From Cash to Electronic Payments: Microeconomic, Macroeconomic, and Policy Aspects of Retail Payment Systems

This dissertation explores three aspects of the economics and policy issues surrounding retail payments (low-value frequent payments): the microeconomic aspect, by measuring costs associated with retail payment instruments; the macroeconomic aspect, by quantifying the impact of the use of electronic rather than paper-based payment instruments on consumption and GDP; and the policy aspect, by identifying barriers that keep countries stuck with outdated payment systems, and recommending policy interventions to move forward with payments modernization. Payment system modernization has become a prominent part of the financial sector reform agenda in many advanced and developing countries. Greater use of electronic payments rather than cash and other paper-based instruments would have important economic and social benefits, including lower costs and thereby increased economic efficiency and higher incomes, while broadening access to the financial system, notably for people with moderate and low incomes. The dissertation starts with a general introduction on retail payments. Chapter 1 develops a theoretical model for measuring payments costs, and applies the model to Guyana—an emerging market in the midst of the transition from paper to electronic payments. Using primary survey data from Guyanese consumers, the results of the analysis indicate that annual costs related to the use of cash by consumers reach 2.5 percent of the country’s GDP. Switching to electronic payment instruments would provide savings amounting to 1 percent of GDP per year. Chapter 2 broadens the analysis to calculate the macroeconomic impacts of a move to electronic payments. Using a unique panel dataset of 76 countries across the 17-year span from 1998 to 2014 and a pooled OLS country fixed effects model, Chapter 2 finds that on average, use of debit and credit cards contribute USD 16.2 billion to annual global consumption, and USD 160 billion to overall annual global GDP. Chapter 3 provides an in-depth assessment of the Albanian payment cards and remittances market and recommends a set of incentives and regulations (both carrots and sticks) that would allow the country to modernize its payment system. Finally, the conclusion summarizes the lessons of the dissertation’s research and brings forward issues to be explored by future research in the retail payments area.

W.A. Mozart's Die Zauberflöte An Arrangement and Performance Edition for Wind Instruments and Vocal Soloists

The purpose of this dissertation is to produce a new Harmonie arrangement of Mozart’s Die Zauberflöte suitable for modern performance, bringing Joseph Heidenreich’s 1782 arrangement—one of the great treasures of the wind repertoire—to life for future performers and audiences. I took advantage of the capabilities of modern wind instruments and performance techniques, and employed other instruments normally found in the modern wind ensemble to create a work in the tradition of Heidenreich’s that restored as much of Mozart’s original thinking as possible. I expanded the Harmonie band to include flute and string bass. Other instruments provide special effects, a traditional role for wind instruments in the Classical opera orchestra. This arrangement is conceived to be performed with the original vocal soloists, making it a viable option for concert performance or for smaller staged productions. It is also intended to allow the wind players to be onstage with the singers, becoming part of the dramatic action while simultaneously serving as the “opera orchestra.” This allows creative staging possibilities, and offers the wind players an opportunity to explore new aspects of performing. My arrangement also restores Mozart’s music to its original keys and retains much of his original wind scoring. This arrangement expands the possibilities for collaboration between opera studios, voice departments or community opera companies and wind ensembles. A suite for winds without voices (currently in production) will allow conductors to program this major work from the Classical era without dedicating a concert program to the complete opera. Excerpted arias and duets from this arrangement provide vocalists the option of using chamber wind accompaniment on recitals. The door is now open to arrangements of other operas by composers such as Mozart, Rossini and Weber, adding new repertoire for chamber winds and bringing great music to life in a new way.