TY  - JOUR
T1  - Consumer choices under new payment methods
A1  - Son, Jaemin
A1  - Bilgin, Mehmet Huseyin
A1  - Ryu, Doojin
Y1  - 2022///
KW  - Central bank digital currency
KW  - Cryptocurrency
KW  - Payment portfolio model
KW  - Stablecoin
PB  - Springer Berlin Heidelberg
JF  - Financial Innovation
VL  - 8
IS  - 1
DO  - 10.1186/s40854-022-00387-w
UR  - https://doi.org/10.1186/s40854-022-00387-w
L1  - file:///E:/jurnal/2023/j of economics and business/paper/Jaemin 2022 Consumer_choices_under_new_pay.pdf
N2  - This study suggests a payment portfolio model that includes new payment methods that have emerged from the development of cryptocurrency markets and central bank digital currencies (CBDCs). Our model analyzes the optimal payment choice for consumers under various macroeconomic conditions. We determine that an individual economic agent chooses payment methods under specific conditions by incorporating policy interest rates on CBDCs and stablecoins used on cryptocurrency exchanges. We analyze the impacts of CBDCs and stablecoins on the choice of whether to use cash or deposits. We also examine how the agent changes her portfolio compositions in response to exogenous macroeconomic policies. If a government replaces cash with a CBDC, the convenience of digital currency would not affect consumer choices. The higher the government’s interest rate on CBDCs, the more consumers will use CBDCs than deposits.
ER  -