• Virtually on 20–22 October 2021
  • Time: 14:00–20:00 (Helsinki time, UTC +3 )
  • Venue: Teams Meeting

The Bank of Finland is pleased to host the 10th Economics of Payments conference as a virtual event. This series of events provides a venue for high quality dialogue on the various topics of payments economics among academic economists and central bankers as well as representatives of other regulatory authorities. The conference is open to interested researchers and practitioners but requires registration.

Registration link  


Wednesday 20 October 2021

14:00–15:00 Webinar venue open  
15:00–15:30 Opening of the conference

Governor Olli Rehn, Bank of Finland
15:30–17:10 Session 1 - Retail and Cash
  Consumer Surplus of Alternative Payment Methods: Paying Uber with Cash

David Argente (Pennsylvania State University) 
and Fernando Alvarez (University of Chicago)
  Cash and Crises: No surprises by the virus

Franz Seitz (Weiden Technical University of Applied Sciences) and Gerhard Rösl (Technical University of Applied Sciences Regensburg)
  Discussant: NN
  Regressive Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada

Angelika Welte (Bank of Canada), Marie-Hélène Felt (Bank of Canada), Fumiko Hayashi (Federal Reserve Bank of Kansas City) and Joanna Stavins (Federal Reserve Bank of Boston)
  Interchange Fee Regulation and Card Payments: a Cross-Country Analysis

Diego Scalise (Bank of Italy), Guerino Ardizzi (Bank of Italy) and Gabriele Sene (Bank of Italy)
  Discussant: NN
17:10–17:25 Break
17:25–19:05 Session 2 – Covid-19 and payment habits
  Digital Payment Habits of Indian Households and the Impact of Covid-19 Pandemic: Insights from a Broad-based Survey and Logit Model

Sakshi Awasthy (Reserve Bank of India), Naveen K. Singh (RBI), Rajas Saroy (RBI), Sonali M. Adki (RBI) and Sarat C. Dhal (RBI)
  Switching from Cash to Cashless Payments during the COVID-19 Pandemic and Beyond

Radoslaw Kotkowski (Narodowy Bank Polski), Tomasz Piotr Wisniewski (The Open University), Michal Polasik (Nicolaus Copernicus University), Andrea Moro (Cranfield University)
  Financial Innovation, Payment Choice and Cash Demand – Causal Evidence from the Staggered Introduction of Contactless Debit Cards

Helmut Stix (Central Bank of Austria), Martin Brown (University of St. Gallen), Nicole Hentschel (University of St. Gallen) and Hannes Mettler (University of St. Gallen)
  The adoption of a mobile payment system: the user perspective

Carlos Leon (Banco de la Republica)
  Payment Habits during Covid-19: Evidence from High-frequency Transaction Data

Angelika Welte (Bank of Canada) and Tatjana Dahlhaus (Bank of Canada)
19:05–20:00 Informal networking time


Thursday 21 October 2021

14:00–15:00 Webinar venue open
15:00–16:40 Session 3 – FMI's
  Intraday Liquidity Around the World

Evangelos Benos (University of Nottingham)
, Biliana Kabadjova (Bank of Mexico), Anton Badev (Federal Reserve Board), Freddy Cepeda-Lopez (Bank of Colombia), James Chapman (Bank of Canada), Martin Diehl (Bundesbank), Ioana Duca-Radu (ECB), Rodney Garratt (UC Santa Barbara), Ronald Heijmans (DNB), Anneke Kosse (BIS), Antoine Martin (FRBNY),Thomas Nellen (SNB), Thomas Nilsson (BIS), Jan Paulick (Bundesbank), Andrei Pustelnikov (Bank of England), Francisco Rivadeneyra (Bank of Canada) and Sara Testi (ECB)
  Instant payments as a new normal - Case study of liquidity impacts for the Finnish market

Kasperi Korpinen (Bank of Finland) and Matti Hellqvist (Bank of Finland)
  Discussant: NN
  Payment System Runs

Vladimir Sokolov (Higher School of Economics), Dmitry Livdan, Haas Berkeley; Norman Schurhoff (University Of Lausanne)
  Assessing the Safety of Central Counterparties

Mark Paddrik (Office of Financial Research) and H. Peyton Young (London School of Economic)
  Discussant: NN
16:40–16:55 Break
16:55–18:15 Session 4 – Fintech and distributed FMI's
  Estimating Policy Functions in Payments Systems Using Reinforcement Learning

Ajit Desai (Bank of Canada), Pablo S. Castro (Google Research, Brain Team), Han Du (Bank of Canada), Rodney Garratt (University of California Santa Barbara), and Francisco Rivadeneyra (Bank of Canada)
  Discussant: NN
  Distrust or speculation? The socioeconomic drivers of U.S. cryptocurrency investments

David Tercero-Lucas (Autonomous University of Barcelona) and Raphael Auer (BIS)
  Managing Stablecoins: Optimal Strategies, Regulation, and Transaction Data as Productive Capital

Ye Li (The Ohio State University Fisher College of Business) and Simon Mayer (Erasmus University Rotterdam)
  Discussant: NN
18:15–19:15 Key-note presentation

Open Banking and Competition for Payments

Professor Christine A. Parlour, Berkeley Haas
19:15–20:15 Informal networking time


Friday 22 October 2021

14:00–15:00 Webinar venue open
15:00–16:00 Key-note presentation

Retail CBDC: Macroeconomic or Political Risks?

Professor Dr. Dirk Niepelt, University of Bern
16:00–17:20 Session 5 – CBCD
  Falling Use of Cash, Existing Cash Substitutes, and the Demand for Central Bank Digital Currency

David Humphrey (Florida State University)
, Tanai Khiaonarong
  Discussant: NN
  Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency

Kim Huynh (Bank of Canada), Joszef Molnar (Bank of Canada), Alex Shcherbakov (Bank of Canada),
Jerr Yu (Bank of Canada)
  Discussant: NN
17:20–17:35 Break
17:35–18:55 Session 6 – CBCD
  Best Before? Expiring Central Bank Digital Currency and Loss Recovery

Yu Zhu (Bank of Canada)
, Charles M. Kahn (UIUC) and Maarten R.C. van Oordt (Bank of Canada)
  Discussant: NN
  Digital Currencies and Bank Competition

Marianne Verdier (Universitè Paris II Panthèon-Assas)
  Discussant: NN
18:55–19:10 Closing
19:10–20:10 Informal networking time