nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2018‒04‒16
25 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Digital Innovations in Public Finance: An Efficient Use of Resources By Chakraborty, Lekha; Agarwal, Samiksha
  2. Initial Coin Offerings and the Value of Crypto Tokens By Christian Catalini; Joshua S. Gans
  3. Using web and mobile phone technologies to collect food market prices in Africa. Approaching real-time data and use of crowdsourcing, 2013 - 2016 By Ayca Donmez; Gloria Solano-Hermosilla; Vladimir Bougay; Balaji Subbaraman; Robert M'barek; Abdoulaye Adam; Stephen Bahemuka; Oliver J. M. Chinganya; Vladimir Eskin; Koua Louis Kouakou; Charles Lufumpa; Rafik Mahjoubi; Ivo F. Njosa; Fabien Santini
  4. Speaking sociologically with big data: symphonic social science and the future for big data research By Halford, Susan; Savage, Mike
  5. Factors Influencing Cryptocurrency Prices: Evidence from Bitcoin, Ethereum, Dash, Litcoin, and Monero By Sovbetov, Yhlas
  6. The Strategic National Infrastructure Assessment of Digital Communications By Edward Oughton
  7. Where do electronic markets come from? Regulation and the transformation of financial exchanges By Castelle, Michael; Millo, Yuval; Beunza, Daniel; Lubin, David C.
  8. The Effect of Big Data on Recommendation Quality: The Example of Internet Search By Maximilian Schäfer; Geza Sapi; Szabolcs Lorincz
  9. Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks? By Jagtiani, Julapa; Lemieux, Catharine
  10. Customer recognition and mobile geo-targeting By Baye, Irina; Reiz, Tim; Sapi, Geza
  11. The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform By Jagtiani, Julapa; Lemieux, Catharine
  12. Peculiarities of cyber security management in the process of internet voting implementation By Tadas Limba; Konstantin Agafonov; Linas Paukštė; Martynas Damkus; Tomas Plėta
  13. A Survey of Big Data Technologies and Internet of Things for Economic Growth and Sustainable Development By Paul Adeoye Omosebi; Adetunji Philip Adewole
  14. Monopsony in Online Labor Markets By Arindrajit Dube; Jeff Jacobs; Suresh Naidu; Siddharth Suri
  15. Does State Aid for Broadband Deployment in Rural Areas Close the Digital and Economic Divide? By Wolfgang Briglauer; Niklas S. Dürr; Oliver Falck; Kai Hüschelrath
  16. The Internet and Jobs: Opportunities and ambiguous trends By Pupillo, Lorenzo; Noam, Eli; Waverman, Leonard
  17. Consumers' Privacy Choices in the Era of Big Data By Prüfer, Jens; Dengler, Sebastian
  18. Could this be a fiction? Bitcoin forecasts most tradable currency pairs better than ARFIMA By Afees A. Salisu; Lateef O. Akanni; Rasheed O. Azeez
  19. Demographics and Automation By Daron Acemoglu; Pascual Restrepo
  20. Monedas digitales emitidas por bancos centrales: una valoracion de su adopcion en LatAm By Noelia Camara; Enestor Dos Santos; Francisco Grippa; Javier Sebastian; Fernando Soto; Cristina Varela
  21. Unlocking digital entrepreneurship through technical business process By Fahim Akhter
  22. City of London - A Financial Services Cluster Analysis By Cristina Porumboiu; Cristina-Elena Balaceanu; Monica Dobrescu; Alexander Cutuca
  23. Userfocus - tool for criminality control of social networks at both the local and international level By Stanislav Šišulák
  24. Improving online disclosures with behavioural insights By OECD
  25. Self-employment on the way in a digital economy: A variety of shades of grey By Bögenhold, Dieter; Klinglmair, Robert; Kandutsch, Florian

  1. By: Chakraborty, Lekha; Agarwal, Samiksha
    Abstract: Digital innovations in fiscal policy is the du jour for the macro policy makers, especially in the post-demonetisation India. India showcases the early three experiments of digitization in public finance – especially financial inclusion through digital financial services - in the recent Economic Survey. It highlights that digitization in public finance helped the government to identify the beneficiaries correctly given the technology it uses. It also helped in the removal of ghost beneficiaries and thus plugged leakages and identification errors. An early figure suggests that digitization in public finances in India has helped to transfer the benefits of welfare programmes to extent of 41% in MGNREGS, 37% in PAHAL (the LPG subsidy scheme), 14% in National Social Assistance Program(NSAP) and 7% in national scholarship schemes.(Economic Survey of India, 2015-16). Yet another successful experiment in digitization of fiscal policy is the new scheme, Pradhan Mantri Jan Dhan Yojana. It has ensured financial inclusion in financial services through opening savings accounts by the masses so that the money is transferred to the genuine beneficiaries. Another related experiment has been the introduction of Aadhaar cards which provides a unique online identity to each individual in the country and has been linked to bank accounts and mobile numbers in order to ease transactions. Greater use of mobile banking to transfer funds faster and to solve the last mile banking problem has also been encouraged. The use of Jan Dhan accounts, Aadhaar cards and Mobile Banking has helped India take a step closer to the digital revolution that awaits it. Such global experiments of digitization in finance have happened in Kenya, where geospatial surveys were used to decipher how much financial institutions have responded to an increasingly digitizing environment.
    Keywords: digital infrastructure , financial inclusion, Aadhar
    JEL: E26 E44 E52 H30 H61
    Date: 2018
  2. By: Christian Catalini; Joshua S. Gans
    Abstract: This paper explores how entrepreneurs can use initial coin offerings — whereby they issue crypto tokens and commit to accept only those tokens as payment for future use of a digital platform — to fund venture start-up costs. We show that the ICO mechanism allows entrepreneurs to generate buyer competition for the token, which, in turn, reveals consumer value without the entrepreneurs having to know, ex ante, consumer willingness to pay. We find that venture returns are independent of any committed growth in the supply of tokens over time, but that initial funds raised are maximized by setting that growth to zero to encourage saving by early participants. Furthermore, by revealing key aspects of consumer demand, crypto tokens may increase entrepreneurial returns beyond what can be achieved through traditional equity financing. A lack of commitment in monetary policy can, however, undermine saving and, thus, the cost of using tokens to fund start-up costs is potential inflexibility in future capital raising. Crypto tokens can also facilitate coordination among stakeholders within digital ecosystems when network effects are present.
    JEL: E42 L12 L26
    Date: 2018–03
  3. By: Ayca Donmez (Food and Agricultural Organisation (FAO)); Gloria Solano-Hermosilla (European Commission - JRC); Vladimir Bougay (Knoema Corporation); Balaji Subbaraman (Knoema Corporation); Robert M'barek (European Commission - JRC); Abdoulaye Adam (African Development Bank); Stephen Bahemuka (African Development Bank); Oliver J. M. Chinganya (African Development Bank); Vladimir Eskin (Knoema Corporation); Koua Louis Kouakou (African Development Bank); Charles Lufumpa (African Development Bank); Rafik Mahjoubi (African Development Bank); Ivo F. Njosa (African Development Bank); Fabien Santini (European Commission)
    Abstract: Large agricultural commodity price swings observed in recent years have made the importance of accessible, timely, accurate and frequently updated price data more obvious. This study investigates the potential of innovative web and mobile phone technologies and alternative data collection methods such as crowdsourcing in order to collect food price data in Africa. The report summarises these experiences through the lessons learned and provides a detailed overview and assessment of different aspects of the collected data that can be of help for the success of future food price collection exercises.
    Keywords: Innovative data collection methods, crowdsourcing, mobile-based technologies, food prices, Africa
    Date: 2017–08
  4. By: Halford, Susan; Savage, Mike
    Abstract: Recent years have seen persistent tension between proponents of big data analytics, using new forms of digital data to make computational and statistical claims about ‘the social’, and many sociologists sceptical about the value of big data, its associated methods and claims to knowledge. We seek to move beyond this, taking inspiration from a mode of argumentation pursued by Piketty, Putnam and Wilkinson and Pickett that we label ‘symphonic social science’. This bears both striking similarities and significant differences to the big data paradigm and – as such – offers the potential to do big data analytics differently. This offers value to those already working with big data – for whom the difficulties of making useful and sustainable claims about the social are increasingly apparent – and to sociologists, offering a mode of practice that might shape big data analytics for the future
    Keywords: big data; computational methods; sociology; symphonic social science; visualisation
    JEL: C1
    Date: 2017–12–01
  5. By: Sovbetov, Yhlas
    Abstract: This paper examines factors that influence prices of most common five cryptocurrencies such Bitcoin, Ethereum, Dash, Litecoin, and Monero over 2010-2018 using weekly data. The study employs ARDL technique and documents several findings. First, cryptomarket-related factors such as market beta, trading volume, and volatility appear to be significant determinant for all five cryptocurrencies both in short- and long-run. Second, attractiveness of cryptocurrencies also matters in terms of their price determination, but only in long-run. This indicates that formation (recognition) of the attractiveness of cryptocurrencies are subjected to time factor. In other words, it travels slowly within the market. Third, SP500 index seems to have weak positive long-run impact on Bitcoin, Ethereum, and Litcoin, while its sign turns to negative losing significance in short-run, except Bitcoin that generates an estimate of -0.20 at 10% significance level. Lastly, error-correction models for Bitcoin, Etherem, Dash, Litcoin, and Monero show that cointegrated series cannot drift too far apart, and converge to a long-run equilibrium at a speed of 23.68%, 12.76%, 10.20%, 22.91%, and 14.27% respectively.
    Keywords: Cryptocurrency; Bitcoin; Ethereum; Cointegration; ARDL Bound Test; Error Correction Model; Cryptocurrency Prices; Cryptocurrency Analysis; Cryptocurrency price determinants.
    JEL: F31 G12 G15
    Date: 2018–01–08
  6. By: Edward Oughton (Cambridge Judge Business School, University of Cambridge)
    Abstract: This paper provides a compendium of the key issues currently facing digital communications and reviews their relevance for the UK's National Infrastructure Assessment of digital infrastructure. The methodology focuses on taking a horizon scanning approach to obtaining current information from a range of authoritative decision-makers across industry, government and academia. After structuring the issues identified, these areas were examined in detail by a multi-disciplinary research team covering engineering, economics and computer science. The key finding shows that future demand uncertainty is the major issue affecting the digital communications sector and holding back increased investment. Moreover, this uncertainty is being driven primarily by the relatively rigid willingness to pay of end-users, the shift from fixed to wireless forms of access, and the ongoing convergence in digital applications and services. The key contribution of this paper is not just to illustrate the issues and trends within the digital communications sector, but also to identify the need for more research to understand how the sensitivity of future demand affects infrastructure performance and cost under different demographic, economic and technical scenarios.
    Date: 2018–03
  7. By: Castelle, Michael; Millo, Yuval; Beunza, Daniel; Lubin, David C.
    Abstract: The practices of high-frequency trading (HFT) are dependent on automated financial markets, especially those produced by securities exchanges electronically interconnected with competing exchanges. How did this infrastructural and organizational state of affairs come to be? Employing the conceptual distinction between fixed-role and switch-role markets, we analyse the discourse surrounding the design and eventual approval of the Securities and Exchange Commission’s Regulation of Exchanges and Alternative Trading Systems (Reg ATS). We find that the disruption of the exchange industry at the hands of automated markets was produced through an interweaving of both technological and political change. This processual redefinition of the ‘exchange’, in addition, may provide a suggestive precedent for understanding contemporary regulatory crises generated by other digital marketplace platforms.
    Keywords: financial markets; production markets; regulation; stock exchanges; technology; marketplace platforms
    JEL: F3 G3
    Date: 2016–09–26
  8. By: Maximilian Schäfer; Geza Sapi; Szabolcs Lorincz
    Abstract: Are there economies of scale to data in internet search? This paper is first to use real search engine query logs to empirically investigate how data drives the quality of internet search results. We find evidence that the quality of search results improve with more data on previous searches. Moreover, our results indicate that the type of data matters as well: personalized information is particularly valuable as it massively increases the speed of learning. We also provide some evidence that factors not directly related to data such as the general quality of the applied algorithms play an important role. The suggested methods to disentangle the effect of data from other factors driving the quality of search results can be applied to assess the returns to data in various recommendation systems in e-commerce, including product and information search. We also discuss the managerial, privacy, and competition policy implications of our findings.
    Keywords: Big Data, Recommendation quality, Internet search, E-Commerce, Economies of Scale, Search engines
    JEL: L81 L86 M15
    Date: 2018
  9. By: Jagtiani, Julapa (Federal Reserve Bank of Philadelphia); Lemieux, Catharine (Federal Reserve Bank of Chicago)
    Abstract: Supersedes Working Paper 17-17 Fintech has been playing an increasing role in shaping financial and banking landscapes. In this paper, we use account-level data from LendingClub and Y-14M data reported by U.S. banks with assets over $50 billion to examine whether the fintech lending platform could expand credit access to consumers. We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well.
    Keywords: fintech; LendingClub; marketplace lending; banking competition; shadow banking; peer-to-peer lending
    JEL: G18 G21 G28 L21
    Date: 2018–03–23
  10. By: Baye, Irina; Reiz, Tim; Sapi, Geza
    Abstract: We focus on four important features of mobile targeting. First, consumers' real-time locations are known to sellers. Second, location is not the only factor determining how responsive consumers are to discounts. Other factors such as age, income and occupation play a role, which are imperfectly observable to marketers. Third, sellers may infer consumer responsiveness from their past purchases. Fourth, firms can deliver personalized offers to consumers through mobile devices based on both their real-time locations and previous purchase behavior. We derive conditions that determine how combining behavior-based marketing with mobile geo-targeting influences profits and welfare in a competitive environment. Our setting nests some earlier models of behavior-based price discrimination as special cases and yields additional insights. For instance, different from previous studies we show that pro.t and welfare effects of behavioral targeting may depend on firm discount factor.
    Keywords: Mobile Marketing,Location Targeting,Price Discrimination,Customer Data
    JEL: D43 L13 L15 M37
    Date: 2018
  11. By: Jagtiani, Julapa (Federal Reserve Bank of Philadelphia); Lemieux, Catharine (Federal Reserve Bank of Chicago)
    Abstract: Supersedes Working Paper 17-17. Fintech has been playing an increasing role in shaping financial and banking landscapes. There have been concerns about the use of alternative data sources by fintech lenders and the impact on financial inclusion. We compare loans made by a large fintech lender and similar loans that were originated through traditional banking channels. Specifically, we use account-level data from LendingClub and Y-14M data reported by bank holding companies with total assets of $50 billion or more. We find a high correlation with interest rate spreads, LendingClub rating grades, and loan performance. Interestingly, the correlations between the rating grades and FICO scores have declined from about 80 percent (for loans that were originated in 2007) to only about 35 percent for recent vintages (originated in 2014–2015), indicating that nontraditional alternative data have been increasingly used by fintech lenders. Furthermore, we find that the rating grades (assigned based on alternative data) perform well in predicting loan performance over the two years after origination. The use of alternative data has allowed some borrowers who would have been classified as subprime by traditional criteria to be slotted into “better” loan grades, which allowed them to get lower priced credit. In addition, for the same risk of default, consumers pay smaller spreads on loans from LendingClub than from credit card borrowing.
    Keywords: Fintech; LendingClub; Marketplace Lending; Alternative Data; Shadow Banking; P2P Lending; Peer-to-peer Lending
    JEL: G18 G21 G28 L21
    Date: 2018–04–05
  12. By: Tadas Limba (Mykolas Romeris University); Konstantin Agafonov (Mykolas Romeris University); Linas Paukštė (Cognit consult JSC); Martynas Damkus (Mykolas Romeris University); Tomas Plėta (NATO Energy Security Center of Excellence)
    Abstract: The modern world could not be imagined without the information and communications technology. Today's society, its life and social relations are deeply influenced by the virtual space, and that stands as a reason why the world's Information Technology specialists and representatives of various branches of science have been focusing on solving the problems in the sphere of cyber security. Software and technological solutions used in reorganization of the activity of private sector nowadays are widely used in the public sector as well. By using technologies, countries put their effort into involving their citizens into the process of governance and direct participation in various political processes inside the state itself, and one of the most widespread tools to motivate the citizen-to-state political participation and resident's direct interaction in political processes is internet voting. Authors of scientific literature investigate how cybersecurity management is being comprehended and analyzed in technological, legal, management, economical, human resource management and other aspects; how cyber security is analyzed in the context of services provided by institutions of public administration; which means of cyber security management are essential, in order to speed up the processes of establishing e-voting systems. In this article the authors investigate the theoretical aspects of cyber security management in internet voting, analyze the global experience in the sphere of cyber security management implementation with the help of already established e-voting systems, evaluate the properties of cyber security management in the process of implementation of internet voting in Lithuania, as well as present audience with an in-depth analysis of the opinion of the local population, cyber security and voting system specialists, concerning the matters and possibilities of establishing internet voting in Lithuania. The authors also propose a cyber security management model, which could be used in the process of implementation (both preparation and establishment) of the internet voting system in Lithuania.
    Keywords: cyber security model,cyber security management,cyber security,e-voting,internet voting
    Date: 2017–12–29
  13. By: Paul Adeoye Omosebi (Centre for Econometric and Allied Research, University of Ibadan. Department of Computer Sciences, University of Lagos.); Adetunji Philip Adewole (Department of Computer Sciences, University of Lagos.)
    Abstract: Big Data is a source of innovation that has captured the attention of citizens and decision makers in both the public and private sectors. Making use of the technology innovations in big data could contribute to economic growth and sustainable development and to capture the explosive growth of big data. For some time now, the world has stepped up in its focus on evidence based policy making and monitoring of development progress, hence the measurement and analysis of diverse sources of data, combined with advanced analytics, promise to create value for decision makers and society hence for economic growth and development. There are 17 Sustainable Development Goals (SDGs), 169 SDG targets and 230 SDG indicators, The 17 Sustainable Development Goals and 169 targets demonstrate the scale and ambition of this new universal Agenda of countries to collect and maintain relevant standardized data such that it will support domestic technology development, research and innovation in developing countries. This paper highlights the new technological innovations in big data and cloud computing which can lead to economic growth and sustainable development. Also, we present a comprehensive survey of the Big Data challenges, Big Data technology challenges, cloud computing and relevant technology landscape like Internet of Things (IoT) towards economic growth and technological innovation.
    Keywords: big data, cloud computing, technology innovation, sustainable development, internet of things
    JEL: M15 O32 O40 Q01
    Date: 2018–03
  14. By: Arindrajit Dube; Jeff Jacobs; Suresh Naidu; Siddharth Suri
    Abstract: On-demand labor platforms make up a large part of the “gig economy.” We quantify the extent of monopsony power in one of the largest on-demand labor platforms, Amazon Mechanical Turk (MTurk), by measuring the elasticity of labor supply facing the requester (employer) using both observational and experimental variation in wages. We isolate plausibly exogenous variation in rewards using a double-machine-learning estimator applied to a large dataset of scraped MTurk tasks. We also re-analyze data from 5 MTurk experiments that randomized payments to obtain corresponding experimental estimates. Both approaches yield uniformly low labor supply elasticities, around 0.1, with little heterogeneity.
    JEL: J01 J42
    Date: 2018–03
  15. By: Wolfgang Briglauer; Niklas S. Dürr; Oliver Falck; Kai Hüschelrath
    Abstract: We evaluate the impact of a major European state aid programme for broadband deployment applied to rural areas in the German state of Bavaria in the years 2010 and 2011. Using matched difference-in-differences estimation strategies, we find that aided municipalities have – depending on broadband quality – between 18.4 and 25.4 percentage points higher broadband coverage than non-aided municipalities. This increase in broadband coverage, closing the digital divide, results in an average increase of six employed individuals living in the respective aid-receiving municipalities while leaving the number of employed (measured at the place of work) or self-employed individuals and wages unaffected. We therefore conclude that an increase in broadband coverage through state aid protects rural areas from depopulation, but does not contribute to a further closing of the economic divide in the form of creating new jobs.
    Keywords: : government policy, state aid, ex-post evaluation, broadband, employment, rural areas, European Union, Germany, Bavaria
    JEL: D62 D73 G38 H23 J23 K23 L52 L96 L98 R23
    Date: 2018
  16. By: Pupillo, Lorenzo; Noam, Eli; Waverman, Leonard
    Abstract: Virtually all of the empirical literature on the impact of the internet on jobs indicates that the internet has indeed created many new jobs, but that a large number of jobs may also have been destroyed or downgraded in the process, at least in the short run. Furthermore, studies suggest that routinisation, job market polarisation and new labour market inequalities have emerged in recent years. Thus, while the diffusion of the internet is generating opportunities, the phenomenon also comes with ambiguous trends that by themselves will not generate a more resilient and inclusive labour market. These changes cannot be treated as business-as-usual developments by governments and the private sector. Failing to mitigate short-term job losses risks triggering pushbacks and restrictive policy responses that threaten to slow down the ICT (information, communication and technology) revolution.
    Date: 2018–02
  17. By: Prüfer, Jens (Tilburg University, Center For Economic Research); Dengler, Sebastian (Tilburg University, Center For Economic Research)
    Abstract: Recent progress in information technologies provides sellers with detailed knowledge about consumers' preferences, approaching perfect price discrimination in the limit. We construct a model where consumers with less strategic sophistication than the seller's pricing algorithm face a trade-off when buying. They choose between a direct, transaction cost-free sales channel and a privacy-protecting, but costly, anonymous channel. We show that the anonymous channel is used even in the absence of an explicit taste for privacy if consumers are not too strategically sophisticated. This provides a micro-foundation for consumers' privacy choices. Some consumers benefit but others suffer from their anonymization.
    Keywords: privacy; big data; perfect price discrimination; level-k thinking
    JEL: L11 D11 D83 D01 L86
    Date: 2018
  18. By: Afees A. Salisu (Centre for Econometric and Allied Research, University of Ibadan); Lateef O. Akanni (Department of Economics, University of Lagos,Akoka, Lagos, Nigeria); Rasheed O. Azeez (Department of Economics, University of Ibadan, Nigeria.; Department of Economics, Fountain University, Nigeria.)
    Abstract: In this paper, we attempt to exploit any inherent useful information in Bitcoin to predict the future path of the most tradable currency pairs in the world. We also verify whether the forecast outcomes can compare favourably with the time series model such as the fractionally integrated autoregressive moving average (ARFIMA) model. We follow the Lewellen (2004) and Westerlund and Narayan (2102, 2015) approaches that account for any statistical effect that could bias the regression estimates. Our results suggest that Bitcoin is a good predictor of the selected currency pairs and more importantly, its forecast results outperform the time series model judging by the Diebold and Mariano test regardless of the data sample and forecast horizon. Although, recent evidence in the literature seems to suggest that the Bitcoin bubble will soon burst, its connection with the considered currency pairs may be exploited while it lasts.
    Keywords: Bitcoin, Exchange rates, Forecast evaluation
    JEL: F31 F37 G15
    Date: 2018–03
  19. By: Daron Acemoglu; Pascual Restrepo
    Abstract: We argue theoretically and document empirically that aging leads to greater (industrial) automation, and in particular, to more intensive use and development of robots. Using US data, we document that robots substitute for middle-aged workers (those between the ages of 36 and 55). We then show that demographic change—corresponding to an increasing ratio of older to middle-aged workers—is associated with greater adoption of robots and other automation technologies across countries and with more robotics-related activities across US commuting zones. We also provide evidence of more rapid development of automation technologies in countries undergoing greater demographic change. Our directed technological change model further predicts that the induced adoption of automation technology should be more pronounced in industries that rely more on middle-aged workers and those that present greater opportunities for automation. Both of these predictions receive support from country-industry variation in the adoption of robots. Our model also implies that the productivity implications of aging are ambiguous when technology responds to demographic change, but we should expect productivity to increase and labor share to decline relatively in industries that are most amenable to automation, and this is indeed the pattern we find in the data.
    JEL: J11 J23 J24 O33 O47 O57
    Date: 2018–03
  20. By: Noelia Camara; Enestor Dos Santos; Francisco Grippa; Javier Sebastian; Fernando Soto; Cristina Varela
    Abstract: Identificamos los factores mas relevantes para la implementacion de una CBDC en LatAm, a partir de varios diseños alternativos. Concluimos que la region podria beneficiarse mas de la adopcion de una CBDC que paises desarrollados. Sin embargo, la existencia de costes asociados a la implementacion arroja incertidumbre sobre donde se adoptara primero
    Keywords: Documento de Trabajo , Bancos Centrales , Economia Digital , Escenarios financieros , Latam
    JEL: O33 E43 E58
    Date: 2018–04
  21. By: Fahim Akhter (King Saud University)
    Abstract: The objective of this study is to explore the level of reliance of business processes on technologies for growth and sustainability of Saudi entrepreneurship. The technological business environment has pressed the entrepreneurs to adopt the information systems to overcome operating deficiencies, including high costs, small production cycles, dormant business process and scare financial resources. The future growth and sustainability of the Saudi entrepreneurship are depending on the adoption and integration of information systems allowing to facilitate the trade processes across functional units, use of a standatized database and information sahring. Obtained data support the technological reform that claims that business technology will enable the decision-making process to be timely, consistent and reliable across organizational units and geographical locations. The data collected through online surveys with thirty-one Saudi entrepreneurs revealed the barriers faced by the entrepreneurship, and allowed to summarize provided recommendations. The analysis indicated that the growth and sustainability of the enterprise are subject to adoption of technology oriented business process lead by information systems in the organizations. The outcome of the study is further recommendation to educate and spread the awareness about the implementation of information systems to address the electronic business process. The study will help to organize, assess and improve business processes in order to meet the new requirements set by competition among entrepreneurial companies.
    Keywords: electronic commerce,information systems,sustainability,entrepreneurship
    Date: 2017–09–29
  22. By: Cristina Porumboiu (Department of International Economics and Business, Bucharest University of Economic Studies); Cristina-Elena Balaceanu (Department of International Economics and Business, Bucharest University of Economic Studies); Monica Dobrescu (Department of International Economics and Business, Bucharest University of Economic Studies); Alexander Cutuca (Department of International Economics and Business, Bucharest University of Economic Studies)
    Abstract: The United Kingdom, important commercial and economic power starting from the early times, is the place where the financial services were developed. Nowadays, the City of London is one of the leading financial clusters, especially for the over-the-counter transactions. The underlying factors that led this financial cluster to become one of the most important financial centres in the world are strongly correlated with the country’s economy and its political power starting with the early 19th century. Its dominance as a global financial centre is reflected by its large concentration of financial services expertise and a highly trained, multilingual workforce. Considering the latest events from the United Kingdom, the current situation of Brexit will definitely have an impact on its global position, and through an analysis of rising issues some recommendations can be delivered with respect to the this situation: threat or opportunity for the City of London.
    Keywords: finance, services, cluster Brexit, City, competitiveness
    JEL: O16
    Date: 2017–09
  23. By: Stanislav Šišulák (Academy of Police Force in Bratislava)
    Abstract: There are many benefits, but also risks related to using the social networks. Among the benefits of social networking belong an easy way to be kept in touch, sharing news, photos, videos and statuses with friends, colleagues, but also meeting new people with similar interests. The risks include, in particular, loss of privacy, misuse of shared records, abuse of personal data, unknown real identity of social network members, and even addiction on social networking.The paper focuses the need to invent a complex tool of prevention in the field of controling the criminality in particular the users of social networks. In the papers is introduced a proposals how to develop a specific prevention tool called "Userfocus". Further, there are described techniques to implement this tool into the social networks. The work comprises a research (questionnaire survey) aimed at users of social networks and their understanding of prevention in social networks. The results showed that the communication (interaction) among social network users is a main reason to actively use those services, loss of privacy is the most negative aspect of social networking, the perceiving of users related to the fight against antisocial networks is mostly negative, they strongly agree with the necessity to apply preventive methods focusing the user of social networks and consider the developing the preventive techniques and their application by competent authorities in prevention of crime on social network.
    Keywords: security,anonymity,social network infiltration,userfocus,profile,intervention
    Date: 2017–12–29
  24. By: OECD
    Abstract: This report looks at how behavioural insights can be used to improve online information disclosures for consumers. The report is the latest contribution to work by the OECD’s Committee on Consumer Policy on improving consumer policy with behavioural insights. Behavioural insights incorporate findings from economics, psychology, neuroscience and marketing to better understand how individuals and businesses actually behave in the marketplace. While the role of information disclosure policies is clear in empowering consumers to make informed decisions when shopping online, findings from behavioural insights raise questions about the usefulness of certain forms of information disclosure. This report looks at these concerns and the subsequent policy implications.
    Date: 2018–04–12
  25. By: Bögenhold, Dieter; Klinglmair, Robert; Kandutsch, Florian
    Abstract: The aim of this paperis to discuss self-employment in a historical perspective. A historiography of self-employment has to embed the observation into a broader frame-work of international relations and of economic and social developments. Related changes affect diverse institutions like labour markets, systems of education and further education, political organizations, the system of labour relations and, of course, the whole “social system of production” (Hollingsworth, 1998). Vice versa, these changes are also affected by different developments in the sphere of the social, technological and political organization of economy and society. Contemporary discourse about the nature of self-employment falls far too short, if it is not linked to an historical frame-work of thought, which gives contours to ideas and changing interpretations. Especially, the current type of “naive” admiration of self-employment, often in combination with normative upgrading in terms of entrepreneurship, must be advised to analyse and to think historically. At the same time, many present day self-employed “jobs” would have been standard employment contracts some ten years ago. In this respects current de-bates on precarization are also linked with debates on self-employment.
    Keywords: entrepreneurship, self-employment
    JEL: J01 J4 J49 Z1 Z13
    Date: 2018–02–28

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