Retail Payment Innovations and Cash Usage: Accounting for Attrition Using Refreshment Samples

Heng Chen, Marie-Helene Felt & Kim Huynh
We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data model that accounts for unobserved heterogeneity and allows for general forms of non-random attrition.
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