The Need for Speed: Demand, Regulation, and Welfare on the Margin of Alternative Financial Services
成果类型：
Article
署名作者：
McDevitt, Ryan C.; Sojourner, Aaron
署名单位：
Duke University; W.E. Upjohn Institute for Employment Research
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.1162/rest_a_01308
发表日期：
2025-09
页码：
1439-1447
关键词：
摘要：
We use a nonlinear reduction in a bank's check-cashing fees and variation in regulated check-clearing times to identify the elasticity of demand for cashing checks rather than depositing them. We find that an extra day of check-clearing time makes account holders 65.5% more likely to cash a check than deposit it, which implies they are willing to pay $11.17 per day for faster access to their funds-an effective annualized discount rate of 11,054% for the average check. We use this elasticity to evaluate recent proposals that mandate faster check-clearing times.
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