|
on Macroeconomics |
| By: | Chandler Lester |
| Abstract: | No Abstract |
| JEL: | E01 E17 E31 E37 |
| Date: | 2024–02–09 |
| URL: | https://d.repec.org/n?u=RePEc:cbo:wpaper:59877 |
| By: | Vanessa Schmidt; Hannah Seidl |
| Abstract: | We study the effects of movements in aggregate lending standards on macroeconomic aggregates and inequality. We show in a New Keynesian model with heterogeneous households and housing that a looser loan-to-value (LTV) ratio stimulates housing demand, nondurable consumption, and output. Our model implies that the LTV shock transmits to macroeconomic aggregates through higher household liquidity and a general-equilibrium increase in house prices and labor income. We also show that a looser LTV ratio redistributes housing wealth from the top 10% of the housing wealth distribution to the bottom 50%, indicating an overall decrease in inequality. |
| Keywords: | Heterogeneous Agents, Incomplete Markets, Housing, Macroprudential Policies |
| JEL: | E12 E21 E44 E52 |
| Date: | 2025–08–12 |
| URL: | https://d.repec.org/n?u=RePEc:bdp:dpaper:0071 |
| By: | Loubna Akhayad (ESSDL, FSJES, UMPO - Laboratoire ESSDL, faculté des sciences juridiques economique et sociale , UMP oujda); Nadir Elboubkari |
| Abstract: | The social and solidarity economy (SSE) in Morocco is regarded as an essential mechanism for socio-economic advancement, particularly in rural locales and among underprivileged demographics. Comprising a multitude of entities, including cooperatives and social enterprises, SSE endeavors to address local demands while simultaneously generating socio-environmental advantages. It serves a pivotal function in combating poverty, fostering employment, and promoting social cohesion. Nonetheless, within an economic landscape characterized by persistent crises, SSE stakeholders encounter considerable financial impediments that jeopardize their viability and long-term sustainability.Among the principal challenges are economic restructuring, the curtailment of public expenditure, and the scarcity of private financial resources. According to the World Bank, these obstacles impede access to essential financial assistance for SSE initiatives, thereby compromising their capacity to flourish. Furthermore, the complications associated with leveraging traditional financing avenues and the unconventional business paradigms of SSE entities exacerbate their engagement with conventional financial instruments.This article conducts an examination of the financial challenges confronting SSE in Morocco, concentrating on immediate issues as well as systemic factors such as the regulatory framework and the deficiency of investor cognizance. It also proffers innovative strategies and public-private partnerships that have the potential to enhance access to financial resources for these initiatives.The central inquiry of the article pertains to how SSE initiatives in Morocco can surmount financial hurdles amidst a challenging economic environment. Analyzing these dynamics and the proposed remedies underscores the critical significance of SSE in the pursuit of a sustainable and equitable future for Moroccan communities |
| Abstract: | L'économie sociale et solidaire (ESS) dans le contexte marocain est considérée comme un instrument essentiel pour le progrès socio-économique, en particulier dans les zones rurales et parmi les groupes démographiques défavorisés. Incorporant un large éventail d'entités telles que des coopératives et des entreprises sociales, l'ESS s'efforce de répondre aux demandes locales tout en générant des avantages socio-environnementaux. Il joue un rôle central dans la lutte contre la pauvreté, la promotion des opportunités d'emploi et la facilitation de l'intégration sociale. Néanmoins, dans un contexte économique marqué par des crises récurrentes, les acteurs de l'ESS rencontrent d'importants obstacles financiers qui mettent en péril leur viabilité et leur durabilité à long terme.Parmi les principaux défis figurent la restructuration économique, la réduction des dépenses publiques et la rareté des ressources financières privées. Comme l'indique la Banque mondiale, ces contraintes entravent l'accès à un soutien financier essentiel pour les initiatives de l'ESS, diminuant ainsi leur potentiel de croissance. En outre, les complexités inhérentes à l'exploitation des sources de financement traditionnelles et les paradigmes commerciaux non conventionnels des entités de l'ESS exacerbent leur engagement envers les instruments financiers conventionnels.Cet article analyse les obstacles financiers auxquels l'ESS est confrontée au Maroc, en se concentrant sur les défis immédiats ainsi que sur des facteurs systémiques tels que le paysage réglementaire et le manque de connaissance des investisseurs. En outre, il propose des méthodologies innovantes et des partenariats public-privé qui pourraient améliorer l'accès aux ressources financières pour ces initiatives.L'enquête centrale de l'article porte sur les mécanismes par lesquels les initiatives de l'ESS au Maroc peuvent surmonter les obstacles financiers dans un environnement économique difficile. L'exploration de ces dynamiques et des solutions proposées souligne l'importance cruciale de l'ESS pour favoriser un avenir durable et équitable pour les communautés marocaines. |
| Date: | 2025–05–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05170271 |
| By: | Jörg Papenkordt (Paderborn University); Axel-Cyrille Ngonga Ngomo (Paderborn University); Kirsten Thommes (Paderborn University) |
| Abstract: | Advances in AI and our limited human capabilities have made AI decision-making opaque to humans. One prerequisite for enhancing the transparency of AI recommendations is improving AI explainability as humans need to be enabled to take responsibility for their actions even with AI support. Our study aims to tackle this issue by investigating two basic approaches to explainability: We evaluate numerical explanations, such as certainty measures, against verbal explanations, such as those provided by LLM as explanatory agents. Specifically, we examine whether verbal or numerical (or both) explanations in tasks of high uncertainty lure users into false beliefs or, on the contrary, promote appropriate reliance. Drawing on an experiment with 441 participants, we explore the dynamics of non-expert users' interactions with AI under varying explanatory conditions. Results show that explanations significantly improve reliance and decision accuracy. Numerical explanations aid in identifying uncertainties and errors, but the users' reliance on the advice falls far behind the given numerical certainty. Verbal explanations foster higher reliance while increasing the risk of over-reliance. Combining both explanation types enhances reliance but further amplifies blind trust in AI. |
| Keywords: | explainable AI, artificial intelligence, human-computer interaction |
| JEL: | C83 D81 C88 O33 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:pdn:dispap:147 |
| By: | Dan Anderberg; Rachel Cassidy; Anaya Dam; Melissa Hidrobo; Jessica Leight; Karlijn Morsink |
| Abstract: | One in three women globally experiences intimate partner violence (IPV), yet little is known about how such trauma affects economic decision-making. We provide causal evidence that IPV influences women's time preferences - a key parameter in models of savings, investment, and labor supply. We combine two empirical strategies using four distinct datasets. First, in two randomized recall experiments in Ethiopia, we randomly assigned women to recall specific acts of abuse before eliciting their intertemporal choices. Women with IPV experiences prompted to recall IPV display significantly greater impatience than otherwise similar women who are not prompted. Second, we exploit exogenous reductions in IPV generated by two randomized interventions - one involving cash transfers, the other psychotherapy - and use treatment assignment as an instrument for IPV exposure. Women who experience reduced IPV as a result of treatment exhibit more patient time preferences. Together, these results provide consistent, novel causal evidence that exposure to IPV induces individuals to discount the future more heavily. This evidence suggests a psychological channel through which violence can perpetuate economic disadvantage and constrain women's ability to take actions - such as saving, investing, or exiting abusive relationships - that require planning over time. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.10416 |
| By: | Robbie Maris (UCL Centre for Education Policy & Equalising Opportunities (CEPEO) & Education Policy Institute (EPI)) |
| Abstract: | Upper secondary education is critical in preparing young people for further study. This paper explores how various upper-secondary education pathways influence students' progression to further study, shedding light on their effectiveness in expanding educational opportunities. Using linked English administrative data, we compare progression outcomes across a range of pathways, including the brand new T level vocational pathway and the increasingly popular mixed (academic and vocational) track. We consider progression across three dimensions - overall progression to further study, progression to high-quality further study and preparedness for further study, proxied by drop out rates. We find that students on the new T level pathway are more likely to progress to higher technical qualifications and advanced apprenticeships than all other pathways. However, T level students are significantly less likely to enter university and, when they do, are disproportionately represented in lower-tariff institutions and courses. This is despite policy promises that T levels would be a "springboard" to higher education (HE). Conditional on progressing to further study, T level students are well prepared for their chosen course of study and they drop out at significantly lower rates than other learners. We also show that some pathways are more effective at supporting low SES students in progressing to further study. |
| Keywords: | Higher Education, Progression, Qualifications, UK, Vocational |
| JEL: | D39 I23 I26 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:ucl:cepeow:25-08 |
| By: | Evangelos Christou (IHU - International Hellenic University); Anestis Fotiadis (Zayed University); Antonios Giannopoulos (IHU - International Hellenic University) |
| Abstract: | Zweck: Diese konzeptionelle Studie untersucht, wie Generative Künstliche Intelligenz (GenAI) die Wertkokreation, die Destination Governance und die verantwortungsvolle Innovation im Tourismus neu gestaltet. Ziel ist es, GenAI von einem bloßen Hintergrundinstrument zu einem eigenständigen Tourismusakteur umzupositionieren und das Synthetic Experience System vorzustellen – ein triadisches Rahmenmodell, das Tourist*in, GenAI und Ort/Gemeinschaft über Daten‑, Inhalts‑ und Emotionsebenen miteinander verknüpft. Methoden: Der Beitrag folgt einem integrativen theoriebildenden Ansatz. Er synthetisiert abductiv Literatur aus Tourismusforschung, Informationssystemen, Marketing, Psychologie und Ethik, um wiederkehrende Konstrukte herauszuarbeiten, verortet diese in der Service‑Dominant Logic sowie der Akteur‑Netzwerk‑Theorie und verfeinert das Modell iterativ durch den Vergleich von GenAI‑Anwendungen mit Fokus auf Responsible Research and Innovation. Ergebnisse: Die Analyse identifiziert drei kontinuierliche Kokreationsschleifen, in denen Handlungsmacht zwischen den Akteuren zirkuliert, sowie vier Rahmenbedingungen – Authentizität, Bias, Nachhaltigkeit, Datenschutz – die die Systemtragfähigkeit bestimmen. Das Synthetic Experience System verdeutlicht, wo Wert entsteht, markiert potenzielle Punkte der Wertkodestruktion und generiert fünfzehn Forschungsvorschläge, die touristische Kognition, Unternehmenskompetenzen, Destinationspolitik und planetare CO₂‑Grenzen umfassen. Implikationen: Das Rahmenwerk bietet Destination‑Management‑Organisationen, Plattformdesigner*innen und Regulierungsbehörden eine Roadmap, um Algorithmen zu prüfen, partizipative Prompts zu gestalten und CO₂‑bewusste Implementierungen vorzunehmen. Durch die Benennung von Akteuren, Ebenen und Grenzen liefert die Studie ein gemeinsames Vokabular, das empirische Untersuchungen verankern und interdisziplinäre Zitationen in Tourismus‑, Informationssystem‑ und Nachhaltigkeitsforschung anregen kann. |
| Abstract: | Purpose: This conceptual study examines how Generative Artificial Intelligence (GenAI) reshapes value co creation, destination governance, and responsible innovation in tourism. It seeks to reposition GenAI from a backstage tool to a tourism actor and to present the Synthetic Experience System, a triadic framework connecting Tourist, GenAI, and Place/Community through data, content, and emotion layers. Methods: The paper follows an integrative theory building approach. It abductively synthesises tourism literature, information systems, marketing, psychology and ethics to surface recurring constructs, situates them within the service dominant logic and the actor-network theory, and iteratively refines a model through comparison of GenAI applications focusing on responsible research and innovation. Results: Analysis reveals three continuous co creation loops that circulate agency among actors and four boundary conditions-authenticity, bias, sustainability, privacy-that determine system viability. The Synthetic Experience System clarifies where value emerges, identifies points of potential value co destruction, and yields fifteen research propositions spanning tourist cognition, firm capabilities, destination policy, and planetary carbon limits. Implications: The framework provides a roadmap for destination management organisations, platform designers, and regulators to audit algorithms, design participatory prompts, and adopt carbon aware deployment. By naming actors, layers, and boundaries, the study offers a shared vocabulary that can anchor empirical investigations and stimulate cross disciplinary citations in tourism, information systems, and sustainability research. |
| Abstract: | Propósito: Este estudio conceptual examina cómo la Inteligencia Artificial Generativa (GenAI) reconfigura la co‑creación de valor, la gobernanza de destinos y la innovación responsable en turismo. Se propone reposicionar la GenAI de una herramienta "entre bastidores" a un actor turístico y presentar el Sistema de Experiencia Sintética, un marco triádico que conecta al Turista, la GenAI y el Lugar/Comunidad a través de capas de datos, contenido y emociones. Métodos: El artículo adopta un enfoque integrador de construcción teórica. Sintetiza abductivamente literatura sobre turismo, sistemas de información, mercadotecnia, psicología y ética para identificar constructos recurrentes, situarlos dentro de la lógica dominante del servicio y la teoría del actor‑red, y refinar iterativamente un modelo mediante la comparación de aplicaciones de GenAI centradas en la investigación e innovación responsables. Resultados: El análisis revela tres bucles continuos de co‑creación que distribuyen la agencia entre los actores y cuatro condiciones límite —autenticidad, sesgo, sostenibilidad y privacidad— que determinan la viabilidad del sistema. El Sistema de Experiencia Sintética aclara dónde emerge el valor, identifica puntos de posible co‑destrucción de valor y genera quince proposiciones de investigación que abarcan la cognición del turista, las capacidades empresariales, la política de destinos y los límites planetarios de carbono. Implicaciones: El marco ofrece una hoja de ruta para que las organizaciones de gestión de destinos, los diseñadores de plataformas y los reguladores auditen algoritmos, diseñen indicaciones participativas y adopten despliegues conscientes del carbono. Al nombrar actores, capas y fronteras, el estudio proporciona un vocabulario compartido que puede anclar investigaciones empíricas y estimular citas interdisciplinarias en turismo, sistemas de información e investigación sobre sostenibilidad. |
| Abstract: | Objectif : Cette étude conceptuelle examine la façon dont l'intelligence artificielle générative (GenAI) remodèle la co‑création de valeur, la gouvernance des destinations et l'innovation responsable dans le tourisme. Elle vise à repositionner la GenAI, d'un outil en coulisse à un acteur touristique, et à présenter le Système d'Expérience Synthétique (SES), un cadre triadique connectant Touriste, GenAI et Lieu/Communauté à travers les couches de données, de contenu et d'émotion. Méthodes : L'article adopte une démarche intégrative de construction théorique. Il synthétise abductivement la littérature en tourisme, systèmes d'information, marketing, psychologie et éthique afin de faire émerger des constructions récurrentes, les situe dans la logique dominante de service et la théorie de l'acteur‑réseau, puis affine de manière itérative un modèle en comparant des applications de GenAI centrées sur la recherche et l'innovation responsables. Résultats : L'analyse révèle trois boucles continues de co‑création qui font circuler l'agentivité entre les acteurs, ainsi que quatre conditions limites — authenticité, biais, durabilité, confidentialité — déterminant la viabilité du système. Le Système d'Expérience Synthétique éclaire les lieux d'émergence de la valeur, identifie les points potentiels de co‑destruction de valeur et produit quinze propositions de recherche couvrant la cognition touristique, les capacités des entreprises, la politique de destination et les limites carbone planétaires. Implications : Le cadre offre une feuille de route aux organisations de gestion de destination, aux concepteurs de plateformes et aux régulateurs pour auditer les algorithmes, concevoir des invites participatives et adopter un déploiement sobre en carbone. En nommant les acteurs, les couches et les frontières, l'étude propose un vocabulaire partagé susceptible d'ancrer les investigations empiriques et de stimuler les citations interdisciplinaires dans la recherche en tourisme, en systèmes d'information et en durabilité. |
| Abstract: | उद्देश्य: यह वैचारिक अध्ययन इस बात की जाँच करता है कि जनरेटिव आर्टिफ़िशियल इंटेलिजेंस (GenAI) किस प्रकार पर्यटन‑क्षेत्र में मूल्य‑सह‑सृजन, गंतव्य शासन तथा उत्तरदायी नवोन्मेष को पुनर्परिभाषित करती है। यह GenAI को पार्श्व के उपकरण से एक सक्रिय पर्यटन‑कर्ता के रूप में पुनर्स्थापित करता है और सिंथेटिक अनुभव प्रणाली (Synthetic Experience System) प्रस्तुत करता है—एक त्रयी ढाँचा, जो पर्यटक, GenAI और स्थान/समुदाय को डेटा, सामग्री और भावना के स्तरों के जरिये जोड़ता है। पद्धति: अध्ययन ने एक एकीकरणात्मक सिद्धांत‑निर्माण (integrative theory‑building) दृष्टिकोण अपनाया। पर्यटन‑साहित्य, सूचना‑प्रणालियाँ, विपणन, मनोविज्ञान एवं नैतिकता को एबडक्टिव (abductive) रूप से समाकलित कर आवर्ती संकल्पनाएँ उजागर की गईं, उन्हें सेवा‑प्रधान तर्क (service‑dominant logic) एवं कर्ता‑संजाल सिद्धांत (actor‑network theory) में स्थित किया गया, तथा उत्तरदायी अनुसंधान और नवोन्मेष पर केन्द्रित GenAI अनुप्रयोगों की तुलना के माध्यम से मॉडल का क्रमिक परिष्करण किया गया। परिणाम: विश्लेषण से तीन निरंतर सह‑सृजन चक्र प्रकाश में आते हैं, जो कर्ताओं के बीच एजेंसी का परिसंचरण करते हैं, और चार सीमा‑शर्तें—प्रामाणिकता, पक्षपात, स्थिरता, गोपनीयता—निर्धारित करते हैं, जो प्रणाली की व्यवहार्यता तय करती हैं। सिंथेटिक अनुभव प्रणाली स्पष्ट करती है कि मूल्य कहाँ उत्पन्न होता है, संभावित मूल्य‑विघटन के बिन्दुओं की पहचान करती है, तथा पन्द्रह शोध‑प्रस्ताव प्रस्तुत करती है, जो पर्यटक‑संज्ञान, फर्म‑क्षमताएँ, गंतव्य‑नीति और ग्रहगत कार्बन सीमाएँ आच्छादित करती हैं। निहितार्थ: यह ढाँचा गंतव्य प्रबंधन संगठनों, प्लेटफ़ॉर्म डिज़ाइनरों और विनियामकों को एल्गोरिद्म‑लेखा‑परीक्षण, सहभागी प्रॉम्प्ट‑डिज़ाइन तथा कार्बन‑सचेत परिनियोजन के लिये एक रोडमैप प्रदान करता है। कर्ताओं, स्तरों और सीमाओं को नाम देकर यह अध्ययन एक साझा शब्दावली उपलब्ध कराता है, जो अनुभवजन्य अनुसंधानों का आधार बन सकती है और पर्यटन, सूचना‑प्रणाली व स्थिरता‑अनुसंधान में अंतःविषय उद्धरणों को उत्प्रेरित कर सकती है। |
| Abstract: | Scopo: Questo studio concettuale esamina in che modo l'Intelligenza Artificiale Generativa (IAG) rimodelli la co‑creazione di valore, la governance delle destinazioni e l'innovazione responsabile nel turismo. L'obiettivo è ricollocare la IAG da semplice strumento "dietro le quinte" ad attore del sistema turistico e presentare il Synthetic Experience System, un quadro triadico che connette Turista, IAG e Luogo/Comunità attraverso tre strati—dati, contenuti ed emozioni. Metodi: Il lavoro adotta un approccio integrativo di costruzione teorica. Sintetizza in maniera abduttiva la letteratura su turismo, sistemi informativi, marketing, psicologia ed etica per far emergere costrutti ricorrenti, inquadrandoli nella Service‑Dominant Logic e nella Actor‑Network Theory; il modello viene poi perfezionato iterativamente mediante il confronto di applicazioni IAG con focus sulla Responsible Research and Innovation. Risultati: L'analisi individua tre cicli continui di co‑creazione che fanno circolare l'agency tra gli attori e quattro condizioni al contorno—autenticità, bias, sostenibilità, privacy—che determinano la viabilità del sistema. Il Synthetic Experience System chiarisce dove nasce il valore, individua i punti di potenziale co‑distruzione di valore e genera quindici proposizioni di ricerca relative a cognizione turistica, capacità aziendali, politiche di destinazione e limiti planetari di carbonio. Implicazioni: Il framework offre una roadmap per le Destination Management Organisations, i progettisti di piattaforme e i regolatori, utile a verificare gli algoritmi, progettare prompt partecipativi e adottare implementazioni carbon‑aware. Denominando attori, strati e confini, lo studio fornisce un vocabolario condiviso capace di ancorare indagini empiriche e di stimolare citazioni interdisciplinari nei campi del turismo, dei sistemi informativi e della sostenibilità. |
| Abstract: | Propósito: Este estudo conceitual examina como a Inteligência Artificial Generativa (GenAI) remodela a cocriação de valor, a governança de destinos e a inovação responsável no turismo. Busca reposicionar a GenAI de uma ferramenta de bastidores para um ator turístico e apresentar o Sistema de Experiência Sintética, um arcabouço triádico que conecta Turista, GenAI e Lugar/Comunidade por meio de camadas de dados, conteúdo e emoção. Métodos: O artigo adota uma abordagem integrativa de construção teórica. Sintetiza abductivamente a literatura de turismo, sistemas de informação, marketing, psicologia e ética para revelar constructos recorrentes, situá‑los na lógica dominante de serviço e na teoria ator‑rede, e refinar iterativamente um modelo por meio da comparação de aplicações de GenAI com foco em pesquisa e inovação responsáveis. Resultados: A análise revela três ciclos contínuos de cocriação que transferem agência entre os atores e quatro condições de fronteira — autenticidade, viés, sustentabilidade e privacidade — que determinam a viabilidade do sistema. O Sistema de Experiência Sintética esclarece onde o valor emerge, identifica pontos de potencial co‑destruição de valor e gera quinze proposições de pesquisa que abrangem cognição do turista, capacidades empresariais, políticas de destino e limites planetários de carbono. Implicações: O arcabouço oferece um roteiro para organizações de gestão de destinos, projetistas de plataformas e reguladores auditarem algoritmos, conceberem prompts participativos e adotarem implantações com consciência de carbono. Ao nomear atores, camadas e limites, o estudo fornece um vocabulário compartilhado que pode ancorar investigações empíricas e estimular citações interdisciplinares em turismo, sistemas de informação e pesquisas em sustentabilidade. |
| Abstract: | Цель. Данное концептуальное исследование анализирует, каким образом генеративный искусственный интеллект (GenAI) трансформирует совместное создание ценности, управление туристическими дестинациями и ответственное новаторство в туризме. Работа стремится переосмыслить GenAI, переместив его из «закулисного» инструмента в полноправного актора отрасли, а также представить Синтетическую систему опыта — триадную модель, объединяющую Туриста, GenAI и Место/Сообщество через уровни данных, контента и эмоций. Методы. Исследование опирается на интегративный подход к построению теории. Абдуктивно синтезируются труды по туризму, информационным системам, маркетингу, психологии и этике для выявления повторяющихся конструктов, которые затем соотносятся с логикой доминирования услуг и теорией акторно‑сетей. Модель итеративно уточняется посредством сопоставления практических приложений GenAI с акцентом на ответственное исследование и инновации. Результаты. Анализ выявил три непрерывных петли совместного создания ценности, перераспределяющие агентность между акторами, и четыре граничных условия — аутентичность, предвзятость, устойчивость и конфиденциальность — которые определяют жизнеспособность системы. Синтетическая система опыта показывает, где именно рождается ценность, обозначает точки возможной ко‑деструкции ценности и формулирует пятнадцать исследовательских положений, охватывающих когниции туристов, способности фирм, политику развития дестинаций и планетарные углеродные ограничения. Импликации. Предложенная рамка служит «дорожной картой» для организаций управления дестинациями, разработчиков платформ и регуляторов, позволяя им проводить аудит алгоритмов, проектировать партисипативные подсказки и внедрять решения с учётом углеродного следа. Чёткое обозначение акторов, уровней и границ формирует общий понятийный аппарат, который может стать опорой для эмпирических исследований и стимулировать междисциплинарное цитирование в областях туризма, информационных систем и устойчивого развития. |
| Abstract: | 目的：本概念性研究探讨生成式人工智能（Generative Artificial Intelligence，简称 GenAI）如何重塑旅游业中的价值共创、目的地治理与负责任创新。研究旨在将 GenAI 从幕后工具重新定位为旅游行动者，并提出"合成体验系统"——一个通过数据层、内容层与情感层将游客、GenAI 与地点／社区三者联结起来的三元框架。 方法：本研究采用综合性理论建构方法，运用溯因式逻辑对旅游学、信息系统、营销学、心理学与伦理学文献进行综合分析，提炼循环出现的核心构念，并将其置于服务主导逻辑与行动者网络理论之下；同时，通过比较聚焦于负责任研究与创新的 GenAI 应用，迭代修正模型。 结果：分析揭示了三个持续循环的价值共创回路，在多元行动者之间传递能动性；并确定真实性、偏见、可持续性与隐私四项边界条件，这些条件决定了系统的可行性。"合成体验系统"进一步阐明了价值的生成位置，识别了潜在的价值共毁点，并提出涵盖游客认知、企业能力、目的地政策以及地球碳约束的十五条研究命题。 启示：该框架为目的地管理组织、平台设计者与监管者提供了审计算法、设计参与式提示以 及实施碳感知部署的路线图。通过明确行动者、层级与边界，本研究构建了一套共享词汇， 为经验研究提供锚点，并有望促进旅游学、信息系统与可持续性研究的跨学科引用。 |
| Keywords: | generative Künstliche Intelligenz, synthetischer Tourismus, Ko-Kreation von Erlebnissen, Service-dominante Logik, Akteur-Netzwerk-Theorie, algorithmische Governance, verantwortungsvolle Forschung, verantwortungsvolle Innovation, Generative artificial intelligence, synthetic tourism, algorithmic governance, experience co-creation, service-dominant logic, actor-network theory, responsible innovation, responsible research, Innovación responsable, Inteligencia artificial generativa, Turismo sintético, Co-creación de experiencias, Lógica dominante del servicio, Teoría del actor-red, Gobernanza algorítmica, Investigación responsable, intelligence artificielle générative, co-création d'expérience, logique dominante du service, tourisme synthétique, théorie de l’acteur-réseau, Gouvernance algorithmique, Recherche responsable, Innovation responsable, जनरेटिव कृत्रिम बुद्धिमत्ता, कृत्रिम पर्यटन, अनुभव सह-सृजन, सेवा-प्रधान तर्क, अभिनेता–नेटवर्क सिद्धांत, एल्गोरिदमिक शासन, उत्तरदायी अनुसंधान, उत्तरदायी नवाचार, intelligenza artificiale generativa, turismo sintetico, co-creazione dell’esperienza, logica dominante del servizio, teoria dell’attore-rete, governance algoritmica, ricerca responsabile, innovazione responsabile, inteligência artificial generativa, turismo sintético, cocriação de experiências, lógica dominante de serviço, Teoria Ator‑Rede, Governança algorítmica, pesquisa responsável, inovação responsável, генеративный искусственный интеллект, синтетический туризм, ко‑креация опыта / совместное создание опыта, логика сервисной доминанты (Service‑Dominant Logic), акторно‑сетевая теория, алгоритмическое управление, ответственные исследования, ответственные инновации, 生成式人工智能, 合成旅游, 体验共创, 服务主导逻辑, 行动者网络理论, 算法治理, 负责任研究, 负责任创新 |
| Date: | 2025–12–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05191936 |
| By: | Mr. Constant Verkoren; Luis Cortavarria-Checkley |
| Abstract: | Banking sector distress can be highly disruptive, with substantial implications for financial intermediation and economic growth. Given their disruptive effects, country authorities have often relied on public funds to safeguard financial stability when confronted with systemic crises. The global financial crisis, for example, prompted governments to provide substantial support to ailing banks, in the absence of other credible policy options for stabilizing their financial systems. While policymakers have subsequently sought to reduce the need for such bailouts, including through the establishment of a new international standard for resolution regimes (that is, the Key Attributes of Effective Resolution Regimes), it is understood that under exceptional circumstances, the provision of solvency support may still be needed; notably, when the initiation of resolution procedures in the midst of systemic distress could generate confidence shocks and or fuel contagion. Against this backdrop, this note provides guidance on the design and implementation of arrangements for providing exceptional public solvency support as a “last resort” option. Among others, it discusses (i) the role of solvency support in crisis management and bank restructuring programs; (ii) minimum conditions and key modalities for solvency support; and (iii) governance and shareholder management arrangements for temporary government investments in the financial sector. |
| Keywords: | bank resolution; bank solvency; banks and banking; crisis management; financial crises; financial institutions; financial sector policy and analysis; financial sector stability; public policy; solvency support; financial crisis preparedness; banking sector distress; support to the banking sector; UK Government investment; bank restructuring program; data IMF Library; IMF's Monetary; Solvency; Bridge bank; Bank resolution framework; Global |
| Date: | 2025–08–08 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imftnm:2025/010 |
| By: | Agnoletto, Margherita (University of Turin); Della Giusta, Marina (University of Turin); Mendolia, Silvia (University of Turin) |
| Abstract: | We examine the impact of intensive social media use on puberty timing, particularly earlier menarche in girls. Using data from the Millennium Cohort Study (MCS), a nationally representative longitudinal dataset tracking around 19, 000 children in the UK, we analyse how digital engagement influences adolescent development. Our results show that intensive social media use significantly accelerates menarche in girls but has no clear effect on male puberty markers. The likely mechanism behind this effect is the negative impact of social media on mental health, particularly stress and anxiety, which have been linked to earlier menarche. Our findings highlight social media use itself as a potential risky behaviour, reinforcing concerns about its effects on adolescent well-being. |
| Keywords: | menarche, stress, social media, risky behaviours |
| JEL: | I12 I31 J13 J16 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18013 |
| By: | Ojea Ferreiro Javier; Panzica Roberto; Papadopoulos Georgios |
| Abstract: | "This study investigates how extreme flood events can indirectly impact the global supply chain through production disruptions. Using a data-driven, agent-based network model that combines company-level data with flood hazard maps, the research simulates the transmission and amplification of shocks. The findings emphasize that the size of inventories is crucial; a lean-inventory system leads to faster shock propagation, higher losses, and fewer recoveries compared to an abundant-inventory system. Additionally, the study identifies that the number and criticality of flooded companies’ trade links, along with the magnitude of the flood, correlate with the speed and severity of contagion. Interestingly, a key metric —the average criticality of affected firms’ outgoing links— consistently peaks before the onset of the shock’s fast-propagation regime. This could serve as an early warning indicator, giving businesses and policymakers precious time to react. By identifying these critical vulnerabilities, this research provides a framework for enhancing the resilience of global supply chains in the face of increasing climate-related and other risks." |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:jrs:wpaper:202509 |
| By: | Estelle Aragona (CRDMS - Centre de recherche en Droit et Management des services de santé - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon); Guillaume Jaubert (CRDMS - GRAPHOS - IFROSS Recherche - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon, CRDMS - Centre de recherche en Droit et Management des services de santé - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon); Emmanuelle Jouet (Laboratoire SM-SHS GHU Paris Psychiatrie Neurosciences et Enter Mental Health European Network, Paris, France.); Alis Montois; Léa Renouf |
| Abstract: | These factsheets are designed to support reflection and action aimed at structuring cooperation in the management of abuse cases involving vulnerable adults. Although numerous local actors — such as town halls, departmental social services, regional health agencies, police forces, public prosecutors, and non-profit organizations — are involved in addressing abuse, this issue was not the focus of a coordinated national public policy until 2024. The TACT (Traitement des Alertes de maltraitance en Coopération sur les Territoires – Treatment of Allegations of Abuse in Cooperation with Local Authorities) action-research project sought to gather and compare field-tested practices promoted by frontline professionals across several regions. The findings highlight two main challenges in managing reports of abuse involving vulnerable adults: Coordinating the various actors who receive and process reports; and Ensuring ongoing collaboration among stakeholders who contribute to local policies and follow-up on individual cases. These two challenges are often blurred in practice, as the same public authorities and professionals are involved in both missions — sometimes in overlapping and poorly defined ways. This situation was particularly evident before the adoption of the "bien vieillir - Ageing Well" Act in April 2024. While the need for coordination was frequently stressed in political discourse — in response to strong social demand — no single, clearly identified institution was given the authority to take the lead. The recent inclusion in the law of dedicated units for collecting and processing reports aims to address this lack of coordination. Previous efforts in this area had already been undertaken, but they were neither fully implemented nor sustained over time. Based on the findings of the TACT project concerning current practices in handling abuse reports, these nine reference sheets aim to support the implementation of the provisions introduced by the "bien vieillir - Ageing Well" Act of April 8, 2024. We refer to "TACT commissions" as collegial bodies whose mission is to coordinate operational work among all actors involved in the follow-up of abuse cases. These commissions are not mandated by law, nor do they require the creation of new structures. Instead, they build on existing collegial forums that local stakeholders have already established and tested. Their composition, scope, operations, and name are not pre-defined; they are shaped by local decisions. These factsheets are intended to support the recognition and improvement of cooperative practices, by guiding stakeholders through key questions and areas of reflection. |
| Abstract: | Ces fiches sont des aides à la réflexion et à l'action pour structurer la coopération dans le cadre du traitement des situations de maltraitance envers les adultes en situation de vulnérabilité Alors qu'elle implique une multitude d'acteurs locaux aux rôles et aux missions variées (mairies, services sociaux départementaux, Agences régionales de santé, forces de l'ordre, procureurs de la République, associations, etc.), la lutte contre la maltraitance n'a pas été véritablement coordonnée par une politique publique nationale avant 2024. La recherche-action TACT (Traitement des Alertes de maltraitance en Coopération sur les Territoires) a consisté à recueillir et comparer les pratiques éprouvées et promues par les acteurs de terrain rencontrés sur plusieurs territoires. Il apparaît que le traitement des signalements de maltraitance envers les adultes en situation de vulnérabilité pose deux principaux défis : la coordination des différents acteurs qui reçoivent les signalements de maltraitance ; la coopération d'un ensemble d'acteurs contribuant à la politique locale et au suivi de chaque situation. Ces deux enjeux sont souvent flous sur le terrain, puisque les mêmes autorités publiques et les mêmes acteurs sont impliqués dans ces deux missions, parfois dans des espaces redondants et mal identifiés. Et ce d'autant plus qu'avant la loi dite « Bien vieillir » d'avril 2024, l'impératif de coordination est vivement affiché dans les discours politiques, en réponse à une forte demande sociale, sans pour autant que fasse autorité une institution ou une instance unique bien identifiée. La récente inscription dans la loi des cellules de recueil et de traitement des signalements ambitionne de répondre à la problématique de coordination qui a déjà fait l'objet de mesures n'ayant pas été mises en œuvre de manière satisfaisante et durable. Partant des constats établis par la recherche-action TACT sur le fonctionnement actuel du traitement des signalements de maltraitance d'adultes en situation de vulnérabilité, voici 9 fiches repères pour faciliter la mise en œuvre des mesures de la loi dite « Bien vieillir » du 8 avril 2024. Nous appelons « commissions TACT » les espaces collégiaux dont la mission est d'organiser le travail opérationnel entre tous les acteurs impliqués dans le suivi des situations de maltraitance. Les commissions TACT ne sont pas imposées par la loi et n'ont pas à être créées ex nihilo : elles procèdent de la remise à plat des espaces collégiaux que les acteurs locaux ont déjà mis en place et éprouvés. La composition, le périmètre de mission, le fonctionnement opérationnel et la dénomination de ces commissions ne sont pas prédéfinis. Ces caractéristiques dépendent des décisions prises à l'échelle territoriale de manière concertée. Ces fiches repères ont été conçues pour accompagner cette capitalisation et cette valorisation des pratiques de coopération, en guidant le questionnement des parties prenantes |
| Keywords: | Recherche-action, coopération, politique publique, gouvernance, santé publique, maltraitance, sciences de gestion |
| Date: | 2025–07–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05150295 |
| By: | Junliang Luo; Katrin Tinn; Samuel Ferreira Duran; Di Wu; Xue Liu |
| Abstract: | Tokenized U.S. Treasuries have emerged as a prominent subclass of real-world assets (RWAs), offering cryptographically enforced, yield-bearing instruments collateralized by sovereign debt and deployed across multiple blockchain networks. While the market has expanded rapidly, empirical analyses of transaction-level behaviour remain limited. This paper conducts a quantitative, function-level dissection of U.S. Treasury-backed RWA tokens including BUIDL, BENJI, and USDY, across multi-chain: mostly Ethereum and Layer-2s. We analyze decoded contract calls to isolate core functional primitives such as issuance, redemption, transfer, and bridge activity, revealing segmentation in behaviour between institutional actors and retail users. To model address-level economic roles, we introduce a curvature-aware representation learning framework using Poincar\'e embeddings and liquidity-based graph features. Our method outperforms baseline models on our RWA Treasury dataset in role inference and generalizes to downstream tasks such as anomaly detection and wallet classification in broader blockchain transaction networks. These findings provide a structured understanding of functional heterogeneity and participant roles in tokenized Treasury in a transaction-level perspective, contributing new empirical evidence to the study of on-chain financialization. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.14808 |
| By: | Virginie Hamm (BRGM - Bureau de Recherches Géologiques et Minières); Fenintsoa Andriamasinoro (BRGM - Bureau de Recherches Géologiques et Minières); Moustapha Mounmemi (LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne); Xavier Galiègue (LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne); Xavier Moch (AFPG - Association des professionnels de la géothermie); Frédérik Bugarel (CFG - Compagnie Française de Géothermie); Remi Beaulieu (AMORCE - AMORCE); Muriel Doucet (AgreenTech Valley - Le LAB’O); Thomas Schmit (AgreenTech Valley - Le LAB’O) |
| Abstract: | The Centre Val-de-Loire region sees deep geothermal energy as a virtuous energy solution for the region, but to date it has not been widely deployed. To encourage its use, the region has financed a research project of regional interest, called "AMIGO". The project is being co-ordinated by BRGM in partnership with LEO (Laboratoire d'Économie d'Orléans), AFPG (Association Française des Professionnels de la Géothermie), AMORCE (Association d'accompagnement des collectivités et des acteurs dans la transition énergétique) and AgreenTech Valley (national cluster dedicated to digital technologies for plant-based industries). Its aim is to draw up a set of arguments to help local authorities and private-sector players in the region to choose between the various possible sources of renewable energy for district heating networks, industrial processes or heating crops in greenhouses. To develop this argument, the phases of the project are: (1) to understand the position of the stakeholders with regard to deep geothermal energy, and (2) to gather the key information in the territorial context (socio-economic and environmental aspects of a deep geothermal energy project, information on the geothermal resource, demand for heat in the territory). This article presents the progress made in the process of constructing the argument, in particular the results of (1) the analysis of the positioning of stakeholders in the region and (2) the economic and environmental analysis of a deep geothermal energy project. |
| Abstract: | La géothermie profonde est vue par la région Centre Val-de-Loire comme une solution énergétique vertueuse pour le territoire, cependant, à ce jour, elle y reste peu déployée. Aussi, pour favoriser sa mise en œuvre, la région a financé un projet de recherche d'intérêt régional, appelé « AMIGO ». Ce projet est coordonné par le BRGM en partenariat avec le LEO (Laboratoire d'Économie d'Orléans), l'AFPG (Association Française des Professionnels de la Géothermie), l'AMORCE (Association d'accompagnement des collectivités et des acteurs dans la transition énergétique) et AgreenTech Valley (Cluster national dédié aux technologies numériques pour les filières végétales). Il a pour objectif d'établir un argumentaire pour aider les collectivités locales et les acteurs privés de la région à choisir entre les différentes sources d'énergie renouvelable possibles pour les réseaux de chauffage urbain, les processus industriels ou le chauffage des cultures sous serres. Pour développer cet argumentaire, les phases du projet sont : (1) comprendre le positionnement des acteurs vis-à-vis de la géothermie profonde, et (2) rassembler les informations clés dans le contexte territorial (aspects socio-économiques et environnementaux d'un projet de géothermie profonde, informations sur la ressource géothermale, demande de chaleur sur le territoire). Cet article présente les avancées dans le processus de construction de l'argumentaire, en particulier les résultats (1) de l'analyse du positionnement des acteurs de la région et (2) de l'analyse économique et environnementale d'un projet de géothermie profonde. |
| Keywords: | leviers, argumentaire, atouts, serristes, industriels, énergies renouvelables, collectivités, Région Centre-Val de Loire, freins, géothermie profond |
| Date: | 2025–06–18 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05044110 |
| By: | Yuhang Guo; Dong Hao; Bin Li; Mingyu Xiao; Bakh Khoussainov |
| Abstract: | Strategyproofness in network auctions requires that bidders not only report their valuations truthfully, but also do their best to invite neighbours from the social network. In contrast to canonical auctions, where the value-monotone allocation in Myerson's Lemma is a cornerstone, a general principle of allocation rules for strategyproof network auctions is still missing. We show that, due to the absence of such a principle, even extensions to multi-unit network auctions with single-unit demand present unexpected difficulties, and all pioneering researches fail to be strategyproof. For the first time in this field, we identify two categories of monotone allocation rules on networks: Invitation-Depressed Monotonicity (ID-MON) and Invitation-Promoted Monotonicity (IP-MON). They encompass all existing allocation rules of network auctions as specific instances. For any given ID-MON or IP-MON allocation rule, we characterize the existence and sufficient conditions for the strategyproof payment rules, and show that among all such payment rules, the revenue-maximizing one exists and is computationally feasible. With these results, the obstacle of combinatorial network auction with single-minded bidders is now resolved. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.14472 |
| By: | Gardiner, Hannah; Pettinger, Clare; Haslam-Lucas, Amanda; Diouri, Barbara; Ruminska, Joanna; Dunn, Laura; Ashton, Yve; Hunt, Louise; Hickson1, Mary |
| Abstract: | For complex challenges like food systems transformation, some scholars suggest co-production involving multiple actors including citizens is essential. Additionally, some argue the desirability of moving towards ‘food democracy’, aligning with participatory approaches gaining popularity more broadly. Urban food policy initiatives are examples of innovation in food democracy and food citizenship, but questions around delivery of participation and engagement remain. For example, delivering authentic participation is an ongoing challenge and the impacts on those engaged have rarely been studied. Furthermore, personal transformations are essential for collective action on urban food system transformation and similarly receive minimal focus. The need for development in these areas is reflected in the Milan Urban Food Policy Pact (MUFPP) goals including enhancing stakeholder participation (action 2) and enhancing food knowledge and action through participatory education, training and research (action 19). We report the experiences of 12 individuals engaged as community food researchers (CFRs) within transdisciplinary food system research in UK urban settings (FoodSEqual). Creative methods were used, including participatory mapping, collage, and poetic inquiry; alongside utilising assemblage theory concepts. We found CFRs developed relationships within and beyond their communities, expanded their food system knowledge and hope for change, and gained advocacy-related skills and beliefs. Our unique contribution demonstrates how personal outcomes from engagement in participatory research could support urban food systems transformation by creating conditions and capacities for active food citizenship and food democracy alongside personal transformations. This also suggests the CFR model could contribute to delivery of MUFPP goals, particularly actions 2 and 19 (described above). |
| Date: | 2025–08–01 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:skr48_v1 |
| By: | Srisht Fateh Singh; Reina Ke Xin Li; Samuel Gaskin; Yuntao Wu; Jeffrey Klinck; Panagiotis Michalopoulos; Zissis Poulos; Andreas Veneris |
| Abstract: | This paper mathematically models a constant-function automated market maker (CFAMM) position as a portfolio of exotic options, known as perpetual American continuous-installment (CI) options. This model replicates an AMM position's delta at each point in time over an infinite time horizon, thus taking into account the perpetual nature and optionality to withdraw of liquidity provision. This framework yields two key theoretical results: (a) It proves that the AMM's adverse-selection cost, loss-versus-rebalancing (LVR), is analytically identical to the continuous funding fees (the time value decay or theta) earned by the at-the-money CI option embedded in the replicating portfolio. (b) A special case of this model derives an AMM liquidity position's delta profile and boundaries that suffer approximately constant LVR, up to a bounded residual error, over an arbitrarily long forward window. Finally, the paper describes how the constant volatility parameter required by the perpetual option can be calibrated from the term structure of implied volatilities and estimates the errors for both implied volatility calibration and LVR residual error. Thus, this work provides a practical framework enabling liquidity providers to choose an AMM liquidity profile and price boundaries for an arbitrarily long, forward-looking time window where they can expect an approximately constant, price-independent LVR. The results establish a rigorous option-theoretic interpretation of AMMs and their LVR, and provide actionable guidance for liquidity providers in estimating future adverse-selection costs and optimizing position parameters. |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2508.02971 |
| By: | Irene Iodice |
| Abstract: | This paper quantifies the value of timely WTO notifications for Technical Barriers to Trade (TBTs). Using French firm-level export data, I find that advance notice halves the negative impact of TBTs on export participation, by reducing temporary exits and supporting entry, particularly among small and medium-sized firms. Exploiting variation in notification delays, I show that this effect operates by reducing uncertainty about compliance costs, rather than by giving firms more time to adjust. A theoretical framework with firm heterogeneity and trade policy uncertainty formalizes this mechanism: notification lowers uncertainty, reducing firms’ incentives to delay or suspend exports. The quantitative importance of this effect is equivalent to avoiding a tariff increase of up to 28 percentage points. |
| JEL: | F13 F14 D84 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12015 |
| By: | Kiran Tomlinson; Sonia Jaffe; Will Wang; Scott Counts; Siddharth Suri |
| Abstract: | Given the rapid adoption of generative AI and its potential to impact a wide range of tasks, understanding the effects of AI on the economy is one of society's most important questions. In this work, we take a step toward that goal by analyzing the work activities people do with AI, how successfully and broadly those activities are done, and combine that with data on what occupations do those activities. We analyze a dataset of 200k anonymized and privacy-scrubbed conversations between users and Microsoft Bing Copilot, a publicly available generative AI system. We find the most common work activities people seek AI assistance for involve gathering information and writing, while the most common activities that AI itself is performing are providing information and assistance, writing, teaching, and advising. Combining these activity classifications with measurements of task success and scope of impact, we compute an AI applicability score for each occupation. We find the highest AI applicability scores for knowledge work occupation groups such as computer and mathematical, and office and administrative support, as well as occupations such as sales whose work activities involve providing and communicating information. Additionally, we characterize the types of work activities performed most successfully, how wage and education correlate with AI applicability, and how real-world usage compares to predictions of occupational AI impact. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.07935 |
| By: | Wang, Jodi Ann; Robins, Nick |
| Abstract: | This report consists of a submission by the Grantham Research Institute on Climate Change and the Environment on different elements of the UNFCCC work programme on just transition pathways (JTWP). Agreement on the JTWP at COP27 marked a significant step forward for delivering climate action in line with the goals of the Paris Agreement. Since COP28, the political profile of the just transition has risen among high-level political actors, decision-makers, and civil society stakeholders. The Grantham Research Institute on Climate Change and Environment and our new Just Transition Finance Lab welcome the new programme as a strategic tool for mainstreaming social justice throughout climate decision-making at all levels, everywhere. In this submission, we provide views on work to be undertaken, along with possible topics for dialogues, under the JTWP. The submission is a follow-up to Professor Nick Robins’ presentation at the ‘First Annual High-level Ministerial roundtable on just transition’, which was held on 3 December 2023 at COP28 in Dubai. |
| Keywords: | COP27; COP28; just transition; Just Transition Finance Lab; just transition pathways; Just Transition Work Programme; UAE; United Arab Emirates |
| JEL: | R14 J01 N0 |
| Date: | 2024–02–16 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:129177 |
| By: | Kevin McNamara; Rhea Pritham Marpu |
| Abstract: | The global financial system stands at an inflection point. Stablecoins represent the most significant evolution in banking since the abandonment of the gold standard, positioned to enable "Banking 2.0" by seamlessly integrating cryptocurrency innovation with traditional finance infrastructure. This transformation rivals artificial intelligence as the next major disruptor in the financial sector. Modern fiat currencies derive value entirely from institutional trust rather than physical backing, creating vulnerabilities that stablecoins address through enhanced stability, reduced fraud risk, and unified global transactions that transcend national boundaries. Recent developments demonstrate accelerating institutional adoption: landmark U.S. legislation including the GENIUS Act of 2025, strategic industry pivots from major players like JPMorgan's crypto-backed loan initiatives, and PayPal's comprehensive "Pay with Crypto" service. Widespread stablecoin implementation addresses critical macroeconomic imbalances, particularly the inflation-productivity gap plaguing modern monetary systems, through more robust and diversified backing mechanisms. Furthermore, stablecoins facilitate deregulation and efficiency gains, paving the way for a more interconnected international financial system. This whitepaper comprehensively explores how stablecoins are poised to reshape banking, supported by real-world examples, current market data, and analysis of their transformative potential. |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2508.11395 |
| By: | Himanshu Jaiswal (Indira Gandhi Institute of Development Research); A. Ganesh Kumar (Indira Gandhi Institute of Development Research) |
| Abstract: | The trade war initiated by the US has taken several twists. Now, the US imposes a baseline tariff on almost all countries, while the tariff fight between China and the US has escalated further. In this analysis, using a global CGE model, we find that though the tariff escalation between China and the US would be economically beneficial for India due to increased domestic demand, to reap greater gains, India should go ahead with deeper tariff cuts. A tariff cut of 25 for all countries would expand India's economy two-times (2.62) vis-a-vis expansion in no-action scenario (1.31). A comprehensive India-US FTA may accelerate India's growth but, in its backdrop, dumping probability from China also rises, as bilateral total imports from China increase by 14. The dumping from China may put the domestic industry at a disadvantage, as in India, dumping cases related to Chinese firms already occupy a major chunk of all dumping cases. Therefore, we propose a systemic approach to deal with dumping threats from China, which is unilateral tariff liberalization by India for all trading partners, excluding China. Such a policy does not affect India's welfare much, but bilateral imports from China fall drastically. Hence, the dumping probability would also be dialed down with fewer bilateral imports. The other key macroeconomic variables for India, like the GDP, sectoral outputs, aggregate exports, and domestic demand, do not fall significantly due to this policy action. |
| Keywords: | Trade War, Dumping Concerns, India-US FTA, Tariff Cut, CGE Analysis |
| JEL: | F10 F13 F14 F15 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:ind:igiwpp:2025-011 |
| By: | John Zhuang Liu (University of Hongkong); Christoph Engel (Max Planck Institute for Research on Collective Goods, Bonn); Yun-chien Chang (Cornell Law School) |
| Abstract: | A real-world puzzle has eluded the attention of scholars and policymakers. Using unique data sets covering more than 8 million civil lawsuits in mainland China, Taiwan, and Japan, we observe that parties are often pro se even when high amounts of money are at stake. One (partial) explanation could be a “tipping point effect”: parties are more inclined to be represented by an attorney if they expect the case to be a close call – and less inclined if they believe the odds of winning to be very high or very low. We support the tipping point effect in survey experiments framed as litigation. If the otherwise identical experiment is an unframed lottery, the effect disappears. Based on this evidence, we argue that the effect results from the combination of two behavioral effects: reference point dependence, and competitive spirit. |
| Keywords: | pro se, attorney representation, reference point dependence, the near miss effect, anticipated regret, framing, competitive spirit |
| JEL: | C91 D86 D91 K41 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:mpg:wpaper:2025_01 |
| By: | Bian, Alice; Dikau, Simon; Miller, Hugh; Pierfederici, Roberta; Stern, Nicholas; Ward, Bob |
| Abstract: | As the world’s largest trading nation, China holds a dominant position in global green manufacturing, particularly through the development of the so-called ‘new three’ clean energy technologies – that is, electric vehicles, lithium-ion batteries and solar panels. There are tremendous opportunities for emerging markets and developing countries to improve their integration into global supply chains for clean energy technologies by leveraging intra-regional trade that boosts their manufacturing competitiveness and exports of higher-value-added products. This policy insight seeks to evaluate China’s role in supply chains for renewable energy technologies, and how the country can support the energy transition in other countries, particularly those in the Association of Southeast Asian Nations (ASEAN) region and the Belt and Road Initiative (BRI). |
| Keywords: | ASEAN; Asia; Association of Southeast Asian Nations; batteries; Belt and Road Initiative; China; China ETS; clean energy; climate finance; electric vehicles; international agreement; international climate finance; Just Energy Transition Partnerships; manufacturing; net zero transition plan; regional comprehensive economic partnership; South-east Asia; supply chains; transition-critical materials |
| JEL: | R14 J01 |
| Date: | 2024–02–21 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:129230 |
| By: | Anthony Wiskich |
| Abstract: | This paper investigates the potential long-run effects of autonomous and electric vehicles, and a carbon tax, on personal domestic aviation demand in Australia. We estimate a discrete choice disutility model with two travel modes – car and air – using Australian National Visitor Survey data and Bayesian priors. We use multiplicative Fréchet errors, consistent with a constant elasticity of substitution utility function for a representative consumer of both modes. An elasticity of substitution of almost 4 replicates the observed transition to air travel as distances increase. Combining in turn electrification, autonomy, the use of overnight robotaxis, a 10 kph increase in average car speeds, and an AUS$200/tCO2e carbon tax leads to air passenger reductions of 5%, 19%, 22%, 28% and 43%, respectively. Reductions are highest for shorter flights, so aggregate emissions do not decline as much as passenger numbers, while the number of aircraft trips declines more. |
| Keywords: | aviation economics, autonomous vehicles, decarbonisation, discrete choice travel model |
| JEL: | O33 Q40 Q54 R40 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:een:camaaa:2025-48 |
| By: | Noda, Hideo; Fang, Fengqi |
| Abstract: | Devising effective economic policies that promote investment in human capital is essential for economic development. Government subsidy for student loans is often discussed as one of the various policy instruments that support human capital accumulation. The purpose of this study is to investigate the relationship between a government's subsidy rate for student loans and economic growth from a theoretical perspective. This study also considers how changes in life expectancy and the labor force population affect economic growth. To address these issues, we construct an overlapping-generations model with uncertain lifetime. Our model suggests that increasing the government's subsidy rate for student loans promotes economic growth. Moreover, there is a positive relationship between improved life expectancy among individuals with sufficient investment in human capital and economic growth. Furthermore, a decline in the labor force population decreases economic growth, even when negative peer effects are predominant in human capital formation. |
| Keywords: | Economic development, Human Capital, Life expectancy, Peer effects, Student loans |
| JEL: | H2 I25 O40 |
| Date: | 2025–08–07 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125649 |
| By: | Jupić, Nedžad; Gadžo, Amra |
| Abstract: | This paper examines the degree of implementation of artificial intelligence (AI) tools within accounting information systems in small and medium-sized enterprises (SMEs) in Bosnia and Herzegovina, with the objective of identifying the perceived benefits, key barriers, and their effects on business performance. The research was conducted on a sample of 99 enterprises, utilising a structured questionnaire. Findings reveal that only 21.21% of enterprises currently employ AI tools in their accounting processes, while a mere 20% of respondents make use of advanced document management systems (DMS) or cloud-based solutions—technologies that facilitate integration with AI. The research highlights a generally positive attitude among respondents regarding the impact of AI application on SME operations. The highest average rating was attributed to the statement that AI enhances the efficiency of accounting processes (4.22), followed by improved quality of financial reporting (4.02) and more effective managerial decision-making (3.93), indicating a recognised added value of AI tools in the areas of analytics and decision support. The main obstacles to AI adoption, as identified by respondents, include a lack of knowledge and expertise (3.80) and insufficient regulatory framework (3.73). In terms of financial readiness to invest in AI technologies, 44.40% of enterprises indicated willingness to invest up to approximately EUR 500 annually, 37.40% between EUR 500 and 1, 000, and only 18.20% more than EUR 1, 000. Overall, the findings suggest a significant, yet underutilised potential of AI tools in SME accounting, characterised by favourable user perceptions but constrained by educational, financial, and legislative limitations. |
| Keywords: | AI tools, accounting digitalisation, business enhancement, small and medium-sized enterprises |
| JEL: | M41 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esconf:324135 |
| By: | Christopher Prömel; Max Friedrich Steinhardt |
| Abstract: | This study examines the effects of unemployment on bitterness, which describes a feeling of not having achieved what one deserves compared to others. Pooled OLS and fixed effects estimates reveal a positive association between unemployment and bitterness. To identify the causal effect of unemployment on bitterness, we exploit variation from plant closures and layoffs in Germany, combining entropy balancing with difference-in-differences estimation. We find that unemployment leads to a substantial and significant increase in bitterness of nearly half a point on the 1-7 point Likert scale. We demonstrate the robustness of our findings and that both the experience of job loss and the state of being unemployed contribute separately to a significant increase in bitterness, with longer unemployment duration resulting in higher levels of bitterness. Lastly, we evaluate the persistence of our effects, finding significant long-term effects for those who remain unemployed for over one year. |
| Keywords: | Bitterness, Attitudes, Unemployment, Job Loss |
| JEL: | I31 J64 J65 |
| Date: | 2025–07–23 |
| URL: | https://d.repec.org/n?u=RePEc:bdp:dpaper:0068 |
| By: | Fei Wu; Danning Sui; Thomas Thiery; Mallesh Pai |
| Abstract: | This paper provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between centralized and decentralized exchanges (CEX-DEX) on Ethereum. We refine heuristics to identify arbitrage transactions from on-chain data and introduce a robust empirical framework to estimate arbitrage revenue without knowing traders' actual behaviors on CEX. Leveraging an extensive dataset spanning 19 months from August 2023 to March 2025, we estimate a total of 233.8M USD extracted by 19 major CEX-DEX searchers from 7, 203, 560 identified CEX-DEX arbitrages. Our analysis reveals increasing centralization trends as three searchers captured three-quarters of both volume and extracted value. We also demonstrate that searchers' profitability is tied to their integration level with block builders and uncover exclusive searcher-builder relationships and their market impact. Finally, we correct the previously underestimated profitability of block builders who vertically integrate with a searcher. These insights illuminate the darkest corner of the MEV landscape and highlight the critical implications of CEX-DEX arbitrages for Ethereum's decentralization. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.13023 |