萬事達卡收入的總體經濟因素

Abstract

We found that MasterCard holders may rely on their cards to borrow when their income decreased. On the other hand, card holders may decide to pay down their balance and boost liquidity when their income increased, but subsequently spend more in later quarters. Here MasterCard revenue has a positive relationship with both personal expenditure and revolving credit. An expanded money supply also seems to have a positive effect on revenue as well, adhering to the monetarist view. Using Federal Fund rate as a proxy, we did not find conclusive evidence if MasterCard holders are largely indifferent to interest rates. We found no statistically significant relationship between revenue and retail sales, unemployment rate or population. This could imply that during adverse economic periods where retail sales are affected or the unemployment rate is higher, MasterCard revenue is still not impacted at least within the sample period data set. And, population is not found to be statistically significant. This could mean that the combined overall result of the rate of birth and death has no significant relationship with revenue.