Publications

My research program focuses mainly on digital finance, with a special interest in the economics of platforms (Payment Platforms, P2P Lending). I am interested in understanding the interplay between innovation, competition and regulation in the financial industry (including the entry of FinTechs). Here is a list of my published papers by field of research.

• PLATFORM MARKETS
  

• 'Bank-Platform Competition in the Credit Market' (2023), with Sara Biancini, International Journal of Industrial Organization, vol. 91, december 2023.
  
• 'Platform-Merchant Competition for Selling Services' (2020), with Carlotta Mariotto (European Commission, DG Comp.), Journal of Economics & Management Strategy, Volume 29, pp 834-853.
• ‘Interchange Fees and Innovation in Payment Systems’ (2019), avec Marc Bourreau (Télécom ParisTech), Review of Industrial Organization, Volume 54, Issue 1, pp 129–158.
  
• 'Who Pays for Card Payments: a General Model on the Role of Interchange Fees' (2017), with Carlotta Mariotto, Review of Network Economics, vol. 16, issue 3, 307-349.
• ‘Cooperative and Noncooperative R&D in Two-Sided Markets’ (2014), with Marc Bourreau (Télécom ParisTech), Review of Network Economics, 13(2), 175-190.
• ‘Fraud, Investments and Liability Regimes in Payment Platforms’ (2014), with Anna Creti (Université Paris Dauphine), International Journal of Industrial Organization, vol.35, pp. 84-93.
• ‘Interchange Fees and Inefficiencies in the Substitution between Cash and Debit Cards’ (2012), International Journal of Industrial Organization, vol.30, pp. 682-696.
• ‘Interchange Fees and Incentives to Invest in Quality of a Payment Card System’ (2010), International Journal of Industrial Organization, vol.28, pp. 539-554.
• ‘Private Cards and the Bypass of Payment Systems by Merchants’ (2010), with Marc Bourreau (Telecom ParisTech), Journal of Banking and Finance, vol.34, pp. 1798-1807.

• FINTECH AND INNOVATION

• ' L’innovation financière en Amérique latine et dans les Caraïbes : pragmatisme et progrès' (2025), Forthcoming. Revue d'Economie Financière, Jon Frost, Alexandre Tombini, Jean-Charles Rochet, Marianne Verdier.
  

• 'Digital Payments and Bank Competition' (2024), Journal of Financial Stability. Marianne Verdier, Volume 73, 101287, ISSN 1572-3089, https://doi.org/10.1016/j.jfs.2024.101287.
  
• 'Bank-Platform Competition in the Credit Market' (2023), with Sara Biancini, International Journal of Industrial Organization, forthcoming.
  
• 'The expansion of peer-to-peer lending' (2021), with Olena Havrylchyk, Carlotta Mariotto and Talal Rahim, Review of Network Economics, vol. 19, no. 3, 2021, pp. 145-187.
  
• 'Banques, Monnaie et Paiements' (2021), with Jean-Charles Rochet, Revue d'Economie Financière, 2021. vol. 0(2), p.135-155.
  
• 'Banking and big data' (2019), Concurrences N° 4-2019, Art. N° 92003, pp. 22-47, special issue with Fabio Falconi, Caroline Janssens, Adam Land, Stuart D. Levi, Sheldon Mills, Jorge Padilla, Bill Roberts, Stefano Trento, Ingrid Vandenborre.
• The Global Cryptoasset Regulatory Landscape Study (2018), with the University of Cambridge (and Natalia Ivanitska, De Gaulle, Fleurance & Associés).
• ‘The Financial Intermediation Role of P2P Lending Platforms’ (2018), with Olena Havrylchyk (Université Paris 1), Comparative Economic Systems, pp.1-16.
• 'La blockchain et l'activité d'intermédiation financière' (2018), Revue d'Economie Financière, vol.129, pp.67-87.
• “L’intermédiation financière à l’époque des FinTechs: le rôle des plateformes de crowdlending” (2017), Revue d’Economie Financière, vol.3, pp.207-222.

• SURVEYS

• ‘Interchange Fees in Payment Card Systems: a Review of the Literature’ (2011), Journal of Economic Surveys, vol. 25 (2), pp. 273-297.
• ‘Retail Payment Systems: What do we Learn from Two-Sided Markets?’ (2006), Communications&Strategies, Vol. 61, 1st Quarter, pp. 37-51."Les développements récents de la littérature sur les plates-formes" (2016), Revue Economique N°67, p.25-38.

• POLICY PAPERS
  

• 'Paiement et Monnaie électronique', Universalia (2022).
  
• 'La Chine à l'avant-garde des monnaies numériques de Banque Centrale de détail' (2021), with Davie Bounie and Noémie Dié, Revue Banque, Forthcoming.
  
• ‘Innovation and Competition in Retail Banking’ (2015), with Carlotta Mariotto (CERNA, Mines ParisTech), Communications & Strategies, pp.129-145.
• ‘Cooperation for Innovation in Payment Systems: the Case of Mobile Payments’ (2010), with Marc Bourreau (Telecom ParisTech), Communications&Strategies, Vol. 79, 3rd Quarter 2010, pp. 95-113.
• ‘Payment Card Systems in Europe: Convergence or Disappearance?’ (2008), Communications&Strategies, Vol. 69, 1st Quarter, pp. 127-147.
• "Concurrence et développement de services bancaires en ligne", Revue Economie et Management (2016).
• "Innovation, Concurrence et Réglementation pour la fourniture de services bancaires en ligne" (2015), Revue d'Economie Financière, pp.67-80.
  Encyclopédie Universalis (2013) : « le paiement électronique ».
• "La détention et l'usage des instruments de paiement en France" (2008), with David Bounie, Marc Bourreau, and Abel François, Revue d'Economie Financière, Vol. 91, April 2008, pp.53-76.