This paper looks at the e¤ect of credit constraints on skill acquisition when agents have heterogeneous abilities and wealth. We use a general equilibrium model and assume credit markets are absent. Two payment systems for training are explored. Under the …rst, payment is made up front and as a result, credit constraints are severe. In the second, a form of work study is allowed, and this helps...

Cash and cheques were virtually the only means of payment available to most Australians until Bankcard credit cards were introduced a little over 20 years ago. Only in the past decade or so has there been a credible and concerted challenge to the dominant role of cheques for non-cash payments. Today we are seeing the emergence of many alternative payment arrangements; at the same time, banks an...

or two decades, economic and legal academics have speculated about the impact of the fees that merchants pay for credit card acceptance. Since all customers pay the same price, the theory goes, everyone pays for the benefits that go only to credit card users. A recent Federal Reserve Bank of Boston (FRBB) policy paper written by economists Scott Schuh, Oz Shy, and Joanna Stavins entitled Who Ga...

A central question in emerging-market macroeconomics is what factors lead countries to accumulate excessive levels of external debt. It is often argued by economic observers and policymakers that emerging markets tend to overborrow when the lending decisions of foreign financial institutions are guided by rough indicators of the emerging country’s macroeconomic performance, and not by careful a...

Dual-chip contactless card is designed and fabricated. Users can select which card function will be used by touching the integrated switch, which is composed of parallel copper plates. By incorporating a simple touch theft or unauthorized credit card charges can be avoided.

Credit cards provide benefits to consumers and merchants not provided by other payment instruments as evidenced by their explosive growth in the number and value of transactions over the last 20 years. Recently, credit card networks have come under scrutiny from regulators and antitrust authorities around the world. The costs and benefits of credit cards to network participants are discussed. F...

Composition, change and complexity have attracted ev- eryone’s attention towards Self-Adaptive systems. These systems, inspired by the human body, are capable of adapting to changes in the inner and outer environment. The main objective of this study is to achieve a more con- venient availability for e-banking services in the payment switch, using self-healing systems and focusing on the failur...

With the rise and swift growth of E-Commerce, credit card uses for online purchases has increased dramatically and it caused sudden outbreak in the credit card fraud. Fraud is one of the major ethical issues in the credit card industry. With both online as well as regular purchase, credit card becomes the most popular mode of payment with cases of fraud associated with it are also increasing. A...

The development of the third party payment, which enhances electronic commerce’s development greatly, provides a secure, efficient, convenient and low-cost way to transfer funds between the seller and the buyer. With fast development of electronic commerce and fierce competition in the third party payment market, the central bank of China sets about granting profession licenses to related compa...