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on Payment Systems and Financial Technology |
| By: | Dirk Niepelt |
| Abstract: | I o er a macroeconomic perspective on the \Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for inside money does not a ect macroeconomic outcomes. I identify key conditions on bank and government (central bank) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic outcomes. I also relate my analysis to common arguments in the discussion about RFA and point to inconsistencies and open questions. |
| Keywords: | Central bank digital currency, Fedcoin, CADcoin, e-krona, e-Peso, JCoin, reserves for all, deposits, narrow banking, cash, equivalence, central bank, lender of last resort, politico-economic equivalence |
| JEL: | E42 E51 E58 E61 E63 H63 |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:ube:dpvwib:dp1813&r=pay |
| By: | Patrick-Hervé Mbouombouo Mfossa (CCAM - Centre Congolais Allemand de Microfinance - Université protestante au Congo) |
| Abstract: | The conquest and retention of customers are at the heart of the strategic choices made by the three major companies competing for the Cameroonian mobile money market. Beyond extensive national marketing campaigns, this battle also goes on through SMS whose explicit and latent contents may sometimes refer to different realities likely to push customers towards competition. The purpose of this paper is to test this hypothesis from a content analysis of the SMS from Orange Cameroon to its clients on 31/07/2017, in with reference to the rates for its mobile money services (Orange Money). |
| Abstract: | La conquête et fidélisation des clients sont au coeur des choix stratégiques des trois entreprises qui se disputent le marché camerounais du mobile money. Au-delà des vastes campagnes marketing à l'échelle nationale, cette bataille passe par des SMS dont le contenu manifeste et les contenus latents peuvent parfois renvoyer à des réalités divergentes susceptibles de pousser le client vers la concurrence. L'objectif de cet article est de vérifier cette hypothèse à partir d'une analyse de contenu du SMS d'Orange Cameroun du 31/07/2017 en rapport avec les tarifs de son service de mobile money (Orange Money). |
| Keywords: | Mobile money,Consumer protection,Pricing plan,Content analysis,Analyse de contenu,Plan tarifaire,Protection des consommateurs |
| Date: | 2017–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01903067&r=pay |
| By: | Abiona, Olukorede (University of Leicester); Foureaux Koppensteiner, Martin (University of Leicester) |
| Abstract: | We estimate the effect of mobile money adoption on consumption smoothing, poverty and human capital investments in Tanzania. We exploit the rapid expansion of the mobile money agent network between 2010 and 2012 and combine this with idiosyncratic shocks from variation in rainfall over time and across space in an instrumented DiD methodology. We find that adopter households are able to smooth consumption during periods of shocks and maintain their investments in human capital. Results on time use of children and labor force participation complement the findings on the important role of mobile money for the intergenerational transmission of poverty. |
| Keywords: | mobile money, household shocks, rainfall, poverty, human capital accumulation, Tanzania |
| JEL: | G23 H31 I31 I32 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp11928&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Jacinta C. Nwachukwu (Preston, United Kingdom) |
| Abstract: | The overarching question tackled in this paper is: to what degree has financial development contributed to providing opportunities of human development for those on low-incomes and by what information technology mechanisms? We systematically review about 180 recently published papers to provide recent information technology advances in finance for inclusive development. Retained financial innovations are structured along three themes. They are: (i) the rural-urban divide, (ii) women empowerment and (iii) human capital in terms of skills and training. The financial instruments are articulated with case studies, innovations and investment strategies with particular emphasis, inter alia on: informal finance, microfinance, mobile banking, crowdfunding, microinsurance, Islamic finance, remittances, Payment for Environmental Services (PES) and the Diaspora Investment in Agriculture (DIA) initiative. |
| Keywords: | Finance; Inclusive Growth; Economic Development |
| JEL: | G20 I10 I20 I30 O10 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/034&r=pay |
| By: | Uchenna R. Efobi (Covenant University, Ota, Ogun State, Nigeria); Belmondo V. Tanankem (MINEPAT, Cameroon); Simplice A. Asongu (University of Cape Town, Cape Town, South Africa) |
| Abstract: | This study complements existing literature by investigating how the advancement in information and communication technology affects the formal economic participation of women. The focus is on 48 African countries for the period 1990-2014. The empirical evidence is based on Ordinary Least Squares, Fixed Effects and the Generalized Method of Moments regressions. The results show that improving communication technology increases female economic participation with the following consistent order of increasing magnitude: mobile phone penetration; internet penetration, and fixed broadband subscriptions. The findings are robust to the control for heterogeneities across countries. Policy implications are discussed. |
| Keywords: | Africa; Gender; ICT; Inclusive development; Technology |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/004&r=pay |
| By: | Rijul Jain (University School of Management Studies, Guru Gobind Singh Indraprastha University) |
| Abstract: | In a country where the trailer of a movie?s sequel can receive more than 65 million views in 24 hours, a digital content marketing advertisement is not able to receive even 1/6th of the views in 3 months of its launch. This raises a big question, as a country, Are our consumers viewing digital content marketing advertisements? Are the efforts and investments of companies in such advertisement generating desired results? Have these companies been able to increase their sales through these advertisements? Or the investments made in this effort are not very productive? This study attempts to find answers to all these questions raised with respect to the growing investments by organizations in digital content marketing yet seemingly poor awareness and conversion of customers. An empirical study is conducted on a sample of 178 respondents wherein they were shown ten digital content marketing advertisements and were asked questions on familiarity, perception, keenness, sensibility, recognition and realization of digital content marketing. The present study summarizes the results found and discussions thereof in the context of Indian customer. |
| Keywords: | Digital Content Marketing, Advertisement, Customer Perception, Customer Conversion |
| JEL: | M00 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:7010050&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Agyenim Boateng (Glasgow Caledonian University, Glasgow, UK) |
| Abstract: | The primary objective of this special issue is to showcase high-quality interdisciplinary research in the field of mobile phone technology and inclusive economic development, with a view to inspire and educate readers and policy makers on the vital role of mobile phones in economic development in Africa. We hope that the articles in this special issue will encourage academics and policy makers to carry out more research on the challenges and opportunities mobile phone technology offers in our quest to develop our communities. |
| Keywords: | mobile phones; inclusive human development; Africa |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/016&r=pay |
| By: | Joseph I. Uduji (University of Nigeria, Nsukka, Nigeria); Elda N. Okolo-Obasi (University of Nigeria, Nsukka, Nigeria); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | Transforming agriculture from a largely subsistence enterprise to a profitable commercial venture is both a prerequisite and a driving force for accelerated development and sustainable growth in sub-Saharan Africa. The objective of this investigation is to assess the impact of the Federal Government of Nigeria (FGN) e-wallet programme on informal farm entrepreneurship development in rural Nigeria. Informal sector farmers are those that are not legally registered at the national level though could be connected to a registered association. The research is motivated by the absence of literature focusing on the problem statement or objective of study. One thousand, one hundred and fifty-two rural farmers were sampled across the six geo-political zones of Nigeria. Results from the use of a bivariate probit model indicate that the mobile phone-based technology via the e-wallet programme is a critical factor that has enhanced farm entrepreneurship in rural Nigeria. However, results also show that the impact of mobile phones (as a channel to accessing and using modern agricultural inputs) is contingent on how mobile networks are able to link farmers who live in rural areas and work mainly in farming. The results suggest that increasing mobile phone services in rural Nigeria enhances farmers’ knowledge, information and adoption of improved farm inputs and by extension, spurs rural informal sector economic activities in sub-Saharan Africa. Implications for practice, policy and research are discussed. |
| Keywords: | Informal sector’s adoption, electronic wallet technologies |
| JEL: | Q10 Q14 L96 O40 O55 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/040&r=pay |
| By: | McCluskey, William; Franzsen, Riël; Kabinga, Mundia; Kasese, Chabala |
| Abstract: | Information communication technology (ICT) is an important tool to support local governments in their efforts to more efficiently administer property taxes and other own-source revenues. Increasingly, developing countries, including those in Africa, are managing large volumes of data on taxable properties and taxpayers within the ICT environment. With reference to four African cities, this paper comments on the benefits and challenges relating to the use of ICT in the administration of property tax and other own-source revenues. Key findings of this research include: (1) the importance placed on ICT by cities to improve own-source revenue (OSR) administration; (2) ICT provides the opportunity for city councils to adopt a cashless payment system built around e-payments; (3) whilst ICT systems have only been recently introduced in Arusha City Council and Kiambu County, there is evidence that improved administration has contributed to improved revenue collections; (4) the introduction of new business processes have largely been accepted by city customers; and (5) Kitwe City Council and Ndola City Council have begun to implement ICT although there are issues with the technical support of the systems and the lack of arrangements with banks to facilitate e-payments. Furthermore, Ndola’s experience confirms the risks of using an internationally-developed and maintained IT system. |
| Keywords: | Governance, |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:14153&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | This study assesses linkages between social media and governance dynamics in 49 African countries for the year 2012. The empirical evidence is based on ordinary least squares and quantile regressions. Ten bundled and unbundled governance dynamics are used, notably: (i) political governance (entailing “voice & accountability†and political stability/no violence); (ii) economic governance (involving regulation quality and government effectiveness); (iii) institutional governance (comprising the rule of law and corruption-control) and (iv) general governance (entailing political, economic and institutional governance). Social media is measured with Facebook penetration. The findings show that Facebook penetration is positively associated with governance dynamics and these positive nexuses differ in terms of significance and magnitude of significance throughout the conditional distribution of the governance dynamics. |
| Keywords: | Governance; Social media; Africa |
| JEL: | G20 O38 O40 O55 P37 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/033&r=pay |
| By: | Jeremiah O. Ejemeyovwi (Covenant University, Ota, Ogun State, Nigeria); Evans S. Osabuohien (Covenant University, Ota, Ogun State, Nigeria) |
| Abstract: | This paper empirically investigates the role of mobile technology adoption on inclusive growth in 15 West African countries with a view to ascertaining if the positive role of mobile technology adoption on human development as established in other regions holds in West Africa. It used data from World Development Indicators for the period 2004 to 2014, which was estimated with system generalised method of moments (SGMM). The SGMM results show that mobile cell subscription has a statistically insignificant effect on inclusive growth in West Africa which refutes the positive and significant role of mobile technology adoption on inclusive growth. The possible reasons for the results and recommendations are documented in the study. |
| Keywords: | ICT; Inclusive growth; Mobile technology; SGMM. |
| JEL: | O3 O15 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/023&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (University of South Africa, 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 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/019&r=pay |
| By: | Andrea Potgieter (University of Johannesburg); Chris Rensleigh (University of Johannesburg) |
| Abstract: | South Africa's blood stock level is often categorised as alarmingly low, leaving blood donation organisations in constant need of voluntary, unpaid blood donations to ensure their ability to supply hospitals with safe blood. Globally, there are successful mobile blood donation apps facilitating blood donation by providing useful services to blood donors, however similar apps available in South Africa are new, and not popular when compared to global standards. An estimated 5.9 million South Africans download and use mobile applications (apps), and this paper explores the process and results from the first phase of a study, which employed a sequential mixed method research design, to identify user-preferred features for a mobile blood donation app. The findings of the study should serve as a roadmap to blood donation organisations in South Africa, regarding what users expect from a blood donation app, and which features may possibly stimulate a constant or increased frequency of blood donation instances. The two largest app stores, Google Play and Apple iOS, served as the sources of the eventual sample of blood donation apps, of which the user reviews were analysed. Commenting from a design science paradigm, this paper reports on the selection process that had been followed to sample the relevant apps, and further discusses the user insights gained from the analysis of these apps' reviews. The paper further reports on how the app review analysis findings informed the creation of an interview schedule, that was used to gain in-depth understanding of perceptions held by users of the blood donation apps, specifically regarding the users' preferred features in these types of apps. |
| Keywords: | Mobile application features; Mobile blood donation applications; Design science research; Design thinking, App store reviews |
| JEL: | L31 L86 O33 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:7009047&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Christelle Meniago (Sol Plaatje University, South Africa) |
| Abstract: | This study examines the persistence of software piracy with internet penetration vis-Ã -vis of PC users, conditional on Intellectual Property Rights (IPRs) institutions. The empirical evidence is based on a panel of 99 countries for the period 1994-2010 and the Generalised Method of Moments. The main finding is that, compared to internet penetration, PC usage is more responsible for the persistence of global software piracy. Knowing how technology affects the persistence of piracy is important because it enables more targeted policy initiatives. We show that the sensitivity of software piracy to IPRs mechanisms is contingent on the specific technology channels through which the pirated software is consumed. |
| Keywords: | Piracy; Business Software; Software piracy; Intellectual Property Rights |
| JEL: | F42 K42 O34 O38 O57 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/035&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon) |
| Abstract: | Sustainable development within the investigated context includes the ability of African countries to meet the present economic, social and environmental needs without compromising the ability of future generations to meet their own needs. A challenging contemporary policy syndrome is the lack of funding for adequate capacities and structures essential for the realisation of the post-2015 development agenda. This introductory chapter provides highlights on all chapters covered by the book in the direction of addressing the underlying policy syndrome. |
| Keywords: | finance; sustainable development; Africa |
| JEL: | B20 F35 F50 O10 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/018&r=pay |
| By: | Barnes, Paul |
| Abstract: | It is argued here that because a cryptocurrency has no intrinsic value, problems relating to day-to-day valuation and pricing arise. It is shown how these lead to the reversal of the conventional relationship between supply and demand and the susceptibility of the cryptocurrency markets to irrationality and speculative bubbles arising from the herding instinct. Also, as the cryptocurrency markets are largely free of regulation and the desire for privacy by founders, owners and developers is so great, accountability and disclosure requirements are either minimal or non-existent, leading to the manipulation of cryptocurrency prices, volume and market capitalisation information. Another consequence of their freedom from regulation, particularly surprising given the importance placed on their security through the use of blockchain, is the magnitude of thefts of cryptocurrency (both in terms of frequency and size) levels of which would neither be expected nor tolerated in regulated financial markets. |
| Keywords: | cryptocurrency, bitcoin, scam, fraud, Minsky, biggest fool, bubble. |
| JEL: | G14 K22 |
| Date: | 2018–11–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90241&r=pay |
| By: | Jian Jia; Ginger Zhe Jin; Liad Wagman |
| Abstract: | The General Data Protection Regulation (GDPR) came into effect in the European Union in May 2018. We study its short-run impact on investment in new and emerging technology firms. Our findings indicate negative post-GDPR effects on EU ventures, relative to their US counterparts. The negative effects manifest in the overall dollar amounts raised across funding deals, the number of deals, and the dollar amount raised per individual deal. |
| JEL: | D43 D8 L13 L15 L5 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25248&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Sara le Roux (Oxford, UK); Jacinta C. Nwachukwu (Preston, United Kingdom); Chris Pyke (Preston, United Kingdom) |
| Abstract: | Purpose- This study presents theoretical and empirical arguments for the role of mobile telephony in promoting good governance in 47 sub-Saharan African countries for the period 2000-2012. Design/methodology/approach- The empirical inquiry uses an endogeneity-robust GMM approach with forward orthogonal deviations to analyse the linkage between mobile phone usage and the variation in three broad governance categories — political, economic and institutional. Findings- Three key findings are established: First, in terms of individual governance indicators, mobile phones consistently stimulated good governance by the same magnitude, with the exception of the effect on the regulation component of economic governance. Second, when indicators are combined, the effect of mobile phones on general governance is three times higher than that on the institutional governance category. Third, countries with lower levels of governance indicators are catching-up with their counterparts with more advanced dynamics. Originality/value- The study makes both theoretical and empirical contributions by highlighting the importance of various combinations of governance indicators and their responsiveness to mobile phone usage. |
| Keywords: | comparative study, ICT, IT diffusion and adoption |
| JEL: | G20 O38 O40 O55 P37 |
| Date: | 2018–01 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/024&r=pay |
| By: | Marek Walacik (University of Warmia and Mazury, Faculty of Geodesy, Geospatial and Civil Engineering); Artur Janowski (University of Warmia and Mazury, Faculty of Geodesy, Geospatial and Civil Engineering); Malgorzata Renigier-Bilozor (University of Warmia and Mazury, Faculty of Geodesy, Geospatial and Civil Engineering) |
| Abstract: | The aim of the paper is the presentation of the Municipal Utility System of Telegeoprocessing (MUST) conception. The proposed service/system (MUST) is based on European (EGNSS) Galileo and will be used by citizens (C), local government (G) and local business (B). MUST's aim is to provide universal access to real-time technical infrastructure information in the current location with the use of satellite navigation (Galileo), geospatial data and WxS services with use of Augmented Reality and Smart Cities technologies. The proposed service will increase the digital interaction between citizens and local government (G2C) as well as local government and local business (G2B). In addition, the service will be able to provide information about the attractiveness of particular area, thus providing a valuable source of knowledge about the potential users of urbanized space for local government units. The main technical task is to develop a location-based system (based on Galileo) that will allow real-time identification of users/citizens, real estate (plots), technical infrastructure, and at the same time respond to plans for the deployment of new, EGNSS signal. The innovative and functional result of this project will be the mobile MUST service, which eliminates the biggest barriers to the use of e-government platforms and provides unique information on the cost of connecting to the infrastructure within a planned investment. |
| Keywords: | technical infrastructure/utilitytelegeoprocessing infrastructure cost determination |
| JEL: | R11 R20 Q01 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:7009966&r=pay |
| By: | Zoltan Papai (Infrapont Economic Consulting, Hungary); Gergely Csorba (Center of Economics and Regional Sciences – Institute of Economics Hungarian Academy of Sciences and Infrapont Economic Consulting); Peter Nagy (Infrapont Economic Consulting); Aliz McLean (Infrapont Economic Consulting) |
| Abstract: | Network sharing agreements have become increasingly widespread in mobile telecommunications markets. They carry undeniable advantages to operators and consumers alike, but also the potential for consumer harm. We emphasize that not all NSAs are created equal: the assessment of harms and counterweighing benefits to customers due to an NSA is a complex endeavour. In this paper, we present a framework for the competitive assessment of NSAs, detailing the possible concerns that may arise, the main factors that influence their seriousness, ways to mitigate the concerns and the principles of assessing efficiency benefits. |
| Keywords: | mobile markets, network sharing, competition, competition assessment |
| JEL: | K21 L13 L41 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:has:discpr:1828&r=pay |
| By: | Jan Kregel |
| Abstract: | Ten years after the fall of Lehman Brothers and the collapse of the US financial system, most commentaries remain overly focused on the proximate causes of the last crisis and the regulations put in place to prevent a repetition. According to Director of Research Jan Kregel, there is a broader set of lessons, which can be unearthed in the work of Distinguished Scholar Hyman Minsky, that needs to play a more central role in these debates on the 10th anniversary of the crisis. This insight begins with Minsky's account of how crisis is inherent to capitalist finance. Such an account directs us to shore up those government institutions that can serve as bulwarks against the inherent instability of the financial system--institutions that can prevent that instability from turning into a prolonged crisis in the real economy. |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:lev:levypn:18-5&r=pay |
| By: | Alfonso Echazarra |
| Abstract: | Dans le monde en constante expansion de la technologie numérique, la vitesse est le maître-mot : les processeurs informatiques doublent leur performance tous les deux ans depuis des décennies ; la nouvelle génération de téléphonie mobile 5G devrait être environ 100 fois plus rapide que la 4G actuelle et 20 000 fois plus rapide que son « ancêtre », la 3G ; et, d’après l’Union internationale des télécommunications, la part de la population mondiale utilisant Internet est passée de 34 % à 48 % rien que ces 5 dernières années. Cette révolution numérique bouleverse-t-elle la vie des adolescents à un rythme aussi effréné ? Les jeunes de 15 ans sont-ils de plus en plus connectés à Internet ? Et ces transformations contribuent-elles à combler la fracture numérique ? |
| Date: | 2018–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:oec:edudde:83-fr&r=pay |
| By: | Karol Horodecki; Maciej Stankiewicz |
| Abstract: | The seminal idea of quantum money due to Stephen Wiesner, the money not forgeable due to laws of Quantum Mechanics, has laid foundations for the Quantum Information Theory in early '70s. As quantum technology develops, in parallel to crypto-currencies entering market, various other schemes for quantum currencies are being proposed nowadays. The schemes put forward so far relay on assumption that the mint does not cooperate with the counterfeiter who may use malicious terminal for verification. Here we introduce a semi-device independent scheme for money partially relaxing this assumption. We prove that it is protected against forgery under qubit by qubit copying in case when the banknote is verified at the Bank by untrusted terminal. In case of verification by classical communication, protection against a forgery cheating independently on each qubit is also provided. The scheme bases on the preamble of semi-device independent protocol of Paw\l{}owski nad Brunner [Phys. Rev. A 84, 010302 (2011)] with more restrictive condition for acceptance. This is in correspondence with more complex proof of security originating from a two-party cryptographic nature of the money schemes. The lower bound on the size of the banknote is ruled only by the law of large numbers as the secure key is not physically generated during the protocol. Due to the current burst out of the new quantum-crypto currencies, on the basis of the presented protocol we finally introduce and discuss possible quantum analogue of the Oresme-Copernicus-Gresham's law of economy. |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1811.10552&r=pay |
| By: | Karthik Muralidharan; Paul Niehaus; Sandip Sukhtankar; Jeffrey Weaver |
| Abstract: | Improving "last mile" public-service delivery is a recurring challenge in developing countries. Could the rapid adoption of mobile phones provide a simple, cost-effective means to do so? We evaluate the impact of a phone-based monitoring system on improving the delivery of a program that transferred nearly a billion dollars to farmers in the Indian state of Telangana, using an at-scale experiment randomized across 5.7 million farmers. A randomly selected sample of officials were told that a representative sample of beneficiaries in their jurisdiction would be called to measure the quality of program implementation. This simple announcement led to a 1.5% increase in the number of farmers receiving their benefits, with a 3.3% increase among farmers in the bottom quartile of landholdings. The program was highly cost-effective, with a cost of 3.6 cents for each additional dollar delivered. |
| JEL: | C93 D73 H53 O33 |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25298&r=pay |
| By: | Robert M. Adams |
| Abstract: | This note analyzes interest rates of loans from the two largest P2P platforms, Lending Club and Prosper, to observe their potential benefits to borrowers. |
| Date: | 2018–10–22 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2018-10-22&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | The study examines the relationship between tourism and social media from a cross section of 138 countries with data for the year 2012.The empirical evidence is based on Ordinary Least Squares, Negative Binomial and Quantile regressions. Two main findings are established. First, there is a positive relationship between Facebook penetration and the number of tourist arrivals. Second, Facebook penetration is more relevant in promoting tourist arrivals in countries where initial levels in tourist arrivals are the highest and low. The established positive relationship can be elucidated from four principal angles: the transformation of travel research, the rise in social sharing, improvements in customer service and the reshaping of travel agencies. This study explores a new dataset on social media. There are very few empirical studies on the relevance of social media in development outcomes. |
| Keywords: | Social Media; Tourism |
| JEL: | D83 O30 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:18/053&r=pay |
| By: | Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | The study examines the relationship between tourism and social media from a cross section of 138 countries with data for the year 2012.The empirical evidence is based on Ordinary Least Squares, Negative Binomial and Quantile regressions. Two main findings are established. First, there is a positive relationship between Facebook penetration and the number of tourist arrivals. Second, Facebook penetration is more relevant in promoting tourist arrivals in countries where initial levels in tourist arrivals are the highest and low. The established positive relationship can be elucidated from four principal angles: the transformation of travel research, the rise in social sharing, improvements in customer service and the reshaping of travel agencies. This study explores a new dataset on social media. There are very few empirical studies on the relevance of social media in development outcomes. |
| Keywords: | Social Media; Tourism |
| JEL: | D83 O30 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:afe:wpaper:18/044&r=pay |
| By: | Asongu, Simplice A; Odhiambo, Nicholas M |
| Abstract: | The study examines the relationship between tourism and social media from a cross section of 138 countries with data for the year 2012.The empirical evidence is based on Ordinary Least Squares, Negative Binomial and Quantile regressions. Two main findings are established. First, there is a positive relationship between Facebook penetration and the number of tourist arrivals. Second, Facebook penetration is more relevant in promoting tourist arrivals in countries where initial levels in tourist arrivals are the highest and low. The established positive relationship can be elucidated from four principal angles: the transformation of travel research, the rise in social sharing, improvements in customer service and the reshaping of travel agencies. This study explores a new dataset on social media. There are very few empirical studies on the relevance of social media in development outcomes. |
| Keywords: | Social Media; Tourism |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:uza:wpaper:25101&r=pay |
| By: | Renwick, A.; Ma, W.; Nie, P.; Tang, J. |
| Abstract: | This paper assesses the impact of participation in off-farm work on smartphone use, using an endogenous switching probit model and a survey of 493 rural Chinese households. The joint impacts of off-farm work participation and smartphone use on household income are also analyzed using a control function method. The results show that participation in off-farm work increases the probability of smartphone use significantly. Furthermore, we find that the household heads who engaged in off-farm activities and who were smartphone users earned 3,430 Yuan and 2,643 Yuan more per capita annual income, respectively, compared to their full-time farming and smartphone-free counterparts. Acknowledgement : The authors gratefully acknowledge financial support from Lincoln University within the seed fund project (INT5056). |
| Keywords: | Research and Development/ Tech Change/Emerging Technologies |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iaae18:277304&r=pay |
| By: | Chiorazzo, Vincenzo; D'Apice, Vincenzo; DeYoung, Robert; Morelli, Pierluigi |
| Abstract: | We test whether small US commercial banks that use a traditional business model are more likely to survive than non-traditional banks during both good and bad economic climates. Our concept of bank survival is derived from Stigler (1958) and includes any bank that does not fail or is not acquired. We define traditional banking by four hallmark characteristics: Relationship loans, core deposit funding, revenue streams from traditional banking services, and physical bank branches. Banks that adhered more closely to this business strategy were an estimated 8 to 13 percentage points more likely to survive from 1997 through 2012 compared to other small banks using less traditional business strategies. This survival advantage approximately doubled during the financial crisis period. |
| Keywords: | bank business model; financial crisis; survivorship |
| JEL: | G01 G21 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90296&r=pay |
| By: | Musgrave, Ralph S. |
| Abstract: | Most of the money in circulation is created by commercial banks, and it is precisely that form of money creation that explains most bank failures. In contrast, full reserve banking is a system under which that form of money is banned: all money is created by the central bank. There is a very simple reason for such a ban which most if not all advocates of full reserve seem to have missed, which is as follows. Under the existing bank system, those who deposit money at banks with a view to their bank lending on their money so as to earn interest are into commerce, in just the same way as where they deposit money with a stock-broker, mutual fund, private pension scheme or similar with a view to their money being loaned on or invested. And it is a widely accepted principle that taxpayers should not rescue commercial ventures which fail. Yet taxpayer backed deposit insurance is provided for those bank depositors. Thus if the latter principle were adhered to consistently, then there would be no deposit insurance for “interest earning” deposits, while of course totally safe non-interest earning deposits would be available for those who want them. And that “two types of deposit” system is what full reserve has always consisted of. The above point about commercial and non-commercial depositors is similar to, but not quite the same as the more conventional argument for full reserve, which is along the lines that governments cannot allow a series of major bank failures, which inevitably means banks are featherbedded or subsidised (a non-commercial activity) thus some way must be found of removing that subsidy, and one way is full reserve. The first 1,300 or so words below briefly introduce full reserve. The basic argument put in this paper then starts under the heading “Taxpayers should not back commerce.” |
| Keywords: | full reserve banking; sovereign money; vollgeld; deposit insurance |
| JEL: | G01 G21 G28 |
| Date: | 2018–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90041&r=pay |
| By: | Misirlis, Nikolaos; Lekakos, George; Vlachopoulou, Maro |
| Abstract: | In this study we identify potential associations between people’s personality (utilizing the popular Big Five personality model) and measurable Facebook activities such as number of likes received, number of posts, number of comments on posts. Extant literature suggests that personality can be manifested through different features of the Facebook profiles but under an implicit assumption that those users may belong in a single psychographic group. However, it has been shown that people may share characteristics, common acts and behaviors of more than one psychographic group. In this study we aim to address limitations of previous studies, by adopting a fuzzy set approach which is capable to handle users’ membership in multiple psychographic groups. Furthermore, fsQCA offers equifinality, which means that research can end up to the same outcome, beginning from different initial combinations of data. The work presented here provides empirical evidence concerning the association between Facebook activities and users' personalities in a novel way indicating the significance of this relationship and providing alternative combinations that lead to the same output. Furthermore, it paves the ground towards predicting social platforms' measurements, other than Facebook, relying on users' personalities, using the same technique but on different fields of study and social media platforms. |
| Keywords: | Big Five; fsQCA; Facebook; personality traits; Facebook measurements |
| JEL: | C8 L82 L83 L86 |
| Date: | 2018–02–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90100&r=pay |
| By: | Valeria Arina Mircea (Faculty of Financial Management, Ecological University of Bucharest); Dana SISEA (Faculty of Financial Management, Ecological University of Bucharest) |
| Abstract: | Means and the communication techniques used in rapidly evolving online environment. The Internet has not only changed the rules of marketing and public relations, but also the way in which companies choose to promote their business (products/services) in the online environment. Firms know their goals of, and so their marketing programs, websites and blogs by their contents fail to stimulate action. The effective strategies for marketing and public relations used in the online environment offers target audience containing complex information, which induce them to take action. By means of this study we aim to identify the means and techniques of social communication with high impact on the target audience, actor without which marketing strategies would have no efficiency. The Internet has shaped a new vision of how the public communicate and interact; He has sketched a different relationship between business and current consumers but does not exclude neither potential clients. |
| Keywords: | marketing, communication, internet, public, marketing strategies |
| JEL: | M31 M37 O30 |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:eub:wpaper:2018-05&r=pay |
| By: | A. Arrighetti; A. Lasagni |
| Abstract: | Negli ultimi decenni l’insegnamento dell’economia industriale è stato sottoposto a notevoli tensioni. Le novità che si sono affermate rendono necessaria una riflessione sui contenuti sviluppati e sulle metodologie adottate. Una recente indagine, rivolta ai docenti di economia industriale e di materie ‘affini’ che insegnano nelle università italiane, consente di approfondire alcuni aspetti del cambiamento in corso. I risultati mostrano che a) l’insegnamento dell’economia industriale ha seguito sentieri evolutivi diversificati e con marcate connotazioni specialistiche; b) sembra ridursi il nucleo tematico condiviso nei diversi corsi; c) sono state sperimentate in modo diffuso pratiche didattiche innovative, ma rimangono aperti spazi per ulteriori miglioramenti, in particolare nella didattica con strumenti web e nei metodi di coinvolgimento attivo degli studenti. |
| Keywords: | Teaching economics; Industrial organization; Teaching methods; Pluralism; Cooperative learning |
| JEL: | A20 L00 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:par:dipeco:2018-ep06&r=pay |
| By: | Medagbe, F.M.Kinkingninhoun |
| Abstract: | This paper analyzes the gender differential impact of NERICA adoption on rice yield and farmers annual household income using data from 342 rice farmers in Benin. NERICA varieties have been developed by AfricaRice which won its creator Monty Jones the 2004 World Food Prize. The paper applies the potential outcomes framework to estimate the Local Average Treatment Effect (LATE). The results show that NERICA adoption has positive and significant impact on farmers yield and household per capita income. The impacts of NERICA adoption are not homogeneous across farmers categories and are higher for female farmers than male farmers. The findings suggest the widely dissemination of NERICA varieties, mainly upland NERICA, with a focus on women, in order to increase rice productivity and consequently total production and income. Acknowledgement : The authors of this papers would like to thank IFAD, Japan Government and AfDB for the financial support to this study and Africa Rice center for its technical and financial support. |
| Keywords: | Research and Development/ Tech Change/Emerging Technologies |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iaae18:277544&r=pay |
| By: | Inna S.Lola (National Research University Higher School of Economics); Sergey V. Gluzdovsky (National Research University Higher School of Economics) |
| Abstract: | This paper expands the existing informational and analytical opportunities of application of the results of business tendency surveys which solve the problem of the loss of valuable statistical information in its traditional aggregation into simple and composite indicators. Based on methods of multidimensional classification, an algorithm of statistical analysis significantly raises the analytical opportunities for the more wide measurement of trajectories of development and short-term fluctuations of branch of the information technology (IT) is developed and discussed. This allows the construction of behavioral models of business tendency data which improve the understanding of the business cycle in more detail. Furthermore the empirical results confirm the possibility of receiving various information which increases the analytical potential of business tendency surveys |
| Keywords: | information and communication technology (ICT), information technology (IT), business climate, business tendency surveys, behavioral models, digitalization. |
| JEL: | C1 C81 C38 C83 L26 L1 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:90sti2018&r=pay |
| By: | Claudio Vitari (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM)); Isabelle Bourdon (Système d'Information - MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Florence Rodhain (Systèmes d'information - MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier) |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:hal:gemptp:halshs-01923267&r=pay |
| By: | Nektarios Aslanidis; Aurelio F. Bariviera; Oscar Martinez-Iba\~nez |
| Abstract: | This letter explores the behavior of conditional correlations among main cryptocurrencies, using a generalized DCC class model. From a portfolio management point of view, asset correlation is a key metric in order to construct efficient portfolios. We found that correlations including Monero are more stable in time than other correlation pairs. |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1811.08365&r=pay |
| By: | Silvia Blasi (University of Padova); Silvia Rita Sedita (University of Padova) |
| Abstract: | Crowdsourcing constitutes an innovative pattern for enhancing collaborative works based on challenges open to professionals and amateurs willing to contribute to a specific task launched through a web platform or a specific company website. Literature on crowdsourcing is emergent, and much is still left understudied. In this work we propose to distinguish between ideation and content production contests, trying to look for specific features of the crowd that lead to win the one or the other type of contest. Moreover, we take in account the importance of belonging to a community in order to win the contests. To conduct the exploration, we led a case study, taking the crowdsourcing platform eYeka as object of the research. eYeka is the leader in the crowdsourcing sector, being used above all for fast moving consumer goods companies. We first collected data about the 23 most used crowdsourcing platforms, isolating the functioning and performance of the eYeka platform, second we analysed in detail the contests launched by eYeka in 2017. Starting from a wider analysis of platforms, we conducted a descriptive research aiming at highlighting the main trends of the field. After having performed a statistical examination, we were able to provide some original results on the features leading to successful contribution to crowdsourcing platforms. |
| Keywords: | Crowdsourcing, innovation, eYeka |
| Date: | 2018–11 |
| URL: | http://d.repec.org/n?u=RePEc:pad:wpaper:0228&r=pay |
| By: | Pieter Joseph Sayer |
| Abstract: | This paper tests for the existence of a causal relationship between internet access and the consumption decisions of the poor. In particular, we develop theoretical models that provide two testable hypotheses. Firstly, that, by better aligning beliefs with reality regarding the value of future income, information attained via the internet will either increase or decrease one’s propensity to consume, depending on the nature of their occupation. Second, that, by heightening one’s concern for their relative status, access to social media via the internet will cause users to increase their conspicuous consumption. The analysis exploits a natural experiment, the 2015 roll out of a free internet provision program (Free Basics) in Colombia, as a source of exogenous variation in potential internet access. By taking advantage of a unique geo-coded dataset of telecommunications pylons in Colombia this paper is able to compare households covered by the free internet provision program to those who are not. We estimate a number of 2SLS instrumental variable and di?erence-in-di?erences speci?cations on rich data from the Encuesta Longitudinal Colombiana (ELCA) panel survey. Our estimates provide tentative evidence in support of our second hypothesis as we estimate a local average treatment e?ect (LATE) of a 12.2 percentage point increase in the share of conspicuous consumption in the overall consumption bundle as a result of internet access. We ?nd no evidence of a statistically signi?cant LATE on overall consumption. Our di?erence-in-di?erences, intention to-treat (ITT), estimates for both outcomes are small and insigni?cant, however this could be a result of a lack of power given the low take-up of the internet provision program. |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2018-18&r=pay |