nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2018‒07‒09
24 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Cryptocurrencies and monetary policy By Grégory Claeys; Maria Demertzis; Konstantinos Efstathiou
  2. Accelerating Digital Trade in Latin America and the Caribbean By Kati Suominen
  3. The Triangle of ICOs, Bitcoin and Ethereum: A Time Series Analysis By Christian Masiak; Joern H. Block; Tobias Masiak; Matthias Neuenkirch; Katja N. Pielen
  4. Regional digital market: Strategic aspects By -
  5. Critical slowing down associated with critical transition and risk of collapse in cryptocurrency By Chengyi Tu; Paolo DOdorico; Samir Suweis
  6. Do digital information technologies help unemployed job seekers find a job? Evidence from the broadband internet expansion in Germany By Gürtzgen, Nicole; Nolte, André; Pohlan, Laura; van den Berg, Gerard J.
  7. Evolución de los Medios de Pago en Chile y su Incidencia en el Comportamiento de los Componentes de M1 By Erika Arraño; Juan Pablo Cova
  8. Correlates of ICTS and employment in Sub-Saharan Africa By Safia Khan; Kezia Lilenstein; Morne Oosthuizen; Christopher Rooney
  9. Cities and the Structure of Social Interactions: Evidence from Mobile Phone Data By Konstantin Buechel, Maximilian von Ehrlich
  10. Tele-Communications 2.0: The Age of the Internet By Vahagn Jerbashian; Anna Kochanova
  11. Human development thresholds for inclusive mobile banking in developing countries By Simplice Asongu; Nicholas M. Odhiambo
  12. Keep It Simple: A field experiment on information sharing in social networks By Catia Batista; Pedro Vicente; Marcel Fafchamps
  13. Bootstrapping Mean Squared Errors of Robust Small-Area Estimators: Application to the Method-of-Payments Data By Valéry D. Jiongo; Pierre Nguimkeu
  14. Ubérisation des services : les clients sont-ils toujours gagnants ? By Catherine Viot
  15. Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce By Austan D. Goolsbee; Peter J. Klenow
  16. E-commerce Development and Entrepreneurship in the People’s Republic of China By Huang, Bihong; Shaban, Mohamed; Song, Quanyun; Wu, Yu
  17. Technology, business model, and market design adaptation toward smart electricity distribution: Insights for policy making By Pereira, Guillermo Ivan; Specht, Jan Martin; Pereira da Silva, Patrícia; Madlener, Reinhard
  18. Política de competencia y convergencia de sectores: Tecnologías de la información y financieras By Núñez Reyes, Georgina; De Furquim, Júlia
  19. Digital Traces: Personalization and Privacy By Li, T.
  20. Public Policy in an AI Economy By Austan Goolsbee
  21. Fighting Mobile Crime. By Rosario Crinò; Giovanni Immordino; Salvatore Piccolo
  22. A Machine Learning Framework for Stock Selection By XingYu Fu; JinHong Du; YiFeng Guo; MingWen Liu; Tao Dong; XiuWen Duan
  23. La concentración de los mercados en la economía digital By Núñez Reyes, Georgina; De Furquim, Júlia
  24. The Bretton Woods Experience and ERM By Chris Kirrane

  1. By: Grégory Claeys; Maria Demertzis; Konstantinos Efstathiou
    Abstract: This policy contribution was prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Monetary Dialogue of 9 July 2018 between ECON and the President of the ECB. The original paper is available on the European Parliament’s webpage (here). Copyright remains with the European Parliament at all times. This Policy Contribution tries to answer two main questions - can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Money is a social institution that serves as a unit of account, a medium of exchange and a store of value. With the emergence of decentralised ledger technology (DLT), cryptocurrencies represent a new form of money - privately issued, digital and enabling peer-to-peer transactions. Historically, currencies fulfil their main functions successfully when their value is stable and their user network sufficiently large. So far, cryptocurrencies are arguably falling short against these criteria. They resemble speculative assets rather than money. Primarily this is because of their inherent volatility, which is the by-product of their inelastic supply, and which limits their widespread use as a medium of exchange. Cryptocurrency protocols could theoretically evolve to limit their volatility and correct their current deficiencies. If successful, this could lead to an increase in their popularity as an alternative to official currencies. A successful alternative to official currencies could put pressure on those who manage official currencies to provide better policies. But the widespread substitution of central bank currency for cryptocurrencies would effectively create parallel currencies. This by itself could create risks to the effectiveness of monetary policy, to financial stability and ultimately to growth. Nevertheless, the risks of cryptocurrencies becoming serious contenders remain small as long as fiat currencies issued by the world’s major central banks continue to deliver effectively the three traditional functions of money. It would take a deep crisis of trust in official currencies for their widespread substitution by cryptocurrencies to materialise. For cryptocurrencies to replace official currencies they would have to overcome a triple challenge. First, the supply of cryptocurrency would need to act as an instrument (or identify a different instrument) that affects the economy. Second, in the presence of fractional reserve banking, the supply would need to respond to liquidity crises and act as a lender of last resort in order to safeguard financial stability. Third, there would need to be a system of checks and balances to keep the agent, ie the cryptocurrency issuer, accountable to the principal, ie society, which is not possible because cryptocurrencies are automatically and privately-issued. For these reasons, official currencies controlled by inflation-targeting independent central banks still appear to be a far superior technology than cryptocurrencies to provide the money functions.
    Date: 2018–06
  2. By: Kati Suominen
    Abstract: The Internet roared to the scene in Latin America and it is transforming the way Latin Americans interact, shop, bank, and spend their time. The Internet is changing regional consumption patterns, the landscape of regional companies, and the region's economic prospects. Disruptive digital technologies riding on the web -cloud-based services, e-commerce, 3D printing, Internet of Things, and so on- are empowering LAC companies of all sizes to dramatically cut costs, improve customer service, and create brand new products and services. The region is also home to innovative digital companies run by intrepid entrepreneurs, some of whom have accessed significant investments from Silicon Valley and grown into some of the leading digital companies. The Internet, in short, has opened tremendous new opportunities for LAC economies to become more productive, expand opportunities for entrepreneurship, and drive inclusive economic growth.
    Keywords: E-Commerce, Export Diversification, Exports of Service, Small and Medium-Sized Enterprises, Startups, Integration & Trade, E-Commerce, Electronic Commerce
    JEL: O39
    Date: 2017–03
  3. By: Christian Masiak; Joern H. Block; Tobias Masiak; Matthias Neuenkirch; Katja N. Pielen
    Abstract: We analyse the triangle of Initial Coin Offerings (ICO) and cryptocurrencies, namely Bitcoin and Ethereum. So far, little is known about the relationship between ICOs, bitcoin and Ether prices. Hence, we employ both bitcoin and Ether prices but also the ICO amount to measure the future development of raised capital in ICOs. First, our results indicate that an ICO has an influence on the subsequent ICO. Second, not only bitcoin prices but also Ether prices play a considerable role with regard to the output of ICO campaigns. However, the effect of Ethereum is of shorter duration on ICO compared to Bitcoin on ICO. A further finding is that the cryptocurrency Bitcoin positively influences Ether. The implications of these findings for investors and entrepreneurial firms are discussed.
    Keywords: Blockchain, cryptocurrency, entrepreneurial finance, initial coin offering, ICO
    JEL: G11 E22 M13 O16
    Date: 2018
  4. By: -
    Abstract: This document identifies certain barriers and obstacles to the expansion of the digital economy in the region, proposes some strategic lines of action and presents a set of objectives aimed at guiding policy decisions regarding connectivity, electronic commerce, postal performance, consumer protection, digital financial inclusion and online means of payment and cybersecurity, in addition to reviewing chapters pertaining digital matters of regional economic integration agreements.
    Date: 2018–06–06
  5. By: Chengyi Tu; Paolo DOdorico; Samir Suweis
    Abstract: Cryptocurrencies are increasingly popular digital assets/cashes programmed to work as a medium of exchange that are "secure" by design (e.g., through block-chains and cryptography). The year 2017 saw the rise and fall of the cryptocurrency market, followed by high volatility in the price of each cryptocurrency. In this work, we study critical transitions in cryptocurrency residuals through the phenomenon of critical slowing down. We find that, regardless of the specific cryptocurrency or rolling window size, the autocorrelation always fluctuates around a high value and the standard deviation increases monotonically. In particular, we have detected two sudden jumps in the standard deviation, in the second quarter of 2017 and at the beginning of 2018, suggesting early warning signals of two majors price collapse that have happened in those periods. Our findings represent a first step towards a better diagnostic of the risk of critical transition in the price and/or volume of cryptocurrencies.
    Date: 2018–06
  6. By: Gürtzgen, Nicole; Nolte, André; Pohlan, Laura; van den Berg, Gerard J.
    Abstract: This paper studies effects of the introduction of a new digital mass medium on reemployment of unemployed job seekers. We combine data on high-speed (broadband) internet availability at the local level with individual register data on the unemployed in Germany. We address endogeneity by exploiting technological peculiarities in the network that affected the roll-out of high-speed internet. The results show that high-speed internet improves reemployment rates after the first months of the unemployment spell. This is confirmed by complementary analysis with individual survey data suggesting that online job search leads to additional formal job interviews after a few months in unemployment.
    Keywords: unemployment,online job search,information frictions,matching technology,search channels
    JEL: J64 K42 H40 L96 C26
    Date: 2018
  7. By: Erika Arraño; Juan Pablo Cova
    Abstract: Technological advances and the development of new payment instruments have triggered the replacement of traditional instruments, cash and checks, by electronic ones, both in Chile and around the world. This replacement is attributed to the latter’s characteristics of safety and convenience. In comparison with developed economies, Chile still has a low use of electronic transfers of funds and credit and debit cards. However, in a Latin American comparison, it is located in the upper part of the distribution, where worth mentioning is the use of debit cards that intensifies with the appearance of the sight account "CuentaRut". In economic terms, this tendency of the payment means has an impact on the demand for money or some of its components, which is what is sought to determine in this paper using a VECM. The results show different responses of money and its components to the increase in payment instruments transactions. Currency is reduced by substitution effect, while the balances in current accounts and deposit and savings accounts increase with the use of debit cards, by complementarity between products. Meanwhile, credit cards cause a decline in the current account balances, associated with the lag between the moments the goods are purchased and paid.
    Date: 2018–06
  8. By: Safia Khan; Kezia Lilenstein; Morne Oosthuizen; Christopher Rooney (University of Cape Town; Researcher)
    Abstract: The potential for Information and Communications Technologies (ICTs) to influence development have been widely documented, however the impact of ICTs on the employment prospects of those in SSA have been poorly recorded, with most studies focused on specific localised contexts. This paper models the impact of ICTs on the employment outcomes of individuals in 12 African countries, taking into account the varying nature of self-employment compared to other types of third party employment. The paper finds a correlation between mobile phone ownership, the intensity of mobile phone use, and employment in a selection of countries and contexts. Internet use in 2012 is largely unrelated to the employment outcome in these countries. The impact of ICT use differs by geolocation, sex and age. Older people, most likely with more established prior networks, are more likely to have ICTs impact their employment outcome. ICTs are more likely to influence the employment outcome of males, and those in urban areas.
    Keywords: ICTs, Mobile Phones, Intensity of Mobile Use, Internet, Employment, Self Employment, Rural, Urban
    JEL: J64 N77 O3
    Date: 2017–03
  9. By: Konstantin Buechel, Maximilian von Ehrlich
    Abstract: Social interactions are considered pivotal to urban agglomeration forces. This study employs a unique dataset on mobile phone calls to examine how social interactions differ across cities and peripheral areas. We first show that geographical distance is highly detrimental to interpersonal exchange. We then reveal that individuals residing in high-density locations do not benefit from larger social networks, but from a more efficient structure in terms of higher matching quality and lower clustering. These results are derived from two complementary approaches: Based on a link formation model, we examine how geographical distance, network overlap, and sociodemographic (dis)similarities impact the likelihood that two agents interact. We further decompose the effects from individual, location, and time specific determinants on micro-level network measures by exploiting information on mobile phone users who change their place of residence.
    Keywords: Social Interactions; Agglomeration Externalities; Network Analysis; Sorting
    JEL: R1 R23 Z13 D85
    Date: 2016–12
  10. By: Vahagn Jerbashian (Universitat de Barcelona, BEAT, and CERGE-EI); Anna Kochanova (Cardiff Business School)
    Abstract: Over the past few decades, the Internet has become the major tool for communication, greatly replacing the traditional telecommunication technologies. We use industry-level evidence from 21 European countries and the period 1997-2007 and identify the changing effects of traditional telecommunication technologies and the Internet on the functioning of markets. Specifically, we show that the effect of the traditional telecommunication technologies on competition in services and goods markets has dissipated and has become insignificant during this period. In contrast, the effect of the Internet has gained a significant momentum.
    Keywords: Telecommunications, The Internet, Product Market Competition.
    JEL: L16 O25 O33
    Date: 2018
  11. By: Simplice Asongu (Yaoundé/Cameroun); Nicholas M. Odhiambo (Pretoria, South Africa)
    Abstract: This study assesses human development thresholds at which mobile banking mitigates poverty and inequality in 93 developing countries for the year 2011. Mobile banking entails: ‘mobile used to pay bills’ and ‘mobile used to receive/send money’, while the modifying policy indicator is the human development index (HDI). The empirical evidence is based on interactive quantile regressions. A summary of the findings shows that with increasing human development: (i) ‘mobiles used to pay bills’ contribute to reducing inequality in countries at the bottom and top ends of the inequality distribution, while (ii) ‘mobiles used to receive/send money’ have an appealing role in promoting inclusive development in all poverty distributions, with the exception of the top-end or 90th decile. The modifying thresholds of the HDI vary from 0.542 to 0.632 and 0.333 to 0.705 in inequality and poverty specifications, respectively. The relevance of the findings is discussed in light of the current transition from Millennium Development Goals to Sustainable Development Goals.
    Keywords: Mobile banking, Quality of growth, poverty, inequality
    JEL: G20 O40 I10 I20 I32
    Date: 2018–01
  12. By: Catia Batista; Pedro Vicente; Marcel Fafchamps
    Abstract: In this paper, we study information sharing through text messages among rural Mozambicans with access to mobile money. For this purpose, we conducted a lab-in-the-field experiment involving exogeneously assigned information links. In the base game mobile money users receive an SMS containing information on how to redeem a voucher for mobile money. They are then given an opportunity to share this information with other subjects. We find that participants have a low propensity to redeem the voucher. They nonetheless share the information with others, and many subjects share information they do not use themselves, consistent with warm glow. We observe that there is more information sharing when communication is entirely anonymous, and we uncover no evidence of homophily in information sharing. We introduce various treatments: varying the cost of information sharing; being shamed for not sending vouchers; and allowing subjects to appropriate (part of) the value of the shared information. All these treatments decrease information sharing. The main implication is that, to encourage information sharing, the best is to keep it simple.
    Keywords: Information, lab-in-the-field experiment, mobile money, Mozambique, NOVAFRICA, social networks
    Date: 2018
  13. By: Valéry D. Jiongo; Pierre Nguimkeu
    Abstract: This paper proposes a new bootstrap procedure for mean squared errors of robust small-area estimators. We formally prove the asymptotic validity of the proposed bootstrap method and examine its finite sample performance through Monte Carlo simulations. The results show that our procedure performs well and outperforms existing ones. We also apply our procedure to the estimation of the total volume and value of cash, debit card and credit card transactions in Canada as well as in its provinces and subgroups of households. In particular, we find that there is a significant average annual decline rate of 3.1 percent in the volume of cash transactions, and that this decline is relatively higher among high-income households living in heavily populated provinces. Our bootstrap estimator also provides indicators of quality useful in selecting the best small-area predictors from among several alternatives in practice.
    Keywords: Econometric and statistical methods, Bank notes
    JEL: C13 C15 C83 E E41
    Date: 2018
  14. By: Catherine Viot (UCBL - Université Claude Bernard Lyon 1 - Université de Lyon)
    Abstract: Uberization, defined as “the rethinking of the business model of a company or a business sector by the entry of a new actor proposing the same services at lesser prices" (Le Petit Larousse, 2018), extends to more and more varied services. Is this phenomenon of uberization always in favor of consumers? A reflection according to three axes brings a balanced answer to this question. The first axis underlines the difficulty in measuring the quality of “uberized” services and notices a generalization of uberization. But the access to this kind of offer is confined to the consumers connected to the Internet. The second axis questions the disruptive nature of uberization in terms of innovation, while recognizing an improvement of the customer experience. Finally, the third axis shows that the consumer is relatively winning in terms of appropriation of value, compared with the producer of the service. Nevertheless, the big winners, in this business model, are platforms.
    Abstract: L'ubérisation, définie comme "la remise en cause du modèle économique d'une entreprise ou d'un secteur d'activité par l'arrivée d'un nouvel acteur proposant les mêmes services à des prix moindres" (Le Petit Larousse, 2018), se propage à des services de plus en plus variés. Ce phénomène d'ubérisation est-il toujours favorable aux consommateurs ? Une réflexion menée selon trois axes permet d'apporter une réponse nuancée à cette question. Le premier axe souligne la difficulté de mesurer la qualité du service ubérisé et dresse le constat d'une généralisation de l'ubérisation. Mais l'accès à ce type d'offre est circonscrit aux consommateurs connectés à Internet. Le second axe questionne la nature disruptive de l'ubérisation en tant qu'innovation, tout en reconnaissant une amélioration de l'expérience client. Enfin, le troisième axe montre que le consommateur est relativement gagnant en termes d'appropriation de la valeur, par rapport au producteur du service. Néanmoins, les grands gagnants de ce modèle économique sont les plateformes. Abstract Uberization, defined as " the rethinking of the business model of a company or a business sector by the entry of a new actor proposing the same services at lesser prices" (Le Petit Larousse, 2018), extends to more and more varied services.
    Keywords: uberization,Service marketing,Value creation and capture,Business model,Ubérisation,Marketing des services,Valeur Ajoutée création/partage,Innovation,Plateforme numérique,Modèle d'affaires
    Date: 2018
  15. By: Austan D. Goolsbee; Peter J. Klenow
    Abstract: We use Adobe Analytics data on online transactions for millions of products in many different categories from 2014 to 2017 to shed light on how online inflation compares to overall inflation, and to gauge the magnitude of new product bias online. The Adobe data contain transaction prices and quantities purchased. We estimate that online inflation was about 1 percentage point lower than in the CPI for the same categories from 2014--2017. In addition, the rising variety of products sold online, implies roughly 2 percentage points lower inflation than in a matched model/CPI-style index.
    JEL: E31 O47
    Date: 2018–05
  16. By: Huang, Bihong (Asian Development Bank Institute); Shaban, Mohamed (Asian Development Bank Institute); Song, Quanyun (Asian Development Bank Institute); Wu, Yu (Asian Development Bank Institute)
    Abstract: We utilize an e-commerce development indicator in tandem with big data to measure the variations of e-commerce development across counties in the People’s Republic of China and assess its impact on entrepreneurship in both rural and urban areas. We find that households living in counties with higher levels of e-commerce development are more likely to run their own businesses. Further study indicates that e-commerce development not only significantly increases the entry of new startups but also decreases the exit of incumbent businesses. We also find that e-commerce development induces sectoral change of household entrepreneurship. It promotes entrepreneurship in the manufacturing and wholesale sectors, but reduces the entrepreneurship in the retail, hotel, and catering sectors. We also show that e-commerce prosperity fuels entrepreneurship by alleviating the financial constraints and moderates the reliance of household entrepreneurship on social networks.
    Keywords: e-commerce development; big data; entrepreneurship
    JEL: L81
    Date: 2018–03–22
  17. By: Pereira, Guillermo Ivan (University of Coimbra); Specht, Jan Martin (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)); Pereira da Silva, Patrícia (University of Coimbra); Madlener, Reinhard (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN))
    Abstract: The ongoing European Union sustainable energy transition has a disruptive potential regarding the role of infrastructure and utilities in the electricity sector. The increased spread of digital technologies, renewable energy sources, and prosumers calls for a swift and well-guided adaptation of the electricity distribution industry towards a smart grids context. We analyze the challenges and opportunities associated with this adaptation through nine multi-stakeholder workshops, held in Germany and Portugal in 2016-2017, engaging distribution system operators (DSOs), researchers, academics, and integrated utility companies to obtain up-to-date insights. Our results indicate uncertainty regarding the value of large-scale rollout of smart meters for DSOs. Also, a corporate culture with resistance to change is observed, challenging the integration of novel technologies and processes. Traditional regulation is seen as a barrier to smart grid investments, is associated with job losses, and knowledge destruction. Policy-makers can benefit from these insights by taking them into account in policy design and market restructuring.
    Keywords: Electricity distribution; smart grid; technology; business model; market design; policy
    JEL: O18 O25 O33 Q41
    Date: 2018–03
  18. By: Núñez Reyes, Georgina; De Furquim, Júlia
    Abstract: En este documento se define el marco de un ecosistema de competencia que, además del ámbito regulatorioinstitucional, incluye el desarrollo tecnológico y la innovación. Se analizan las plataformas tecnológicas y su papel como nuevos modelos de negocio, la protección de datos y los efectos de red. El análisis evidencia un proceso de convergencia entre sectores que también impacta en la política de competencia, y destaca dos sectores producto del proceso de convergencia: las tecnologías de la información y las comunicaciones (TIC) y las tecnologías financieras (fintech), ambos caracterizados por altas concentraciones que afectan la libre competencia.
    Date: 2018–06–07
  19. By: Li, T.
    Date: 2018–06–20
  20. By: Austan Goolsbee
    Abstract: This paper considers the role of policy in an AI-intensive economy (interpreting AI broadly). It emphasizes the speed of adoption of the technology for the impact on the job market and the implications for inequality across people and across places. It also discusses the challenges of enacting a Universal Basic Income as a response to widespread AI adoption, discuss pricing, privacy and competition policy the question of whether AI could improve policy making itself.
    JEL: H0 L16 O3
    Date: 2018–05
  21. By: Rosario Crinò (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore); Giovanni Immordino; Salvatore Piccolo
    Abstract: We develop a model in which two countries choose their enforcement levels non- cooperatively, in order to deter native and foreign individuals from committing crime in their territory. We assume that crime is mobile, both ex ante (migration) and ex post (eeing), and that criminals who hide abroad after having committed a crime in a country must be extradited back. We show that, when extradition is not too costly, countries overinvest in enforcement compared to the cooperative outcome: insourcing foreign criminals is more costly than paying the extradition cost. By contrast, when extradition is sufficiently costly, a large enforcement may induce criminals to ee the country in which they have perpetrated a crime. Surprisingly, the fear of extraditing criminals enables countries to coordinate on the efficient (cooperative) outcome.
    Keywords: Crime, Enforcement, Extradition, Fleeing, Migration.
    JEL: K14 K42
    Date: 2018–06
  22. By: XingYu Fu; JinHong Du; YiFeng Guo; MingWen Liu; Tao Dong; XiuWen Duan
    Abstract: This paper demonstrates how to apply machine learning algorithms to distinguish good stocks from the bad stocks. To this end, we construct 244 technical and fundamental features to characterize each stock, and label stocks according to their ranking with respect to the return-to-volatility ratio. Algorithms ranging from traditional statistical learning methods to recently popular deep learning method, e.g. Logistic Regression (LR), Random Forest (RF), Deep Neural Network (DNN), and the Stacking, are trained to solve the classification task. Genetic Algorithm (GA) is also used to implement feature selection. The effectiveness of the stock selection strategy is validated in Chinese stock market in both statistical and practical aspects, showing that: 1) Stacking outperforms other models reaching an AUC score of 0.972; 2) Genetic Algorithm picks a subset of 114 features and the prediction performances of all models remain almost unchanged after the selection procedure, which suggests some features are indeed redundant; 3) LR and DNN are radical models; RF is risk-neutral model; Stacking is somewhere between DNN and RF. 4) The portfolios constructed by our models outperform market average in back tests.
    Date: 2018–06
  23. By: Núñez Reyes, Georgina; De Furquim, Júlia
    Abstract: En este documento se analizan distintas formas de concentración de los mercados de la Argentina, el Brasil, Chile, Colombia, México y el Perú, y su relación con el proceso de patentes de empresas. Se identifican elementos para el análisis de la figura de poder de mercado de empresas tecnológicas y no tecnológicas en sectores de la economía y los grados de concentración por sector económico, a partir de datos financieros de las empresas.
    Date: 2018–06–07
  24. By: Chris Kirrane
    Abstract: Historical examination of the Bretton Woods system allows comparisons to be made with the current evolution of the EMS.
    Date: 2018–07

This nep-pay issue is ©2018 by Bernardo Bátiz-Lazo. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.