An Empirical Analysis of the Use of Money Orders, the Payment System of the Poor

Authors

  • Kenneth N. Daniels Dep~ent of Finance and Insurance, V~rgj~a CommonweaI~ U~versity, Richmond, VA 23284~4ooo.
  • Neil B. Murphy Department of Finance and Insurance, Virginia Commonwealth University, Richmond, VA 23284-4000.
  • Dennis M. O’Toole Department of Economics, Virginia Commonwealth University, Richmond, VA 23284-4000.

DOI:

https://doi.org/10.1016/1057-0810(93)90007-D

Abstract

Although money orders hove been available in the United States since the Civil War, until the mid 1970’s and thefailure of United States ~avigatioa Company and ~m’versa~Money Orders, there had been little analysis of the money order market. This study emperically investigates the determinants of moneyorder usage by household. The results of the study, which utilizes two large national samples, indicate that money orders are clearly an inferior good which have a high probability of being purchased by a low income, young, ethnic minority.

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Published

1993-12-30

How to Cite

Daniels, K. N., Murphy , N. B., & O’Toole , D. M. (1993). An Empirical Analysis of the Use of Money Orders, the Payment System of the Poor. Financial Services Review, 3(1), 75–81. https://doi.org/10.1016/1057-0810(93)90007-D

Issue

Vol. 3 No. 1 (1993): Financial Services Review

Section

New Original Submission

License

Copyright (c) 1993 JAI Press Inc.

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