|
on Payment Systems and Financial Technology |
| By: | Asongu, Simplice; Nwachukwu, Jacinta |
| Abstract: | This study assesses the role of ICT (internet and mobile phone penetration) in complementing financial sector development (financial formalization and informalization) for financial access. The empirical evidence is based on Generalised Method of Moments with 53 African countries for the period 2004-2011. The following findings are established from linkages between ICT, financial sector development and financial activity. First, the interaction between ICT and financial formalization (informalization) decreases (increases) financial activity. Second, with regards to net effects, the expected signs are established for the most part. In spite of the negative marginal effects from financial informalization, the overall net effects are positive. Third, the potentially appealing interaction between ICT and informalization produces positive thresholds that are within ranges. Policy implications are discussed in three main strands. They include implications for (i) mobile/internet banking; (ii) a quiet life and (iii) ICT in reducing information asymmetry and surplus liquidity. |
| Keywords: | Allocation efficiency; Financial sector development; ICT |
| JEL: | G20 G29 L96 O40 O55 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78863&r=pay |
| By: | Asongu, Simplice; Nwachukwu, Jacinta |
| Abstract: | This study assesses the role of information sharing in financialization (or coexistence of financial sub-systems) for financial access. The empirical evidence is based on contemporary and non-contemporary Fixed Effects and Quantile regressions on 53 African countries for the period 2004-2011. The positive complementarity of information sharing offices (ISOs) and financial formalization is an increasing function of financial activity (or access to credit) whereas the negative complementarity of ISOs and financial informalization is a decreasing function of financial activity. In order to leverage on the synergy between ISO and financial formalization for enhanced financial access, some policy measures are proposed. |
| Keywords: | Information Asymmetry; Financialization; Financial Access |
| JEL: | G20 G29 L96 O40 O55 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78862&r=pay |
| By: | Stephanie Carretero (European Commission - JRC); Riina Vuorikari (European Commission - JRC); Yves Punie (European Commission - JRC) |
| Abstract: | DigComp 2.1 is a further development of the Digital Competence Framework for Citizens. Based on the reference conceptual model published in DigComp 2.0, we present now 8 proficiency levels and examples of use applied to the learning and employment field. |
| Keywords: | digital skills, digital competence, key competence, employment, human capital, education, elearning, jobs, skills, digital single market, transversal skills |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc106281&r=pay |
| By: | OECD |
| Abstract: | Globalisation and digital technologies have made financial services and products more widely accessible and at the same time more complex to handle. Responsibility for investing in higher education or planning for retirement is increasingly assumed by individuals. Young people are now more likely to encounter situations where they need to set their spending priorities, be aware of new types of fraud, know that some items that they want to buy will incur ongoing costs, and be alert that some purchasing offers are simply too good to be true. Financial literacy performance is strongly correlated with performance in mathematics and reading. Students should be helped to make the most of what they learn in subjects taught in compulsory education, which could also be complemented with more specific financial literacy content. Fostering the development of financial literacy skills in school could also be a way to offer students learning opportunities beyond those provided by parents and peers, to help overcome socio-economic inequalities, and to expose students to more balanced messages than those they might receive through media and advertising. |
| Date: | 2017–05–24 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduddd:72-en&r=pay |
| By: | Daniel Nepelski (European Commission - JRC); Marc Bogdanowicz; Federico Biagi (European Commission - JRC); Paul Desruelle (European Commission - JRC); Giuditta De Prato (European Commission - JRC); Garry Gabison (European Commission - JRC); Giuseppe Piroli; Annarosa Pesole (European Commission - JRC); Nikolaus Thumm (European Commission - JRC); Vincent Van Roy (European Commission - JRC) |
| Abstract: | This report attempts to summarise findings and conclusions of over 30 studies published within the EURIPIDIS project (European Innovation Policies for the Digital Shift). The objective of EURIPIDIS was to better understand how digital innovation and entrepreneurship work; to assess the EU's digital innovation and entrepreneurship performance; and to suggest how policy makers could make digital innovation and entrepreneurship in the EU work better. Because digital technologies facilitate the modernization of firms and economies, digital innovation and entrepreneurship requires a comprehensive policy response. The current report focuses on 7 issues. (1) Digital innovation and entrepreneurship require skills and capabilities ranging from technical, managerial and financial; entrepreneurial culture; failure acceptance; large funding and innovation-friendly regulatory environment. Capacity building and specific policies are needed in all those fields. (2) Resisting digital disruption and protecting the status quo is likely to be a short-term strategy. Negative social and economic effects need to be mitigated. (3) The ecosystem of digital innovation and entrepreneurship consists of a wide range of different players. Policy responses need to address this heterogeneity. (4) Digital innovation and entrepreneurship takes place through collaborative interactions between various players. To facilitate collaboration, knowledge flow and spillovers need to become a more central focus of public policies. (5) In addition to increasing funding for innovation, closer attention needs to be paid to the availability of funding for scaling-up of digital enterprises. (6) To guarantee technological interoperability and create technology-related network effects, coordination between various players to, for example, set technological standards is needed. (7) Technological complexity combined with the cumulativeness of digital innovation requires a balance between two conflicting goals: the provision of incentives to create new products and the stimulation of knowledge dissemination. |
| Keywords: | ICT, digital economy, big data, innovation |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc104899&r=pay |
| By: | International Monetary Fund. |
| Abstract: | The supervision of financial market infrastructures (FMIs) in the Netherlands has been significantly strengthened in recent years. The European Market Infrastructure Regulation (EMIR) introduced legally binding requirements for central counterparties (CCPs) located in the Netherlands. The Dutch authorities have also adopted the Committee on Payments and Market Infrastructures (CPMI)-International Organization of Securities Commissions (IOSCO) Principles for Financial Market Infrastructures (PFMI) in their oversight and supervision of central securities depositories (CSDs)/securities settlement systems (SSSs) and systemically important payment systems. |
| Keywords: | Europe;Netherlands; |
| Date: | 2017–04–13 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:17/92&r=pay |
| By: | Mester, Loretta J. (Federal Reserve Bank of Cleveland) |
| Abstract: | Technological change is very apparent in the payments system. This morning, I will focus a large portion of my remarks on an initiative that the Federal Reserve is leading to address the rapidly changing landscape in the payments industry in the U.S. This initiative is a collaborative effort between the Fed and a broad array of private-sector participants, and aims to improve the speed, efficiency, security, and ubiquity of the U.S. payments system. I am happy to say that the effort has made significant progress and that several important milestones will be reached this year. But before I turn to payments, it behooves me to say a little bit about the economy in which the payments system plays such an important role. I should add that what I say today about payments and about the economy are my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee. |
| Keywords: | Payment systems; economic growth; |
| Date: | 2017–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcsp:81&r=pay |
| By: | Jean-François Houde; Peter Newberry; Katja Seim |
| Abstract: | We examine the economies of density associated with the expansion of Amazon’s distribution network from 2006 to 2018. We demonstrate that, in placing a fulfillment center in a new state, Amazon faces a trade-off between the revenue implications of exposing local customers to sales tax on their purchases and the cost savings from reducing the shipping distance to those customers. Using detailed data on online transactions, we estimate a model of demand for retail goods and show that consumers’ online shopping is sensitive to sales taxes. We then use the demand estimates and the spatial distribution of consumers relative to Amazon’s fulfillment centers to predict revenues and shipping distances under the observed fulfillment center roll-out and under counterfactual roll-outs over this time period. Using a moment inequalities approach, we infer the cost savings from being closer to customers that render the observed network roll-out optimal. We find that Amazon saves between $0.17 and $0.47 for every 100 mile reduction in the distance of shipping goods worth $30. In the context of its distribution network expansion, this estimate implies that Amazon has reduced its total shipping cost by over 50% and increased its profit margin by between 5 and 14% since 2006. Separately, we demonstrate that prices on Amazon have fallen by approximately 40% over the same period, suggesting that a significant share of the cost savings have been passed on to consumers. |
| JEL: | H71 L23 L81 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23361&r=pay |
| By: | CHUMA Hiroyuki |
| Abstract: | To put briefly the pattern of the weakening competitiveness of Japanese science-based industries, they can no longer effectively respond to the frequently occurring systems-of-systems competition beyond the existing business competition level and have fallen behind their rivals in the world, facing a discontinuous enhancement of systemic abstraction level of products and services and/or their connotating systems due to the digitization, automation, and accurate visualization of everything realized by information and communications technology (ICT). This is the pattern with which they cannot keep pace in the rapid expansion of the range of consideration caused by the systems' complification and dropping behind the systems-of-systems competition (so-called multi-level competition). This paper tries to ascribe such failing patterns not only to firms' or organizations' business and/or personnel strategies but also to the unexpected change and deterioration of the firm- or organization-specific human capital (HP) embodied in their employees caused by ICT together with artificial intelligence (AI)/ Internet of Things (IoT). Furthermore, it maintains that, to cope with never-ending frequent phase changes in the age of AI/IoT, highly self-evolvable human capital (Se-HP) endowed with both progressiveness and conservativeness is indispensable, and, beyond the limit of the phenomenon-dependent Beckerian HP theory, tries to clarify the main characteristics of Se-HP from modularity and their formation processes, the root causes of HP to acquire firm- or organization- specific natures, the dynamic features of specific layers of HP to change from specific to general, and their root causes, etc. |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:17015&r=pay |
| By: | John Horton; William R. Kerr; Christopher Stanton |
| Abstract: | Digital labor markets are rapidly expanding and connecting companies and contractors on a global basis. We review the environment in which these markets take root, the micro- and macro-level studies of their operations, their ongoing evolution and recent trends, and perspectives for undertaking research with micro-data from these labor platforms. We undertake new empirical analyses of Upwork data regarding 1) the alignment of micro- and macro-level approaches to disproportionate ethnic-connected exchanges on digital platforms, 2) gravity model analyses of global outsourcing contract flows and their determinants for digital labor markets, and 3) quantification of own- and cross-country elasticities for contract work by wage rate. Digital labor markets are an exciting frontier for global talent flows and growing rapidly in importance. |
| JEL: | F15 F22 F23 J15 J31 J44 L14 L24 L26 L84 M55 O31 O32 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:23398&r=pay |
| By: | Beblavý, Miroslav; Fabo, Brian; Lenaerts, Karolien |
| Abstract: | This study assesses the information technology skill requirements in the 30 most frequently advertised occupations in the United States. On the basis of approximately two million job advertisements, the authors examine the IT skill requirements of each occupation, making the distinction between basic, intermediate and advanced IT skills. |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:eps:cepswp:12055&r=pay |