Ferrari, Massimo Minesso; Lebastard, Laura; Triay … - 2026
This paper provides the first causal estimate of the economic impact of interlinking payment systems across countries …. We exploit a new dataset of payment systems interlinking initiatives, which identifies over 2,000 connections, and employ … interlinking are derived from reduced cross-border trade costs. Our findings are causal - proved by parametric and semi …