These costs would have had to be included in order to provide a complete overview of society’s total costs related to the payment system. Users’ participation in the production of payment services does not necessarily have a positive impact on society’s overall efficiency in the production of payment services. Increased use of e-invoicing will, however, increase the efficiency of electronic bill payment. The survey does not cover the payees’ costs related to invoicing. BIS Review 66/2002  5  8. Price developments 1993 - 2002 Paper-based services  Electronic services  2001 NOK  4 2001 NOK  40  3.5  35 Giro cash  30  3  Giro at the counter  25  Telephone giro  2.5  20  2  15  1.5  Cheque  10  EFTPOS  PC/Internet giro Direct debits  1 Mail giro  5  0.5  0  '02  20 00  98  96  94  '02  98  20 00  96  94  0  Both developments in the use of payment services and research show that prices affect customers' use of different payment services. Despite the price increase for most paper-based services, the weighted average price per transaction, at constant prices, has fallen since 1994. 9.
Here we are fortunate to have among the presenters Dimitri Vayanos, Gautti Eggerston, and Eric Swanson, all accomplished scholars who have dedicated an important part of their research in recent years to delve deeper into the quantitative effects of such policies. The second session deals with the financial stability considerations of these measures. After all, to date several unconventional policy efforts have begun in Japan, the US, Europe and elsewhere, but none has so far ended –in short, we are not out of the woods yet, and claiming success might still be a bit preliminary. The concern is that while an ambitious program of asset purchases might be welcome by different investor classes as asset prices are pushed upwards, it might prove much more difficult to orchestrate an orderly retreat which inevitably relies on increasing discount rates at which future income streams are priced. This is particular true if some projects were only funded to begin with due to the exceptionally low interest rate environment, and/or if such investments were intermediated by fund managers who care not only about income streams, but also (and mostly) about short-term price fluctuations. Here we will have an interesting discussion including papers by Stephen Morris, Michael Woodford, and Gustavo Suarez, which will enlighten us about the theoretical aspects to keep in mind when evaluating the broader consequences of asset purchase programs, as well as the empirical evidence regarding the effects of the risk-taking channel on the quality of loans originated.