the legislator needs to legal entity to management of financial crisis of bankrupts in order toyour goals. the legal entity that plays an important role in management of financial crisis of bankrupts is “discharge”.the definition of discharge is that the bankrupt discharge from payment of debts after the bankruptcy proceeding. the goal of discharge is “fresh start” of bankrupt. the positive eff...

Then consider the case of Sofortüberweisung, a controversial entrant to the payment market in Germany. Its name means “instant payment,” and its service has taken off rapidly in the past 2-3 years. Branded as Sofort (Instant), this service provides merchants with a low-cost payment service for online shopping. It is promoted by some large sites (such as airlines) by exempting users from the sur...

In practice, the supplier often offers the retailers a trade credit period M and the retailer in turn provides a trade credit period N to her/his customer to stimulate sales and reduce inventory. From the retailer’s perspective, granting trade credit not only increases sales and revenue but also increases opportunity cost (i.e., the capital opportunity loss during credit period) and defau...

Payment card associations Visa and MasterCard offer both debit and credit cards and, until recently, used to engage in a tie-in on the merchant side through the so-called honorall-cards (HAC) rule. This rule has come under attack on the grounds that the credit and debit card markets are separate markets and that the associations lever their market power in the “credit card market” to exclude on...

E-commerce customers may have a problem when paying for the purchase of a major item, if its price is larger than the available credit on their credit card. In the brick and mortar world, this problem would be solved by paying part of the bill with cash or with a second credit card. In e-commerce, however, this has not been an option. Furthermore, even when a customer could pay the whole purcha...

Electronic business (e-business) refers to the utilization of information and communication technologies (ICT) to support of all aspects of business (Turban et al., 2010). The term was first used by IBM's marketing and Internet teams in 1996 (Amor, 1999). E-business payment systems or solutions refer to the various innovative applications and approaches including the use of credit cards, magnet...

The bank interest rate is one of the most important macroeconomic variable in each country economic. The purpose of this paper is find the relationship between the facility interest rate and three main variable of the money market.In Iran. this issue for equations the interest rate facility, the interest rate of deposit, inflation and credit risk utilizing the model simultaneous equation system...

The lack of privacy is one of the main reasons that limits trust in e-commerce. Current e-commerce practice enforces a customer to disclose her identity to the e-shop and the use of credit cards makes it straightforward for an e-shop to know the real identity of its customers. Although there are some payment systems based on untraceable tokens, they are not as widely used as credit cards. Furth...

I propose a model where agents optimally choose to conduct their business using two payment instruments, money and bilateral credit. A friction in the timing of transactions rationalizes the use of both instruments and makes it optimal for agents to use money as a means of settlement for credit. Money and credit complement each other. With anticipated in‡ation, complementarity implies that the ...