付款
业务
市场流动性
流动性溢价
货币经济学
流动性风险
经济
财务
作者
Zefeng Chen,Zhengyang Jiang
出处
期刊:Social Science Research Network
[Social Science Electronic Publishing]
日期:2022-01-01
被引量:4
摘要
Do digital payment technologies generate liquidity premia like cash and Treasury debt? We provide an estimate in the context of the world's largest digital payment platform, Alipay. Our empirical strategy exploits the variation in the timing of introduction of money market funds which users on this platform can hold and use for digital transactions. We find that, once a fund becomes eligible for these transactions, its size increases by 42 times on average. Through the lens of a demand system that models funds as imperfect substitutes, this size increase maps to a liquidity premium between 1.0% and 1.7% per annum.
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