nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2019‒08‒12
forty-one papers chosen by

  1. Consumer payment choice during the crisis in Europe: a heterogeneous behaviour? By Konstantinos Nikolopoulos; Konstantia Litsiou
  2. Trust and Agency Redistribution in CajaVecina's Payment Ecosystem By Bernardo Batiz-Lazo; Alarcon-Molina, Jose; Espinosa-Cristia, Juan Felipe
  3. Improving Access to Banking: Evidence from Kenya By Franklin Allen; Elena Carletti; Robert Cull; Jun QJ Qian; Lemma Senbet; Patricio Valenzuela
  4. Explaining Unusual Cash Patterns in 2018 By Walter Engert; Ben Fung; Jozsef Molnar; Gradon Nicholls
  5. Later is better: Mobile phone ownership and child academic development By Dempsey, Seraphim; Lyons, Séan; McCoy, Selina
  6. “Entrepreneurial Spirits in Women and Men. The Role of Financial Literacy and Digital Skills" By Noemi Oggero; Mariacristina Rossi; Elisa Ughetto
  7. A primer on blockchain technology and its potential for financial inclusion By Ohnesorge, Jan
  8. The Impact of Increasing Returns on Knowledge and Big Data: From Adam Smith and Allyn Young to the Age of Machine Learning and Digital Platforms By Yao-Su Hu
  9. The efficiency wage hypothesis and the role of corporate governance in firm performance By DiGabriele, Jim; Ojo, Marianne
  10. Unregulated and regulated free banking. The case of Switzerland reinterpreted By Nils Herger
  11. Information Technology, Governance and Insurance in Sub-Saharan Africa By Simplice A. Asongu; Joseph Nnanna; Paul N. Acha-Anyi
  12. How Enhancing Information and Communication Technology has affected Inequality in Africa for Sustainable Development: An Empirical Investigation By Simplice A. Asongu; Nicholas M. Odhiambo
  13. How to Avoid Black Markets for Appointments with Online Booking Systems By Hakimov, Rustamdjan; Heller, Christian-Philipp; Kübler, Dorothea; Kurino, Morimitsu
  14. Contribution du shadow IT à la construction de la légitimité de l'acteur métier By Sofianne Messaoudi Escarabajal; Meissonier Régis; Vitari Claudio
  15. The Impact of Mobile Money in Developing Countries By Jana Hamdan
  16. "Information Design in Blockchain: A Role of Trusted Intermediaries" By Hitoshi Matsushima
  17. Special Drawing Rights in a New Decentralized Century By Andreas Veneris; Andreas Park
  18. Recommendation Engine for Lower Interest Borrowing on Peer to Peer Lending (P2PL) Platform By Ke Ren; Avinash Malik
  19. Trends in Financial Innovation: Evidence from Fintech Firms By Omer Unsal; Blake Rayfield
  20. The impact of e-wallet on informal farm entrepreneurship development in rural Nigeria By Joseph I. Uduji; Elda N. Okolo-Obasi; Simplice A. Asongu
  21. Technology and persistence in global software piracy By Simplice A. Asongu; Christelle Meniago
  22. Efectos de la Ley Glass-Steagall en los mercados financieros: origen y derogación By Andrés Felipe Arévalo Arévalo
  23. Of trackers and tractors. Using a smartphone app to explore the link between agricultural mechanization and intra-household allocation of time in Zambia. By Daum, Thomas; Capezzone, Filippo; Birner, Regina
  24. Does the Bank of Thailand have the control over the money supply? By Jiranyakul, Komain
  25. On the Equivalence of Private and Public Money By Markus K. Brunnermeier; Dirk Niepelt
  26. Social Cues as Digital Nudges in Information Systems Usage Contexts By Adam, Martin
  27. Media Sosial Perilaku Konsumen dan Strategi Pemasaran Implikasi Halal tentang Operasi Pemasaran Islam By Apdi, Ferdi Ansyah
  28. What is the Value of Being a Superhost? By Berentsen, Aleksander; Breu, Mariana Rojas; Waller, Christopher J.
  29. Narrowing the 'Digital Divide': The Role of Complementarities Between Fixed and Mobile Data in South Africa By Ryan Hawthorne; Lukasz Grzybowski
  30. Criptovalute, Sovranismo e Sistema Monetario. By Salvatore Nisticò
  31. Artificial intelligence, ideas by statistical mechanics, and affective modulation of information processing By L. Ingber
  32. Information Technology, Governance and Insurance in Sub-Saharan Africa By Simplice A. Asongu; Joseph Nnanna; Paul N. Acha-Anyi
  33. Adoption of improved crop varieties by involving farmers in the e-wallet program in Nigeria By Joseph I. Uduji; Elda N. Okolo-Obasi
  34. ICT, Financial Access and Gender Inclusion in the Formal Economic Sector: Evidence from Africa By Simplice A. Asongu; Nicholas M. Odhiambo
  35. Artificial Intelligence, Data, Ethics: An Holistic Approach for Risks and Regulation By Alexis Bogroff; Dominique Guegan
  36. Peer-to-Peer Lending, Joint Liability and Financial Inclusion with Altruistic Investors By Berentsen, Aleksander; Markheim, Marina
  37. “Distant or close cousins: Connectedness between cryptocurrencies and traditional currencies volatilities” By Julián Andrada-Félix; Adrian Fernandez-Perez; Simón Sosvilla-Rivero
  38. Digital Currencies and Central Banking: A Sense of Déjà Vu By Sigitas Siaudinis
  39. Systemic Privacy as a Public Good: A Case for Electronic Cash By Rod Garratt; Maarten van Oordt
  40. Does the Internet cause polarization? -Panel survey in Japan- By Tatsuo Tanaka
  41. Splitting shopping and delivery tasks in an on-demand personal shopper service By Arslan, A.M.; Agatz, N.A.H.; Klapp, M.

  1. By: Konstantinos Nikolopoulos (Bangor University); Konstantia Litsiou (Manchester Metropolitan University)
    Abstract: In this research paper we investigate the use of payment media from consumers during a financial crisis. The scene is Europe in 2015 and the aftermath - or the very peak for some countries - of the Eurozone crisis. The contrast in the scene is augmented through researching countries at the centre of Eurozone crisis versus far more stable Economies. In the first group and in order of severity of the crisis' impact: Greece, Cyprus and to a lesser extent Spain. In the latter group Sweden and UK. We deployed a quantitative survey-based study for which the instrument was originally constructed in the medium of English and translated (and back-translated) in Greek and Spanish, and was delivered both hand-to-hand (printout) and online via Survey monkey. Descriptive statistics are presented over the totally 1003 gathered questionnaires and a comparative analysis is performed illustrating indeed an heterogeneous behaviour among the five countries under investigation. All the above comprise the empirical part of our research, that follows naturally and complements the theoretical one: a deductive model of the hierarchy of payment media - and the respective changes of - during periods of financial distress. Within that model our main hypothesis is formed around the regional differences and the impact of the crisis in the use of cash as a payment medium, both confirmed by our empirical evidence to a large extent. So during the Eurozone crisis: a) the use of cash as a payment medium is evident, and b) this is more the case in countries mostly affected from the crisis - most notably Greece.
    Keywords: Financial Crisis; Banks; Europe; Households; Payment media;
    JEL: G0 G21 G28 H12 H31
    Date: 2019–08
  2. By: Bernardo Batiz-Lazo; Alarcon-Molina, Jose (Ministry of Health, Chile); Espinosa-Cristia, Juan Felipe (Andrés Bello University)
    Abstract: The present study situates itself within the frame of domestic finances and technologies of the everyday. CajaVecina is defined as a correspondent banking system, managed by BancoEstado (Chile), and brings banking operations to groups of people who have been recently brought into the banking system and receive financial services at various points of sale (POS). Using a qualitative methodology based on structured interviews with managers, intermediaries, and merchants, we observe that the phenomenon of a bank's agency redistribution and the so-called correspondent banking is fundamentally based on what is known as operating quotas, from which BancoEstado diversifies risk and learns from the banking behaviors of stores. Nonetheless, it is information itself what allows a store to transform into a different kind of solution, independent of the bank, taking advantage of the levels of trust nurtured with its clients. This is how this system of payments and financial operations gets redistributed, with the result that the intermediary/correspondent assumes a dominion on its scope and operations and thus completely reformulates the so-called "payment space" for the bank, users, and intermediaries.
    Keywords: correspondent banking, agency redistribution, payment space, special monies, classifications
    Date: 2019–07
  3. By: Franklin Allen; Elena Carletti; Robert Cull; Jun QJ Qian; Lemma Senbet; Patricio Valenzuela
    Abstract: We explore the relationship between bank branch expansion, financial inclusion and profitability for Equity Bank. Unlike traditional banks in Kenya, Equity Bank pursues branching strategies that target underserved territories and less privileged households. Its presence has a positive and significant impact on households’ access to bank accounts and credit. It increased financial inclusion by 31 percent of the adult population between 2006 and 2015. Access is especially improved for Kenyans who are less educated, do not own their own home and live in lessdeveloped areas. Equity Bank’s business model proves to be profitable both at bank and branch level.
    Keywords: Equity Bank, bank penetration, bank account, microfinance.
    JEL: G2 O1 R2
    Date: 2018
  4. By: Walter Engert; Ben Fung; Jozsef Molnar; Gradon Nicholls
    Abstract: There was an unusually large decline of bank notes in circulation in October 2018. Some have argued that this was due to the legalization of cannabis in Canada in mid-October. We consider whether that explanation is consistent with the evidence and conclude that the unusual cash patterns observed in 2018 are more likely the result of an operational event specific to Toronto. Nevertheless, it would be useful to continue monitoring developments in cannabis consumption and its impact on the demand for cash.
    Keywords: Bank notes; Digital Currencies and Fintech; Financial services
    JEL: E41 E42 E58
    Date: 2019–07
  5. By: Dempsey, Seraphim; Lyons, Séan; McCoy, Selina
    Date: 2019
  6. By: Noemi Oggero (Collegio Carlo Alberto); Mariacristina Rossi (University of Turin and CeRP-Collegio Carlo Alberto); Elisa Ughetto (Politecnico, Turin)
    Abstract: We investigate the attitudes to entrepreneurship of Italian households, focusing on the importance of digital skills and financial literacy as potentially relevant factors shaping entrepreneurial entry. We put the gender focus to our analysis to detect whether, and to what extent, women and men differ in their propensity to run a business. We carry out our research by using a sample of the Bank of Italy SHIW dataset for the year 2008 and 2010. Our findings suggest a strong heterogeneity, between men and women, of the importance of digital skills and financial literacy as entrepreneurial drivers. Results show that the impact of financial literacy on the probability of being an entrepreneur is significant, but only for men. Digital skills increase the probability of being entrepreneur with a bigger effect for men than for women.
    Date: 2019–03
  7. By: Ohnesorge, Jan
    Abstract: The invention of Bitcoin in 2008/2009 gave consumers and businesses the possibility to transfer money nationally and internationally on a truly peer-to-peer basis (i.e. without a trusted central party such as a bank). Few people realised the full potential of the technology in the early days, but today blockchains are often referred to as the “internet of trust”. This term relates to the universal potential of blockchain technology, which goes beyond payment systems and enables people that do not trust each other to directly exchange (digitally representable) goods and services with each other. Today’s variety of blockchain technologies, including many crypto currencies, is impressive. Start-ups and IT incumbents are constantly reducing the speed, cost and effort it requires to transfer crypto currencies globally, while also increasing transaction capacity and offering services that go beyond payments. This discussion paper characterises the 10 biggest crypto currencies in terms of market capitalisation and explains the functioning principles of their underlying technologies. These variants of the technology are also essential for non-financial applications. A focus of this paper is the potential of blockchain technologies to improve (international) payments and land registries. Bitcoin-enabled payments were the first application of blockchain technology, and frictionless (international) payments are an essential part of financial inclusion. In contrast, improving land registries is a more innovative use of the technology, but the connection to financial inclusion is not straightforward. However, land registries may indeed play an important role in fostering access to credit for financially underserved people. Almost any technology comes with new risks, and blockchains are no exception to this rule. Although blockchains can provide a very high level of safety and immutability, it depends on the concrete design of the implementation whether this potential is realised. In addition, some blockchain technologies are very energy-intensive, which is an environmental risk. Finally, the high levels of volatility of most crypto currencies represent an economic risk for their users. National and international regulators are challenged by the rapid evolvement of the technology and should aim to mitigate its risks without compromising its potential.
    Keywords: Technologie und Innovation,Internationales Finanzsystem
    Date: 2018
  8. By: Yao-Su Hu (Hong Kong Shue Yan University, HK; SPRU, University of Sussex, UK)
    Abstract: Allyn Young’s concept of increasing returns, not to be confounded with static, equilibrium constructs of economies of scale and increasing returns to scale, is applied in this article to analyze how and why increasing returns arise in the production (generation) and use (application) of knowledge and of big data, thereby driving economic growth an progress. Knowledge is chosen as our focus because it is ‘our most powerful engine of production’ and big data is included to make the analysis more complete and up-to-date. We analyze four mechanisms or sources of increasing returns in the production of knowledge, and four in the use of knowledge. Turning to big data, increasing returns in the use thereof are examined in two spheres: the dominance resulting from the self-reinforcing functioning of digital platforms and machine learning through gigantic amounts of training data. Concluding remarks concern some key differences between knowledge and big data, some policy implications, and some of the social negative impacts from the ways in which big data is being used.
    Date: 2019–06
  9. By: DiGabriele, Jim; Ojo, Marianne
    Abstract: Implications of the digital economy and its impact on the Economics of Employment in the 21st Century are reflected through lower wages which have been fueled through the rise of Information Technology, with the consequential advents of phenomena such as the Fourth Industrial Revolution and the rise of emerging technologies such as Artificial Intelligence, block chain systems, Vertical Integration, Hyper-focused specialty lending, Lender-fintech partnerships, New engagement models, Product Innovation, to name but a few. As well as a consideration of the two-fold contribution to the literature, as highlighted in their paper, “Financial Disruptions and the Cyclical Upgrading of Labor” (2017:6), and elaborated on by Epstein et al (2017:6-8), the reconciliation of two quantitative limitations of current general equilibrium theories constituting part of such contribution, is also re iterated. The inability to account for variables which are independent of exogenously or endogenously determined factors and which are outside their model, also necessitates the incorporation of other theories and factors to be taken into account in arriving at more accurate conclusions which determine firm performance.
    Keywords: efficiency wage hypothesis; pro cyclicality; financial cycles; firm performance; corporate governance
    JEL: D4 D8 E3 E5 E6 G2 G3 M4
    Date: 2017–08
  10. By: Nils Herger (Study Center Gerzensee)
    Abstract: The free-banking history of Switzerland is commonly subdivided into a period with unfettered competition (1826 - 1881) and strong banknote regulation (1881 - 1907). This paper suggests that unrestricted competition between private note-issuing banks gave rise to a fragmented paper-money system, which suffered from a lack of standard- ised, and commonly accepted, banknotes. Minimum-reserve requirements and mutual- acceptance rules were introduced to standardise banknotes. Rather than overissuing, these regulatory interventions restricted the exibility (or \elasticity") of the paper- money supply. It turned out that a central note-issuing bank was needed to supply adequate amounts of standardised banknotes.
    Date: 2019–08
  11. By: Simplice A. Asongu (Yaoundé/Cameroon); Joseph Nnanna (The Development Bank of Nigeria, Abuja, Nigeria); Paul N. Acha-Anyi (Walter Sisulu University, South Africa)
    Abstract: Purpose –This study investigates the role of ICT in modulating the effect of governance on insurance penetration in 42 sub-Saharan African countries using data for the period 2004-2014. Design/methodology/approach –Two insurance indicators are used in the analysis, namely: life insurance and non-life insurance. The three ICT modulating dynamics employed include: mobile phone penetration, internet penetration and fixed broadband subscriptions. Six governance channels are also considered, namely: political stability, “voice & accountability†, regulation quality, government effectiveness, the rule of law and corruption-control. The empirical evidence is based on generalized method of moments. Findings –The following main findings are established. First, mobile phone penetration does not significantly modulate governance channels to positively affect life insurance while it effectively complements “voice & accountability†to induce a positive net effect on non-life insurance. Second, internet penetration complements: (i) governance dynamics of political stability, government effectiveness and rule of law to induce positive net effects on life insurance: and (ii) corruption-control for an overall positive effect on non-life insurance. Third, the relevance of fixed broadband subscriptions in promoting life insurance is apparent via governance channels of regulation quality, government effectiveness and the rule of law while fixed broadband subscriptions do not induce significant overall net effects on non-life insurance though the conditional effects are overwhelmingly significant. Orginality/value – To the best our knowledge, studies on the relevance of ICT in promoting insurance consumption through governance channels are sparse, especially for a region such as sub-Saharan Africa where insurance penetration is low compared to other regions of the world.
    Keywords: Africa; ICT; Governance; Insurance
    JEL: G20 I28 I30 L96 O55
    Date: 2019–01
  12. By: Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa)
    Abstract: This study examines if enhancing ICT reduces inequality in 48 countries in Africa for the period 2004-2014. Three inequality indictors are used, namely, the: Gini coefficient, Atkinson index and Palma ratio. The adopted ICT indicators include: mobile phone penetration, internet penetration and fixed broadband subscriptions. The empirical evidence is based on the Generalised Method of Moments. Enhancing internet penetration and fixed broadband subscriptions have a net effect on reducing the Gini coefficient and the Atkinson index, whereas increasing mobile phone penetration and internet penetration reduces the Palma ratio. Policy implications are discussed in the light of challenges to Sustainable Development Goals.
    Keywords: ICT; Inclusive development; Africa; Sustainable development
    JEL: G20 I10 I32 O40 O55
    Date: 2018–01
  13. By: Hakimov, Rustamdjan (University of Lausanne); Heller, Christian-Philipp (NERA Consulting); Kübler, Dorothea (WZB Berlin); Kurino, Morimitsu (Keio University Tokyo)
    Abstract: Allocating appointment slots is presented as a new application for market design. We consider online booking systems that are commonly used by public authorities to allocate appointments for driver\'s licenses, visa interviews, passport renewals, etc. We document that black markets for appointments have developed in many parts of the world. Scalpers book the appointments that are offered for free and sell the slots to appointment seekers. We model the existing first-come-first-served booking system and propose an alternative system. The alternative system collects applications for slots for a certain time period and then randomly allocates slots to applicants. We investigate the two systems under conditions of low and high demand for slots. The theory predicts and lab experiments confirm that scalpers profitably book and sell slots under the current system with high demand, but that they are not active in the proposed new system under both demand conditions.
    Keywords: market design; online booking system; first come first served; scalping;
    JEL: C92
    Date: 2019–08–07
  14. By: Sofianne Messaoudi Escarabajal (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); Meissonier Régis; Vitari Claudio
    Abstract: The increasing use of unauthorized Information Technology (IT) has consequences that go beyond the organizational framework. These unofficial and creative practices are grouped under the name of shadow IT (Information Technology) and are beyond the control of IT departments. Previous research on the impact of shadow IT has highlighted its positive effects on user motivation and performance, on strengthening innovation in organizations, and on the negative influence on the stability and security of the official IT system. Our analysis, through neo-institutional theories, would make it possible to consider this phenomenon as contributing to the construction, at different levels, of the legitimacy of the professional actor, institutional entrepreneur. This phenomenon would also be able to spread into the institutional field of the organization through isomorphic processes, modifying its logic.
    Abstract: RESUMÉ L'utilisation croissante de Technologies de l'Information (TI) non autorisées a des conséquences qui dépassent le cadre organisationnel. Ces pratiques, non officielles et créatives, sont regroupées sous le nom de shadow IT (Information Technology), et échappent au contrôle des directions informatiques. Les recherches antérieures menées sur les répercussions du shadow IT ont souligné ses effets positifs sur la motivation et la performance des utilisateurs, sur le renforcement de l'innovation dans les organisations, et l'influence négative sur la stabilité comme sur la sécurité du système informatique officiel. Notre analyse, au travers des théories néo-institutionnelles, permettrait de considérer ce phénomène comme contribuant à la construction, à différents niveaux, de la légitimité de l'acteur métier, entrepreneur institutionnel. Ce phénomène serait également capable de se diffuser dans le champ institutionnel de l'organisation par l'entremise de processus isomorphiques, modifiant sa logique.
    Keywords: Shadow IT,légitimité,stratégie de contournement,néo-institutionnalisme,champ institutionnel
    Date: 2019–06–13
  15. By: Jana Hamdan
    Abstract: Mobile money is a success story in terms of facilitating account ownership and payments in developing and emerging countries. Today, telecommunication companies offer mobile money services across more than 90 countries. The most popular services are deposits and instant digital money transfers between users. Widespread mobile money adoption is boosting financial inclusion, reducing in transaction costs and facilitating successful consumption smoothing and risk sharing among users. Nonetheless, mobile money is also associated with heterogeneous effects and risks among the poor and vulnerable populations. This article reviews the recent literature on the impact of mobile money in developing countries.
    Date: 2019
  16. By: Hitoshi Matsushima (Faculty of Economics, The University of Tokyo)
    Abstract: This study clarifies that blockchain cannot replace the strategic value of trusted intermediaries, despite sufficient technological advancement for its implementation. Given the progress expected in the future, this study assumes that blockchain can implement various commitment devices for communication explored in the information design literature, without disclosing their details to anonymous record keepers. By considering revelation incentives explicitly, we show that substituting the verification task of players’ pre-owned private signals with a trusted intermediary can reduce transaction costs in liability, which cannot be achieved non-judicially by blockchain. Hence, trusted intermediaries play a significant role in executing information design through blockchain.
    Date: 2019–07
  17. By: Andreas Veneris; Andreas Park
    Abstract: Unfulfilled expectations from macro-economic initiatives during the Great Recession and the massive shift into globalization echo today with political upheaval, anti-establishment propaganda, and looming trade/currency wars that threaten domestic and international value chains. Once stable entities like the EU now look fragile and political instability in the US presents unprecedented challenges to an International Monetary System (IMS) that predominantly relies on the USD and EUR as reserve currencies. In this environment, it is critical for an international organization mandated to ensure stability to plan and act ahead. This paper argues that Decentralized Ledger-based technology (DLT) is key for the International Monetary Fund (IMF) to mitigate some of those risks, promote stability and safeguard world prosperity. Over the last two years, DLT has made headline news globally and created a worldwide excitement not seen since the internet entered the mainstream. The rapid adoption and open-to-all philosophy of DLT has already redefined global socioeconomics, promises to shake up the world of commerce/finance and challenges the workings of central governments/regulators. This paper examines DLT core premises and proposes a two-step approach for the IMF to expand Special Drawing Rights (SDR) into that sphere so as to become the originally envisioned numeraire and reserve currency for cross-border transactions in this new decentralized century.
    Date: 2019–06
  18. By: Ke Ren; Avinash Malik
    Abstract: Online Peer to Peer Lending (P2PL) systems connect lenders and borrowers directly, thereby making it convenient to borrow and lend money without intermediaries such as banks. Many recommendation systems have been developed for lenders to achieve higher interest rates and avoid defaulting loans. However, there has not been much research in developing recommendation systems to help borrowers make wise decisions. On P2PL platforms, borrowers can either apply for bidding loans, where the interest rate is determined by lenders bidding on a loan or traditional loans where the P2PL platform determines the interest rate. Different borrower grades -- determining the credit worthiness of borrowers get different interest rates via these two mechanisms. Hence, it is essential to determine which type of loans borrowers should apply for. In this paper, we build a recommendation system that recommends to any new borrower the type of loan they should apply for. Using our recommendation system, any borrower can achieve lowered interest rates with a higher likelihood of getting funded.
    Date: 2019–07
  19. By: Omer Unsal; Blake Rayfield
    Abstract: In 1971, the patent for the Automated Teller Machine (ATM) was awarded to David Wetzel. While possibly not the first application of financial technology, since 1971 time, the innovation in the financial industry has grown beyond expectations. However, most studies in innovation ignore the financial sector altogether. In this study, we investigate financial technology firms and innovation. After identifying firms that are considered financial technology, we collect innovation outcomes such as patents and data breaches associated with those firms. We show that patent activity has enjoyed modest growth year over year, however firms still have challenges to overcome such as market risk and data security. This study serves as a perspective on financial technology. This paper is also forthcoming in the International Finance Review.
    Keywords: Financial Technology; Financial Innovation; Patents; Data Breach
    JEL: O33 O16
    Date: 2019–07
  20. 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
  21. 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
  22. By: Andrés Felipe Arévalo Arévalo
    Abstract: La banca se ha posicionado como un pilar fundamental de las economías contemporáneas en tanto las regulaciones en este sector determinan no solo su rumbo sino también el de los demás sectores de la economía que se verán ampliamente influenciados. De esta forma, la Ley Glass-Steagall (LGS) se convierte en uno de los exponentes más importantes de la regulación bancaria. En el presente texto, se analiza la LGS y sus efectos sobre el sistema financiero. Para ello, se examina su origen,implementación y derogación. A partir de ello, se pondrá en tela de juicio su relevancia en los mercados financieros internacionales. Por medio de una exhaustiva revisión bibliográfica y una serie de análisis individuales, se concluye que la derogación de la LGS supuso un punto de inflexión en la normativa de regulación financiera y contribuyó al posterior desarrollo de las crisis financieras, tales como la crisis del 2007-2008. *** Banking has positioned itself as a fundamental pillar of contemporary economies as regulations in this sector determine not only its direction but also that of other sectors of the economy that will be widely influenced. In this way, the Glass-Steagall Act becomes one of the most important exponents of banking regulation. In this text, the GSA and its effects on the financial system are analyzed. To this end, its origin, implementation and repeal are examined. From which, its relevance in the international financial markets will be questioned. By means of an exhaustive bibliographical review and a series of individual analyses, it is concluded that the repeal of the LGSwas a turning point in financial regulation regulations and contributed to the subsequent development of financial crises, such as the 2007-2008 crisis.
    Keywords: Glass-Steagall, LGS, separación bancaria, crisis financiera, depresión económica, mercados financieros, regulación bancaria
    JEL: G18 G28
    Date: 2019–08–01
  23. By: Daum, Thomas; Capezzone, Filippo; Birner, Regina
    Keywords: Labor and Human Capital
    Date: 2019–06–25
  24. By: Jiranyakul, Komain
    Abstract: This paper estimates the broad money multiplier for Thailand using monthly data from 1997M1 to 2017M12. It is found that there is nonlinear relationship between money supply and monetary base. An increase in monetary base causes the broad money supply to increase proportionally, and vice versa. This implies that the estimated money multiplier is stable during the period of investigation. This finding suggests that the Bank of Thailand has the ability to control the broad money supply. The finding also points to the soundness of the current monetary policy regime.
    Keywords: Money multiplier, exogeneity of money supply, cointegration
    JEL: E5 E51 E52
    Date: 2019–07
  25. By: Markus K. Brunnermeier; Dirk Niepelt
    Abstract: When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents and liquidity bubbles. We derive sufficient conditions for equivalence and apply them in the context of the “Chicago Plan”, cryptocurrencies, the Indian de-monetization experiment, and Central Bank Digital Currency (CBDC). Our results imply that CBDC coupled with central bank pass-through funding need not imply a credit crunch nor undermine financial stability.
    Keywords: money creation, monetary system, inside money, outside money, equivalence, CBDC, Chicago Plan, sovereign money
    JEL: E40 E50 G10 H60
    Date: 2019
  26. By: Adam, Martin
    Abstract: Analysing human cognition and decision-making has become highly relevant in information systems (IS) research. Yet, although the notion of cognitive biases has been studied for more than 40 years in psychology and other related fields, IS researchers have only recently expressed explicit interest in this phenomenon. Even more nascent is the IS stream that emphasizes the usage and understanding of biases in the favor of humanistic outcomes (e.g., the well-being of individuals) beyond previous scientific endeavors to pursue instrumental goals (e.g., the profit of companies). This fact is reflected in the recent emergence and call for digital nudges - influences that rely on heuristics and biases to guide individuals to beneficial decisions through modest adjustments of the digital choice environments. To advance the emergent research in this field, this thesis targets one of the major bias categories: the social bias (i.e., systematic errors that result from an individual’s interpretation of social cues). Within four articles, the thesis addresses the role of social cues as digital nudges in various IS usage contexts. The first two articles investigate how directly-traceable social cues can overcome service adoption hurdles: Precisely, the first article investigates how employing a verbal (i.e., platform self-disclosure) and a nonverbal social cue (i.e., message interactivity) in a conversational agent (i.e., chatbot) influence users to voluntary self-disclose private information (i.e., e-mail addresses). Moreover, the results revealed that the analysed social cues do not have individual effects, but in fact boost each other through their interaction. The second article deals with the application of various directly-traceable social cues (e.g., pictures of human avatars) as well as the role of personalized recommendations in financial advisory services to improve investors’ financial well-being. The results demonstrate that not only directly-traceable social cues but also recommendations can increase a user’s perceived social presence during the interaction, which in turn influences potential investors to invest higher amounts. The third article continues with recommendations as social cues, yet analyses them from an indirectly-traceable perspective and is devoted to investigating whether the source of the recommendation (i.e., seller or other customers) influences the acceptance of the recommendation in augmented reality applications to help customers in finding the best product for their needs. The findings indicate that customer recommendations reduce a customer’s perceived fit uncertainty of a product, resulting in a higher intention to purchase of a product that previous customers recommended. However, customers refrain from adhering to an automatically-generated recommendation despite recent technological advances that may provide more personalized and thus more suitable recommendations than generic customer recommendations. The fourth and last article examines the impact of displaying sold-out products on campaign success in reward-based crowdfunding. The valuable information indicate how potential backers make use of displayed sold-out product as social cues to derive information for their decision-making from previous backing behavior. In addition, the findings also showed that sold-out products do not have an impact on their own, however, their effect is also influenced by other factors in the environment, namely discount amount and the number of backers (i.e., another social cue). Thus, the article provides learnings for project creators on the design of reward option menus. Overall, this thesis showcases the variety and importance of social cues in numerous applications and is, therefore, to be understood as a first approach to expanding the understudied research field. Furthermore, the results enrich previous research and elucidate various underlying explanatory mechanisms of how and why biased decision-making takes place and how these mechanisms may be used to nudge users in directions beneficial for them and for the employer of these nudges. The overarching contributions of this thesis for research consists of (1) investigating the existence and effects of various social cues on user decision-making, and (2) probing social cues in several IS usage contexts with their unique circumstances and influences, not only in a vacuum but also in conjunction with other interacting variables. Additionally, this thesis provides interesting and sometimes even counterintuitive recommendations as well as actionable and generalizable guidelines on social cues that practitioners can easily apply to various contexts.
    Date: 2019–07
  27. By: Apdi, Ferdi Ansyah
    Abstract: This paper extensively examines the role of social media in the development of Islamic marketing strategies in Indonesia in the context of the reported shift towards a more relationship-oriented approach to marketing. Social media platforms have emerged as the main communication tool in relationship marketing in part because of their ability to facilitate ongoing two-way communication between organizations and mass audiences, while maintaining the push-messaging capabilities of traditional marketing. Therefore growing academic interest explores the factors that influence the adoption and use of social media for business development purposes. There is a growing interest in the field of Islamic marketing, in part because of its thin size, and the relatively significant influence Islam has on Muslim consumption behavior and the operation of business managers. The purpose of this paper is to describe the role that social media platforms play as a brand communication tool in the context of Islamic marketing. We began a paper with a brief explanation of the concept of Islamic marketing, highlighting several factors influencing academic development in the field. Next, we discuss the main ways social media use by marketers and consumers alike influences Muslim consumer behavior. Finally, we conclude the paper by examining the effectiveness of the role of social media platforms that develop as tools by which marketing managers can influence the buying behavior of Muslim customers.
    Keywords: Halal, Islamic Marketing, Marketing Strategy, Social Media.
    JEL: D1
    Date: 2019–07–06
  28. By: Berentsen, Aleksander (University of Basel); Breu, Mariana Rojas (University Paris Dauphine); Waller, Christopher J. (Federal Reserve Bank of St. Louis)
    Abstract: We construct a search model where sellers post prices and produce goods of unknown quality. A match reveals the quality of the seller. Buyers rate sellers based on quality. We show that unrated sellers charge a low price to attract buyers and that highly rated sellers post a high price and sell with a higher probability than unrated sellers. We fi nd that welfare is higher with a ratings system. Using data on Airbnb rentals, we show that Superhosts and hosts with high ratings: 1) charge higher prices, 2) have a higher occupancy rate and 3) higher revenue than average hosts.
    Keywords: Ratings; Airbnb; Price Posting
    JEL: D21 D40 L11
    Date: 2019–07–01
  29. By: Ryan Hawthorne; Lukasz Grzybowski
    Abstract: We study substitution between fixed and mobile broadband services in South Africa using survey data on 134,000 individuals between 2009 and 2014. In our discrete-choice model, individuals choose fixed or mobile voice and data services in a framework that allows them to be substitutes or complements. We find that voice services are complements on average but data services are substitutes. However, many consumers see data services as complements. Our results show that having a computer and access to an internet connection at work or school are more important than reducing mobile data prices by 10% in driving broadband penetration.
    Keywords: fixed-to-mobile substitution, mobile broadband, fixed broadband
    JEL: L13 L43 L96
    Date: 2019
  30. By: Salvatore Nisticò (Department of Social Sciences and Economics, Sapienza University of Rome (IT).)
    Abstract: La storia finanziaria dell’ultimo decennio ci offre diversi spunti di riflessione sullo stato e le prospettive dell’attuale sistema monetario. Le dinamiche sui mercati delle criptovalute e le trasformazioni politiche in atto sembrano sottoporre l’attuale assetto monetario a pressioni di segno opposto: mentre le prime promuovono – da una prospettiva liberale e sovranazionale – la riduzione della contiguità tra emissione monetaria e potere politico, le seconde – da una prospettiva populista e sovranista – premono per un suo deciso rafforzamento. Questo lavoro discute la natura e le implicazioni di queste due tensioni, attraverso le lenti della memoria storica del nostro continente, e del pensiero di A. Smith e F. Von Hayek.
    Keywords: Smith, Hayek, Criptovalute, Sovranismo, Moneta, Banche Centrali.
    JEL: B12 B25 E31 E51 E58 N23
    Date: 2019–07
  31. By: L. Ingber
    Date: 2019
  32. By: Simplice A. Asongu (Yaoundé/Cameroon); Joseph Nnanna (The Development Bank of Nigeria, Abuja, Nigeria); Paul N. Acha-Anyi (Walter Sisulu University, South Africa)
    Abstract: Purpose –This study investigates the role of ICT in modulating the effect of governance on insurance penetration in 42 sub-Saharan African countries using data for the period 2004-2014. Design/methodology/approach –Two insurance indicators are used in the analysis, namely: life insurance and non-life insurance. The three ICT modulating dynamics employed include: mobile phone penetration, internet penetration and fixed broadband subscriptions. Six governance channels are also considered, namely: political stability, “voice & accountability”, regulation quality, government effectiveness, the rule of law and corruption-control. The empirical evidence is based on generalized method of moments. Findings –The following main findings are established. First, mobile phone penetration does not significantly modulate governance channels to positively affect life insurance while it effectively complements “voice & accountability” to induce a positive net effect on non-life insurance. Second, internet penetration complements: (i) governance dynamics of political stability, government effectiveness and rule of law to induce positive net effects on life insurance: and (ii) corruption-control for an overall positive effect on non-life insurance. Third, the relevance of fixed broadband subscriptions in promoting life insurance is apparent via governance channels of regulation quality, government effectiveness and the rule of law while fixed broadband subscriptions do not induce significant overall net effects on non-life insurance though the conditional effects are overwhelmingly significant. Orginality/value – To the best our knowledge, studies on the relevance of ICT in promoting insurance consumption through governance channels are sparse, especially for a region such as sub-Saharan Africa where insurance penetration is low compared to other regions of the world.
    Keywords: Africa; ICT; Governance; Insurance
    JEL: G20 I28 I30 L96 O55
    Date: 2019–01
  33. By: Joseph I. Uduji (University of Nigeria, Nsukka, Nigeria); Elda N. Okolo-Obasi (University of Nigeria, Nsukka, Nigeria)
    Abstract: The amount of improved seed used in Nigeria is extremely low. Overall, only 5 to 10 percent of cultivated land is planted with improved seeds, and about 10 percent of rural farmers use improved varieties. The objective of this investigation was to identify determinants of adoption of improved seed by farmers not participating in and those participating in the federal government’s e-wallet program in Nigeria. We determined the impact of the e-wallet program on adoption of improved seed in rural areas. One thousand, two hundred (1200) rural farmers were sampled across six geopolitical zones of Nigeria. Results from the use of a bivariate probit model indicated that the e-wallet program continued to become increasingly popular among rural farmers; and that farmers’ literacy, ownership of a mobile phone, value output, mobile network coverage, power for charging phone batteries and contact with extension agents were the positive determinants of farmer participation in thee-wallet program. Cultural obstacles to married women, growers’ age, and increased distance to registration and input collection centers reduced farmers’ tendency to participate in the e-wallet program. The results also showed that rural farmers depended on the e-wallet program for increased use and adoption of improved seed in Nigeria, to boost food security in sub-Saharan Africa. The results suggested the need for an improved e-wallet model by lessening constraints mostly associated with rural information and communication infrastructure, and distance to the registration and input collection centers.
    Keywords: Agricultural transformation agenda; bivariate probit model
    JEL: J43 O40 O55 Q10
    Date: 2018–01
  34. By: Simplice A. Asongu (Yaoundé/Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa)
    Abstract: The study investigates the relevance of information and communication technology (ICT) in modulating the effect of financial access on female economic participation. Female economic participation is proxied by female labor force participation, financial access is measured with deposit and credit channels while ICT is proxied by mobile phone penetration, internet penetration and fixed broadband subscriptions. The focus of the study is on 48 African countries for the period 2004-2014 and the empirical evidence is based on Generalized Method of Moments. Policy thresholds are established at which, ICT modulates financial access to induce favourable effects on female economic participation. These policy thresholds are: (i) 160 mobile phone penetration (per 100 people) for the deposit channel and (ii) 2.166 and 0.75 fixed broadband subscriptions per 100 people for respectively, the deposit mechanism and credit channel. Overall the study supports the importance of ICT in moderating financial access for enhanced female economic participation.
    Keywords: Africa; Gender; ICT; Inclusive development
    JEL: G20 I10 I32 O40 O55
    Date: 2018–01
  35. By: Alexis Bogroff (UP1 - Université Panthéon-Sorbonne); Dominique Guegan (UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Labex ReFi - UP1 - Université Panthéon-Sorbonne, University of Ca’ Foscari [Venice, Italy])
    Abstract: An extensive list of risks relative to big data frameworks and their use through models of artificial intelligence is provided along with measurements and implementable solutions. Bias, interpretability and ethics are studied in depth, with several interpretations from the point of view of developers, companies and regulators. Reflexions suggest that fragmented frameworks increase the risks of models misspecification, opacity and bias in the result; Domain experts and statisticians need to be involved in the whole process as the business objective must drive each decision from the data extraction step to the final activatable prediction. We propose an holistic and original approach to take into account the risks encountered all along the implementation of systems using artificial intelligence from the choice of the data and the selection of the algorithm, to the decision making.
    Keywords: Artificial Intelligence,Bias,Big Data,Ethics,Governance,Interpretability,Regulation,Risk
    Date: 2019–06
  36. By: Berentsen, Aleksander; Markheim, Marina
    Abstract: Peer-to-peer lending platforms are increasingly important alternatives to traditional forms of credit intermediation. These platforms attract projects that appeal to socially motivated investors. There are high hopes that these novel forms of credit intermediation improve financial inclusion and provide better terms for borrowers. To study these hopes, we introduce altruistic investors into a peer-to-peer model of credit intermediation where the terms of the loans are determined through bilateral bargaining. We find that altruistic investors do not improve financial inclusion in the sense that all projects that are financed by altruistic investors are also financed by rational investors. Altruistic investors offer, however, better borrowing conditions in the sense that the borrowing rates with altruistic investors are always lower in comparison to the ones obtained with rational investors. Furthermore, investors with strong altruistic preferences are willing to finance projects which generate an expected financial loss. We also introduce joint liability contracts and we find that they increase borrowing rates and have no effects on the surpluses of borrowers and investors. Finally, for a certain range of parameters the model’s allocation is observationally equivalent to a model with rational investors that have low bargaining power. Outside of this range, the model generates equilibrium allocations that are not incentive feasible in a model with rational investors which is interesting from the point of view of pure bargaining theory.
    Keywords: altruistic preferences, financial intermediation, financial inclusion, peer-to-peer platforms, joint liability
    JEL: D4 G0 O1
    Date: 2019–07
  37. By: Julián Andrada-Félix (Department of Quantitative Methods in Economics, Universidad de Las Palmas de Gran Canaria, Las Palmas de Gran Canaria, Spain); Adrian Fernandez-Perez (Department of Finance, Auckland University of Technology, Auckland, New Zealand); Simón Sosvilla-Rivero (Complutense Institute for Economic Analysis, Universidad Complutense de Madrid.)
    Abstract: This paper examines the volatility interconnection between the main cryptocurrencies and traditional currencies during the period of February 2014-September 2018 using both a framework proposed by Diebold and Yilmaz (2014) and the modified approach of Antonakakis and Gabauer (2017). Our results suggest that a 34.43%, of the total variance of the forecast errors is explained by shocks across the eight examined cryptocurrencies and traditional currencies, indicating that the remainder 65.57% of the variation is due to idiosyncratic shocks. Furthermore, we find that volatility connectedness varies over time, with a surge during periods of increasing economic and financial instability. When we aggregate both markets by blocks, we find that the block of traditional currencies and the block of cryptocurrencies are mostly disconnected with periods of mild net volatility spill over between both blocks. Finally, our findings suggest that financial market variables are the main drivers of total connectedness within the traditional currencies, while the cryptocurrency-specific variables are identified as the key determinant for the total connectedness within the traditional currencies and a combination of business cycles and cryptocurrency-specific variables explain the directional volatility connectedness between both blocks.
    Keywords: Exchange rates, Cryptocurrencies, Connectedness, Time-varying parameters, Stepwise regressions. JEL classification:C53, E44, F31, G15.
    Date: 2019–07
  38. By: Sigitas Siaudinis (Bank of Lithuania)
    Abstract: This paper examines the implications of digital currencies – both private cryptocurrencies and central bank digital currencies (CBDCs) – for central banking. We discuss some déjà vu episodes from monetary history in order to obtain a clearer understanding the present and potential implications of these currencies. We find that not only the current limitations of private cryptocurrencies, but also their conceptual underpinnings, argue against their replacement of conventional money. The two main potential problems with broadly accessible (general purpose) CBDC are a digital run and an excessive involvement of a central bank in the funding of the real economy. Meanwhile, alternative reserve-backed accounts or tokens (an implicit CBDC known as Tobin’s alternative) would also be exposed to these problems, albeit in a less pronounced way. CBDC-related hopes for monetary policy to eliminate the effective lower bound constraint are found to be exaggerated, even in a cashless world. We argue that central banks’ response to the digitalisation trend should be an integrative solution which satisfies the public demand for a safe means of payment, safeguards private innovations, and ensures financial stability. We conclude that there is no observable form of CBDC that would serve as a best-choice central bank response in advanced economies. Such a response might be considered as a temporary solution (if any), however, in emerging economies with weak financial inclusion.
    Keywords: private cryptocurrencies, central bank digital currency (CBDC), fintechs, financial stability, monetary policy
    JEL: E51 E58 N20
    Date: 2019–08–06
  39. By: Rod Garratt; Maarten van Oordt
    Abstract: Cash gives users a high level of privacy when making payments, but the use of cash to make payments is declining. People increasingly use debit cards, credit cards or other methods to pay. These payment methods do not provide the same level of privacy as cash. Meanwhile, providers of such payment methods are increasingly seeking ways to earn money from the payments data of their clients. We identify an economic mechanism that explains why people may choose too little privacy when considering how to pay. People do not bear the full costs of failing to protect their privacy. Data revealed by one person when they do not protect their privacy can be used to make inferences about the purchasing habits of another individual, even if that individual has taken steps to protect their own data. Economists call this mechanism an externality. It is easy to imagine a scenario where, because of this externality, people have very little privacy when making payments, even though privacy is highly valued in society. When left to market forces, this externality could also result in a faster decline in the use of cash than what would be optimal. Is it possible to reverse the trend toward less privacy in payments? Perhaps introducing a widely accepted electronic cash that offers the convenience of digital payments and the privacy of cash could help.
    Keywords: Staff Research; Staff Working Papers
    JEL: E42 G28
    Date: 2019–07
  40. By: Tatsuo Tanaka (Faculty of Economics, Keio University)
    Abstract: There is concern that the Internet causes ideological polarization through selective exposure and the echo chamber effect. This paper examines the effect of social media on polarization by applying a difference-in-difference approach to panel data of 50 thousand respondents in Japan. Japan is good case for this research because other factors affecting polarization like huge wealth gap and massive immigration are not serious issue, thus it offers quasi natural experimental situation to test the effect of the Internet. The results show that people who started using social media during the research period (targets) were no more polarized than people who did not (controls). There was a tendency for younger and politically moderate people to be less polarized. The only case in which the Internet increased polarization was for already radical people who started using Twitter. However, since radical people represent only 20% of the population and there was no effect for Facebook or blogs, the overall effect of the Internet was moderation, not polarization.
    Keywords: Polarization, Social media, Difference-in-Difference, Facebook, Twitter
    JEL: L82 L86 H80
    Date: 2019–07–19
  41. By: Arslan, A.M.; Agatz, N.A.H.; Klapp, M.
    Abstract: We introduce a personal shopper service that offers the same-day delivery of products avail- able at brick and mortar stores. Each customer request is placed online and could involve items from multiple stores. The operator of this service has to dynamically accept requests, coordinate a fleet of shoppers, schedule shopping operations at stores and execute deliveries of accepted re- quests to customers on time. Our work focuses on studying the benefits of splitting requests into smaller tasks served by different shoppers in parallel and consolidating tasks with a common shopping location into one store visit. We present and solve an online optimization model and empirically show that the percentage of requests served increases when request splitting is al- lowed. This benefit is mostly obtained due to an increased shopper utilization, reduced shopping times, and cheaper routing options available.
    Keywords: on-demand, personal shopper service
    Date: 2019–07–30

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.