This paper explores the relationship between innovations in payment systems and financial intermediation. By focusing on excess reserves and the currency demand, we provide evidence on the extant transmission mechanism. In this direction, we applied the generalized method of moments (GMM) and...

Introduction to monetary economics in emerging and developing countries -- Overview of the financial system -- The nature and role of money and payment systems -- Money supply -- Demand for money -- Monetary institutions in emerging and developing countries -- Conduct of monetary policy in...