Reports
Calendar of Monetary and Economic Highlights
Economic Background
Money and Credit in the Year 2001
Balance of Payments in the First Three Quarters of 2001
Studies
Central Banks and the Challenges of the Information Economy −
Are We on the Road to e-CBs?
At the beginning of the 21st century, central banks are gearing up for the challenges posed by the information society. Rapid advances in information and communications technologies (ICTs) have been reshaping the operational environment of central banks. Phenomena such as the New Economy and e-finance have stirred up a broadly based − and controversial − discussion among economists ranging from policymakers to theorists. The focus is on the differing assessments of productivity growth, the outlook for the information economy and the significance of e-commerce and e-finance for the economy.
This study also evaluates the effects of the e-economy on central banks and the money system from various angles. While the pace of change in the monetary and financial system is set to be slower than frequently predicted, central banks are no doubt evolving into electronic central banks (e-CBs). Institutions that promote stability, security and trust will serve as solid anchors in this time of change.
The Payment Habits of Austrian Households −
Results of a Study on the Use of Payment Cards and the Structure of Payment Transactions in 2000
This study explains the most recent insights into the use of payment cards and the structure of payment transactions made by Austrian households. The turn of the year 2001/2002 provided one last opportunity to draw up a broad review of Austrian schilling payment transactions before the introduction of euro cash. To establish trends and to assess future developments, this study also provides a comparison with earlier survey results dating from 1996. Apart from a descriptive and empirical analysis, discriminant analyses were performed to establish the main features motivating users to opt for a particular type of payment.
The analysis of several surveys commissioned by the OeNB highlighted a number of interesting results: Despite the surge in debit card transactions and high Quick electronic purse use growth rates, Austrians still prefer cash payments by a wide margin. Confirming expectations, cash payments have, nonetheless, been substituted to a certain extent by noncash payments (debit card payments). Interestingly enough, significant shifts also occurred among cashless payment methods; debit card payments even replaced credit card and check payments.
As payment habits seem to change only very slowly, the results of this study allow the conclusion that in the medium term new, innovative forms of payment will not crowd out cash to any significant extent, that is, to an extent of relevance for monetary policymaking.