David B. Humphrey, Lawrence B. Pulley, Jukka M. Vesala, Cash, Paper, and Electronic Payments: A Cross-Country Analysis, Journal of Money, Credit and Banking, Vol. 28, No. 4, Part 2: Payment Systems Research and Public Policy Risk, Efficiency, and Innovation (Nov., 1996), pp. 914-939
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Humphrey et al. (1996) studied this question.