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on Payment Systems and Financial Technology |
| By: | David-Benz, Hélène; Andriandralambo, Norontsoa; Soanjara, Helgina; Chimirri, Chiara; Rahelizatovo, Noro; Rivolala, Bezaka |
| Abstract: | The circulation of information has been pointed out by the economic literature as a main factor of market performance. In developing countries, information asymmetries are frequently mentioned as limiting the effectiveness of agricultural markets. Rice market in Madagascar, characterized by a great instability and a poor spatial integration, is an illustration of such situation. Market Information Systems (MIS) aim at improving market performance, through the dissemination of information to producers and other market players. However, their effectiveness often remains limited, hampered by the lack of consideration of the market players’ behavior and constraints, especially those of smallholder farmers. Livelihoods, commercialization practices and access to market information are analyzed on a sample of 582 farm households in two main rice production areas in Madagascar. Different ways to disseminate market information and knowledge are tested on a subsample of farmers and extension staff: SMS, radio programs, and educational modules. A light survey on the recipient provides early feed-backs on their appraisal of each communication media. To have a better access to market information is perceived as necessary by the majority of producers. Expectations in term of information are differentiated according to producers’ types and their degree of remoteness. The more the actors are involved in market (more marketable surplus or paddy collection), the more they demand for precise and personalized communication means (ie. mobile phone) and the more they are willing to pay the information. Yet, the capacities of the majority of producers hamper the adoption of systems based only on mobile phone. Furthermore a large share of farmer households still doesn’t have a mobile phone. Among those that do, there is rapid turn-over of phone numbers, which cannot allow maintaining sustainably recipients. To alleviate the risk of increasing inequalities while developing MIS entirely based on mobile phones, it seems critical to include them within extension or other farmer support programs, and to diversify communication means (including radio, bulletin board) along with marketing capacity building. |
| Keywords: | market access, market information systems, smallholder farmer, price, rice, Agricultural and Food Policy, |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa149:245073&r=pay |
| By: | Hajime Tomura (Faculty of Political Science and Economics, Waseda University) |
| Abstract: | This paper presents a three-period model to analyze the need for bank reserves in the presence of other liquid assets like Treasury securities. If a pair of banks settle bank transfers without bank reserves, they must prepare extra liquidity for interbank payments, because depositors' demand for timely payments causes a hold-up problem in the bilateral settlement of bank transfers. In light of this result, the interbank payment system provided by the central bank can be regarded as an implicit interbank settlement contract to save liquidity. The central bank is necessary for this contract as the custodian of collateral. Bank reserves can be characterized as the balances of liquid collateral submitted by banks to participate into this contract. This result explains the rate-of-return dominance puzzle and the need for substitution between bank reserves and other liquid assets simultaneously. The optimal contract is the floor system, not only because it pays interest on bank reserves, but also because it eliminates the over- the-counter interbank money market. The model indicates it is efficient if all banks share the same custodian of collateral, which justifies the current practice that a public institution provides the interbank payment system. |
| Keywords: | bank reserves; large value payment system; interbank money market; clear- ing house; collateral; legal tender. |
| JEL: | E41 E42 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:upd:utppwp:072&r=pay |
| By: | Mikołaj Czajkowski (Faculty of Economi Sciences, University of Warsaw); Maciej Sobolewski (Faculty of Economi Sciences, University of Warsaw) |
| Abstract: | Recent models of network competition demonstrate the incentives of incumbents to reduce receiver benefits in rival networks through excessive off-net pricing. Theoretical reasoning behind strategic use of call externalities assumes that receiving calls contributes to consumer utility. This paper tests this critical assumption with choice data elicited from users of mobile telephones. We find that receiver benefits are a significant driver of subscription choices and assess customer base stealing effect encountered by the late entrant. Our findings confirm that call externalities can be used to limit late entrants’ growth as has been observed in many European mobile telephony markets. |
| Keywords: | call externalities, personal network effects, entry deterrence, mobile telephony, stated preferences, discrete choice experiment |
| JEL: | L1 L86 D62 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:war:wpaper:2016-27&r=pay |
| By: | Minahil Asim; Thomas Dee |
| Abstract: | The effective governance of local public services depends critically on the civic engagement of local citizens. However, recent efforts to promote effective citizen oversight of the public-sector services in developing countries have had mixed results. This study discusses and evaluates a uniquely designed, low-cost, scalable program designed to improve the governance and performance of primary and middle schools in the Punjab province of Pakistan. The School Council Mobilization Program (SCMP) used mobile-phone calls to provide sustained and targeted guidance to local school-council members on their responsibilities and authority. We examine the effects of the SCMP on school enrollment, student and teacher attendance, and school facilities using a “difference in difference in differences” (DDD) design based on the targeted implementation of the SCMP. We find that this initiative led to meaningful increases in primary-school enrollment, particularly for young girls (i.e., a 12.4 percent increase), as well as targeted improvements in teacher attendance and school facilities, most of which were sustained in the months after the program concluded. |
| JEL: | I2 O1 |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:22764&r=pay |
| By: | Efstratia Arampatzi (Erasmus University Rotterdam, The Netherlands); Martijn J. Burger (Erasmus University Rotterdam, The Netherlands); Natallia A. Novik (Université de Strasbourg, France; Erasmus University Rotterdam, The Netherlands) |
| Abstract: | Can online social contacts replace the importance of real-life social connections in our pursuit of happiness? With the growing use of social network sites (SNSs), attention has been increasingly drawn to this topic. Our study empirically examines the effect of SNS use on happiness for different subgroups of young adults. More specifically, we examine whether the effect of SNSs on happiness is moderated by individual social capital, as measured in terms of frequency of social contacts and feelings of loneliness. Using Dutch data from the Longitudinal Internet Studies for the Social Sciences (LISS panel), we provide robust empirical evidence that there is, on average, no relationship between the amount of time spent on SNSs and happiness. However, we find a negative association between the numbers of hours spent on SNS and happiness for SNS users who feel socially disconnected and lonely. The results hold when we control for socio-demographic characteristics, trust, hours spent on other Internet sites and household income. Hence, SNSs are not a substitute for real-life social connections and, at most, complement them. |
| Keywords: | Subjective well-being; happiness; social network sites; individual social capital; social isolation; loneliness |
| JEL: | I31 L86 Z13 |
| Date: | 2016–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20160085&r=pay |
| By: | Zysman, John; Kenney, Martin |
| Abstract: | This report argues that computer-intensive automation (CIAutomation) is likely to change the nature of work and manufacturing value creation in the emerging Platform Economy. The industrial and service changes based on low-cost computation, as they become more generalized, may reverse Robert Gordon’s observations about the slowing growth in productivity. However, the increased adoption of CIAutomation also poses profound dilemmas for society that revolve around whether this automation will be used to solely to replace workers or can be integrated into production of goods and services in ways that augment human capacities and intelligence. Finally, we speculate upon the role of the state in in governing and shaping the emergence of the Platform Economy. |
| Keywords: | Platforms, automation, gig economy, governance, public policy |
| JEL: | D78 L86 O33 |
| Date: | 2016–10–17 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:61&r=pay |
| By: | Schmid, Günther (WZB - Social Science Research Center Berlin) |
| Abstract: | Industry 4.0 and robots are said to speed up productivity thereby inducing a 'quantum leap' towards the 'end of work' and calling for a complete change of social security institutions that have so far been closely linked to employment. Unconditional basic income is the cry of the day, curiously advocated in particular by, for example, employers in high-tech industries and modern financial or distributive services. In the name of freedom, liberty and flexibility they suggest a form of security without any institutional complexity. The hidden agenda in the remaining empty institutional black box, however, is the dream of freedom from any bureaucracy and painstaking negotiations between competing interests or even getting rid of any responsibility to the new risks related to the digital revolution. This paper argues that the productivity leap promise of the digital economy is far from empirical evidence and that the proper answer to the new world of work are active securities, fair risk-sharing between employees, employers and the state and 'negotiated flexicurity' calling for a higher complexity of institutions corresponding to the increasing variability of employment relationships. The paper (1) starts with stylised facts about the new world of work with a focus on non-standard forms of employment in the EU28 member states and briefly explains the main determinants of this development. It (2) then proceeds with an analytical framework of the role of institutions and (3) applies this framework to develop suggestions of new security provisions to the main forms of non-standard employment. (4) The paper concludes by reflecting on the consequences for the prospective European Pillar of Social Rights. |
| Keywords: | Europe, non-standard employment, inclusion, productivity, flexibility, security, labour market policy, transitional labour markets, social rights |
| JEL: | J21 J38 J41 J48 J68 R28 |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp116&r=pay |
| By: | Mark Schelker |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:cra:wpaper:2016-07&r=pay |
| By: | Tedi Skiti (Department of Economics, Duke University) |
| Abstract: | How does strategic investment affect entry of new technologies and market structure? This article investigates the role of competition in firms’ technology adoption decisions in the U.S. wireline broadband industry. I present a model of strategic entry deterrence and study how internet service providers’ interactions affect their technology deployment at local markets. The goal is to capture an important trade-off: cable firms adopt a new cable system to provide higher speeds, but the adoption has a preemptive effect on fiber firms’ entry. I collect and combine unique firm-level data on broadband technology deployment and markets under entry threat for New York State. I provide evidence of strategic investment by cable incumbents to deter fiber entry. Counterfactual scenarios suggest that the industry has experienced 16% excessive investment in cable adoption and 12% underinvestment in fiber entry both of which are explained by these deterrence strategies. In addition, subsidies to cable incumbents in small markets reduce fiber entry rate by 50%. I also find that policies that promote statewide entry mitigate the effects from these deterrence strategies and increase fiber entry rate by 30%. These results have wide implications for technology diffusion, quality provision and optimal subsidy policy in markets with strategic technology adoption and entry threat. |
| Keywords: | Broadband, Strategic Investment, Technology Adoption, Entry Threat, Deterrence |
| JEL: | L13 L41 L96 |
| Date: | 2016–09 |
| URL: | http://d.repec.org/n?u=RePEc:net:wpaper:1615&r=pay |
| By: | Singh, Jatinder; Pasquier, Thomas F. J.-M.; Bacon, Jean; Diaconu, Raluca; Powles, Julia; Eyers, David |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:qsh:wpaper:462901&r=pay |
| By: | MOTOHASHI Kazuyuki |
| Abstract: | This paper shows the results of a survey on big data use in manufacturing firms and innovation, conducted in November 2015. The survey investigated (1) firms' organization of big data use, (2) collection and business use of big data by type of data, and (3) use of datasets outside firms, with 539 respondents out of 4,000 firms. We divided the entire manufacturing process into three parts, i.e., development, mass production, and after services, and find that big data are widely used in all activities. In addition, firms with dedicated big data use function are more likely to conduct big data activity across various departments, as well as demonstrate a higher performance impact. However, we also find great disparity in terms of the usage style, particularly by firm size. For example, more than half of small and mid-sized enterprises (SMEs) responded that they have heard of Internet of Things (IoT), yet they are unaware of how to respond to such trend. Policy implications based on the results include (1) promoting diffusion of big data use, particularly for SMEs, (2) supporting human capital development for big data use, and (3) strategic standardization activities of IoT. |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:16012&r=pay |