of fees & rewards. On average, each cash-using household pays $149 to card-using households & each card-using household receives $1,133 from cash users every year. Because credit card spending & rewards are positively correlated w/ household income, payment instrument transfer also induces regressive transfer from low-income to high-income households in general. On average, & after accounting for rewards paid to households by banks, the lowest-income household (≤$20,000 annually) pays $21 & highest-income household (≥$150,000 annually) receives $750 every year. We build & calibrate a model of consumer payment choice to compute the effects of merchant fees & card rewards on consumer welfare. Reducing merchant fees & card rewards would likely increase consumer welfare."
creditcards  finance  financial  money  wealth  subidization  transfer  economics 
november 2010 by robertogreco
Historical Financial Statistics - The Center for Financial Stability
"Welcome to Historical Financial Statistics, a free, noncommercial data set that went online in July 2010. We aim to be a source of comprehensive, authoritative, easy-to-use macroeconomic data stretching back several centuries. Our target range of coverage is from 1492 to the present, with special emphasis on the years before 1950, which few databases cover in detail."
via:lukeneff  economics  finance  financial  history  statistics  reference  macroeconomics  politics  ngo  data  business  international 
august 2010 by robertogreco
TED Blog: Alan Siegel's credit card agreement redesign
"In his 2010 TEDTalk, Alan Siegel called for a simple, sensible redesign of legal paperwork -- to make it intelligible to the rest of us. Here's one of the redesigned documents he showed: a sample credit card agreement which is easy to understand and, dare we say, pretty?"
simplicity  creditcards  agreements  legal  thewayitshouldbedone  financial  alansiegal 
march 2010 by robertogreco

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