nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2019‒08‒19
28 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  1. Determinants of Mobile Broadband Use in Developing Economies: Evidence from Sub-Saharan Africa By Maude Hasbi; Antoine Dubus
  2. A Tale of Two Countries: Cash Demand in Canada and Sweden By Walter Engert; Ben Fung; Björn Segendorf
  3. Diagnosis of business models on the Internet: current situation in the subsector of furniture manufacturing, mattresses and bed bases in the metropolitan area of Bucaramanga By Yenny Gómez; Karol Ariza; Cindy Tatiana Daza Rios
  4. From cash to central bank digital currencies and cryptocurrencies: A balancing act between modernity and monetary stability By Belke, Ansgar; Beretta, Edoardo
  5. Mobile Money and the Labor Market: Evidence from Developing Countries By Chiara, De Gasperin; Valentina, Rotondi; Luca, Stanca
  6. The Role of Cryptographic Tokens and ICOs in Fostering Platform Adoption By Yannis Bakos; Hanna Halaburda
  7. Singapore; Financial Sector Assessment Program-Technical Note-Fintech: Implications for the Regulation and Supervision of the Financial Sector By International Monetary Fund
  8. Understanding the adoption of crop protection smartphone apps: An application of the Unified Theory of Acceptance and Use of Technology By Michels, Marius; Bonke, Vanessa; Mußhoff, Oliver
  9. Singapore; Financial System Stability Assessment By International Monetary Fund
  10. ICT and Ethical Finance: Fostering Social Innovation and Financial Inclusion By Gian-Luca GASPARINI; Aurora PROSPERO
  11. Tourism and Social Media in the World: An Empirical Investigation By Simplice A. Asongu; Nicholas M. Odhiambo
  13. Rural Individuals’ Telehealth Practices: An Overview By Stenberg, Peter L.
  14. Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle By Eric Monnet; Damien Puy
  15. Privacy-Aware Distributed Mobility Choice Modelling over Blockchain By David Lopez; Bilal Farooq
  16. Choice of Invoice Currency and Exchange Rate Risk Management: 2018 Questionnaire Survey with Japanese Overseas Subsidiaries (Japanese) By ITO Takatoshi; KOIBUCHI Satoshi; SATO Kiyotaka; Shimizu Junko; YOSHIMI Taiyo
  17. The Optimal Provision of Information and Communication Technologies in Smart Cities By Batabyal, Amitrajeet; Beladi, Hamid
  19. E-commerce adoption and Rural Sustainable Livelihood Development, The Case of Smallholders in the Chinese Agro-Food Producing Sector By Cai, Yi; Xia, Chunping; Wang, Cuicui
  20. Economic and Policy Analysis of Potential Deployment of Rural Broadband in Indiana By Grant, Alison; Tyner, Wallace E.; DeBoer, Lawrence P.
  21. "Public and Private Currency Competition," Central Bank Research Association 2019 Annual Meeting, Columbia University and Federal Reserve Bank of New York, New York, N.Y. By Bullard, James B.
  22. The Benefits of Diversification between Bitcoin, Bonds, Equities and the US Dollar: A Matter of Portfolio Construction By Abdulnasser Hatemi-J; Mohamed A. Hajji; Elie Bouri; Rangan Gupta
  23. Crowdfunding : quand les fans rétribuent les créateurs du web Spécificités et Enjeux du « Modèle du Pourboire » By Sophie Renault; Aurore Ingarao
  24. France; Financial System Stability Assessment By International Monetary Fund
  26. Inferring Tax Compliance from Pass-through: Evidence from Airbnb Tax Enforcement Agreements By Andrew J. Bibler; Keith F. Teltser; Mark J. Tremblay
  27. Higher Tax and Less Work: An Optimal Response to Relative Income Concern By FitzRoy, Felix; Jin, Jim; Nolan, Michael A.
  28. Does Eviction Cause Poverty? Quasi-Experimental Evidence from Cook County, IL By John Eric Humphries; Nicholas Mader; Daniel Tannenbaum; Winnie van Dijk

  1. By: Maude Hasbi (I3, une unité mixte de recherche CNRS (UMR 9217) - Institut interdisciplinaire de l’innovation - X - École polytechnique - Télécom ParisTech - MINES ParisTech - École nationale supérieure des mines de Paris - CNRS - Centre National de la Recherche Scientifique); Antoine Dubus (Télécom ParisTech)
    Abstract: Broadband is seen as a vector of economic growth and social development. In the developing world, mobile technologies are widely adopted and mobile broadband is progressively rolled-out with high expectations on its impact on the countries' development. We highlight what the determinants of mobile broadband use are in four Sub-Saharan countries. Using micro-level data coming from household surveys over 5 years, from 2013 to 2017, we show that SIM card ownership and being part of an online social community has a strong positive impact on mobile broadband use. We also highlight a positive correlation between digital inclusion and financial inclusion as mobile money users and bank account users are found to be more inclined to use mobile broadband. However, beyond apparent similarities, mobile broadband is used in different ways according to countries specificities. For instance, among the non-mobile owners in Nigeria, the unemployed are the most likely to use mobile broadband, most probably for job search practices, while it is rather used by students for information gathering in other countries. Finally we show that those excluded from mobile broadband use are the eldest, those with the lowest level of education, and women.
    Keywords: O12,L50,L96,O55,Financial Inclusion,Digital Gap JEL Classification: I30,Mobile Broadband Use,Developing Economy
    Date: 2019–08–07
  2. By: Walter Engert; Ben Fung; Björn Segendorf
    Abstract: Cash use for payments has been steadily decreasing in many countries, including Canada and Sweden. This might suggest an evolution toward a cashless society. But in Canada, cash in circulation relative to GDP has been stable for decades and has even increased in recent years. By contrast, the cash-to-GDP ratio in Sweden has been falling steadily. What has caused this difference? Are there lessons to be learned from comparing the Canadian and Swedish experiences?
    Keywords: Bank notes; Digital Currencies and Fintech; Financial services; Payment clearing and settlement systems
    JEL: E41 E42 E5
    Date: 2019–08
  3. By: Yenny Gómez (UDI - Universidad de Investigación y Desarrollo); Karol Ariza (UDI - Universidad de Investigación y Desarrollo); Cindy Tatiana Daza Rios (UDI - Universidad de Investigación y Desarrollo)
    Abstract: In today's world, Information technologies and ICT communication has had quite a boom. Digital platforms are constantly used by people. Although, we can realize that by using the internet we can see products in an easier and faster way without having to move to a store, saving time and money; This is why companies should look for a way to boost sales through internet business models that allow them to increase their customers and have greater profitability in companies. The purpose of this degree project is to diagnose the internet business model proposed by Hoque 2000, applied in the furniture mattress manufacturing subsector in the Bucaramanga metropolitan area. The foregoing will be carried out through the identification and characterization of the current state of the companies of interest, and the contextualization of the benefits obtained by companies that make use of the internet as a tool for buying, selling and marketing their products. Initially, a review of the Compite 360 platform database of the Bucaramanga Chamber of Commerce is carried out. Subsequently, the classification criteria proposed by Hoque are used, which determined that the companies of interest to carry out the analysis was 10. Based on the analysis carried out, strategies that contribute to the furniture, mattress, and furniture subsector companies are issued. bed bases, to increase sales and improve your profitability in terms of the use of business models online.
    Abstract: En el mundo actual, las tecnologías de Información y Comunicación TIC, han tenido bastante auge. Las plataformas digitales son de uso constante de las personas. Si bien, podemos darnos cuenta, que al usar el internet podemos ver productos de una manera más fácil y rápida sin necesidad de trasladarse a una tienda, ahorrando tiempo y dinero; es por esto que las empresas deben buscar una manera de impulsar las ventas por medio de modelos de negocios en internet que les permita aumentar sus clientes y tener una mayor rentabilidad en las compañías. Este proyecto de grado tiene como propósito diagnosticar el modelo de negocio en internet propuesto por Hoque 2000, aplicado en el subsector de fabricación de muebles colchones somieres en el área metropolitana de Bucaramanga. Lo anterior se va a llevar a cabo a través de la identificación y caracterización del estado actual de las empresas de interés, y de la contextualización de los beneficios que han obtenido las empresas que hacen uso del internet como herramienta de compra, venta y comercialización de sus productos. Inicialmente se realiza una revisión de la base de datos de la plataforma Compite 360, de la Cámara de Comercio de Bucaramanga. Posteriormente, se utilizan los criterios de clasificación propuestos por Hoque, los cuales determinaron que las empresas de interés para llevar a cabo el análisis, eran 10. Partiendo del análisis realizado, se emiten estrategias que aporten a las empresas del subsector de muebles, colchones y somieres, para incrementar las ventas y mejorar su rentabilidad en cuanto al uso de los modelos de negocios por internet.
    Keywords: Business Model,Internet,TIC,Characterize,Electronic Commerce,Modelo de negocio,caracterizar,comercio electrónico.
    Date: 2019–07–24
  4. By: Belke, Ansgar; Beretta, Edoardo
    Abstract: The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money. Which aspects of modern payments systems could contribute to improve the way of functioning of today's globalized economy? And, which might even threaten the above mentioned instable equilibrium? This survey-paper aims, precisely, at giving some preliminary answers to a complex - therefore, ongoing - debate at the scientific as well as the banking and the political level.
    Keywords: cash,central banks,cryptocurrencies,digital currencies,monetary systems
    JEL: E4 E5 G21 G23
    Date: 2019
  5. By: Chiara, De Gasperin; Valentina, Rotondi; Luca, Stanca
    Abstract: Mobile money can play an important role in improving financial inclusion and, as a consequence, employment outcomes, especially in areas where adequate financial infrastructures are lacking. In this paper, we study the effects of mobile money use on the employment outcomes of individuals in 8 developing countries. Our findings indicate that, relative to non-users, individuals who use mobile money are more likely to become self-employed and to receive a regular wage. In particular, the positive association between mobile money use and regular wage is found to be robust also when explicitly addressing the potential endogeneity of mobile mobile money. Overall, the evidence suggests that policies aimed at favoring access to and use of mobile money can provide an e ective and relatively inexpensive tool in the agenda for sustainable development.
    Keywords: Mobile Money, Digital Revolution, Labor Market.
    JEL: O16 O17 O33
    Date: 2019–03
  6. By: Yannis Bakos; Hanna Halaburda
    Abstract: Platform-specific digital tokens are becoming increasingly common with the proliferation of initial coin offerings (ICOs). In addition to a novel financing mechanism, such tokens can help address the coordination problem that is common in network adoption. We develop a model to investigate the use of tradable digital tokens to solve this coordination problem. Our analysis shows that platform-specific tokens, due to their tradability and consequent higher value if the platform succeeds, can provide another tool to overcome the coordination problem in a platform adoption setting and to support equilibria favorable to the platform. We find that if the platform is not facing capital constraints, the most profitable strategy is the traditional strategy to subsidize adoption. If the platform is capital constrained, however, then token issuance provides an alternative that is increasingly attractive as the platform's cost of capital increases. With tokens, the platform trades off future revenue for present revenue, which helps finance solving the coordination problem. In that sense, even pure utility tokens have certain characteristics of equity: (1) early adopters share the future gains if the platform succeeds, and (2) the tokens provide an alternative when traditional financing is too costly or not available to the platform.
    Keywords: economics of IS, ICOs, blockchain, platforms, network effects
    JEL: D80 G20 O30
    Date: 2019
  7. By: International Monetary Fund
    Abstract: Fintech developments hold the promise of having a far-reaching impact on the Singaporean financial services sector, bringing both opportunities and new risks. Technological innovation is one of the most influential developments affecting the financial sector. While fintech promises opportunities for new entrants and incumbents, innovation and change introduce new risks for clients, financial institutions (FIs) and the system. Early indications suggest that while a significant amount of activity has taken place across the financial services landscape, the impact is largely characterized as helping incumbents deliver financial services in a more efficient manner as opposed to disrupting existing business models. Nonetheless, disruption could be around the corner.
    Date: 2019–07–15
  8. By: Michels, Marius; Bonke, Vanessa; Mußhoff, Oliver
    Abstract: There is a steady increase in smartphone apps available to improve farmers' decision making with respect to crop protection. While current studies have focused on smartphone adoption in general and farmers' general willingness to pay for crop protection smartphone apps, none have focused on the initial adoption decision. Furthermore, it has not been studied yet which app functions are perceived as useful and which are actually used by farmers. Based on an online survey of 207 German farmers conducted in 2019, we investigated farmers' adoption decision for crop protection smartphone apps based on the Unified Theory of Acceptance and Use of Technology (UTAUT) framework applying partial least squares equation modelling and a binary logit model. Descriptive results show that 95 % of the surveyed farmers use a smartphone, but only 71 % use a crop protection smartphone app. Apps providing infor-mation about weather, pest scouting and infestations forecasts are perceived as most useful by the majority of farmers. However, reported use fell short of reported usefulness. All hypothe-ses of the UTAUT model could be verified. 72 % of the variation in the behavioral intention to use a crop protection smartphone app and 50 % of the variation in the actual adoption is explained by the model. The results are of interest for policy makers in the field of digitaliza-tion in agriculture as well as providers and developers of crop protection smartphone apps.
    Keywords: crop protection,partial least squares structural equation modelling,precision agriculture,smartphone,smartphone apps,unified theory of acceptance and use of technology
    Date: 2019
  9. By: International Monetary Fund
    Abstract: Singapore is a small and very open economy and a major financial center. The financial system is highly integrated into international financial markets and serves as an important regional financial hub. After a period of subdued economic activity, growth accelerated in 2017–18, but is expected to moderate in 2019. To strengthen long-term growth prospects, amid population aging, the government is pursuing a strategy to transform the economy by harnessing emerging digital technologies. In the financial services area, this strategy has put Singapore at the forefront in fintech.
    Date: 2019–07–15
  10. By: Gian-Luca GASPARINI (SEFEA Consulting, Padua, Italy); Aurora PROSPERO (SEFEA Consulting, Padua, Italy)
    Abstract: This paper describes the links between ethical and responsible finance and social innovation. The two have long been in a close relationship. Ethical and responsible finance has traditionally supported projects that face difficulties in the mainstream banking sector, fostering experimental approaches (to give but an example) to market failures of traditional welfare. Moreover, ethical and responsible finance is interested not only on the economic viability of a project to fund, but also its social and/or environmental impact.The additional dimension brought about by the impact of the activities of ethical and responsible finance is social innovation. This potentially encompass several disciplines, phenomena and social constructs, which makes it difficult to analyse. However, interest in social innovation is increasing, especially concerning digital social innovation. After the theoretical analysis, the focus shifts to the PROFIT platform, presented as a practical example of ICT response to the need for improving the financial knowledge and literacy of the citizens for better decision-making and social resilience. During the creation of the platform, its creators have taken the diversity of the potential beneficiaries into account, in order to be useful for as many social groups as possible. The paper concludes with an analysis of the digital social innovation potential of the PROFIT platform.
    Keywords: ethical finance; responsible finance; social innovation; social impact; PROFIT, online platform; financial literacy
    JEL: A13 A20 I22 O32
    Date: 2019–11
  11. 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: 2018–01
  12. By: Inna S. Lola (National Research University Higher School of Economics); Murat Bakeev (National Research University Higher School of Economics)
    Abstract: The spread of digital technologies changes production processes and business models, which has important effects for diversification of the economy. The fourth industrial revolution and the Industrial Internet of Things open up new opportunities for the introduction of technologies, having a significant impact on the production cycle, starting with highly automated production lines and ending with the large-scale implementation of technological solutions designed to improve productivity, optimize costs, quality and reliability. Defining digital transformations, primarily in the manufacturing industry as a strategic imperative for the entire economy, for the first time, based on opinions and intentions of entrepreneurs (short and medium-term), key aspects of the digitalization process in Russian medium, high-tech and low-tech manufacturing industries are revealed. A set of tendencies in the development of digital technologies by their main types is presented, the level of industry participation in digital transformation is shown, as well as many other important digital transformation processes in enterprises that are not measured by quantitative statistics. For all the studied industries, factors hindering digital transformation are identified and ranked.
    Keywords: digitalization, digital activity, digital technologies, manufacturing industry, conjuncture observations, digital investment, digital strategy
    JEL: O14 O33 L60 O52
    Date: 2019
  13. By: Stenberg, Peter L.
    Abstract: Telehealth—i.e., health services or activities conducted via phone, Internet, and other technologies— has emerged as a new way for consumers to meet their health care needs. The benefits of telehealth may be greater in rural areas, where remoteness and provider shortages may make accessing health care more difficult for rural residents. Using detailed 2015 household data, the report analyzes three basic telehealth activities as practiced by consumers age 15 or older: (1) online health research; (2) online health maintenance (communication with health providers, including communicating with medical practitioners, maintaining records, and paying bills); and (3) online health monitoring via devices that exchange data remotely with medical personnel. Rural residents were less likely than urban people to engage in the telehealth activities, with 17 percent of rural people conducting online health research, 7 percent engaging in online health maintenance, and 1.3 percent using online health monitoring (compared with 20 percent, 11 percent, and 2.5 percent of urban residents, respectively). Use of all of these telehealth activities increased among individuals with higher levels of education. Generally, use increased among individuals with higher household income, but income’s effect varied across the telehealth activities.
    Keywords: Community/Rural/Urban Development, Health Economics and Policy
    Date: 2018–11
  14. By: Eric Monnet; Damien Puy
    Abstract: Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.
    Date: 2019–07–24
  15. By: David Lopez; Bilal Farooq
    Abstract: A generalized distributed tool for mobility choice modelling is presented, where participants do not share personal raw data, while all computations are done locally. Participants use Blockchain based Smart Mobility Data-market (BSMD), where all transactions are secure and private. Nodes in blockchain can transact information with other participants as long as both parties agree to the transaction rules issued by the owner of the data. A case study is presented where a mode choice model is distributed and estimated over BSMD. As an example, the parameter estimation problem is solved on a distributed version of simulated annealing. It is demonstrated that the estimated model parameters are consistent and reproducible.
    Date: 2019–08
  16. By: ITO Takatoshi; KOIBUCHI Satoshi; SATO Kiyotaka; Shimizu Junko; YOSHIMI Taiyo
    Abstract: This study presents summary results from the 2018 RIETI Questionnaire Survey of 21,801 Japanese overseas subsidiaries. Our main findings are as follows: First, almost 60% of Japanese overseas subsidiaries are using their own discretion in choosing invoice currency and managing currency risk. This percentage has not changed from the past two surveys. Second, the usage of local Asian currencies as an invoice currency is increasing. The RMB and local Asian currencies are used for trade both with Japan and other countries, and such usage has increased significantly since the previous two surveys. Third, US dollar denominated transactions are decreasing with the increased use of local Asian currencies. In particular, the decrease in US dollar invoicing is large in trade with countries other than Japan. Fourth, Yen invoicing accounts for the largest share in the intermediate goods imports from Japan, while the share of US dollar invoicing exceeds that of Yen-denominated invoicing in exports to Japan. This trend was also confirmed in the past two surveys, however the share of Yen invoicing in exports to Japan decreased significantly. The above findings suggest that the use of the US dollar and the Yen among overseas subsidiaries in Asia gradually decreased, while the use of local Asian currencies including the RMB has steadily increased.
    Date: 2019–08
  17. By: Batabyal, Amitrajeet; Beladi, Hamid
    Abstract: We exploit the public good attributes of information and communication technologies (ICTs) and theoretically analyze an aggregate economy of two smart cities in which ICTs are provided in either a decentralized or a centralized manner. We first determine the efficient ICT levels that maximize the aggregate surplus from the provision of ICTs in the two cities. Second, we compute the optimal level of ICT provision in the two cities in a decentralized regime in which spending on the ICTs is financed by a uniform tax on the city residents. Third, we ascertain the optimal level of ICT provision in the two cities in a centralized regime subject to equal provision of ICTs and cost sharing. Fourth, we show that if the two cities have the same preference for ICTs then centralization is preferable to decentralization as long as there is a spillover from the provision of ICTs. Finally, we show that if the two cities have dissimilar preferences for ICTs then centralization is preferable to decentralization as long as the spillover exceeds a certain threshold.
    Keywords: Information and Communication Technologies, Smart City, Spillover, Uncertainty
    JEL: H76 R50 R53
    Date: 2019–05–15
  18. By: Raffaella Barone; Donato Masciandaro
    Abstract: The article presents a novel dynamic setting to compare old – usury – and new – cryptocurrency – money laundering techniques and uses it for calibration to shed light on their relative role as an effective device for the criminal organizations to clean their illegal revenues. The specialness of the usury contract depends on its role in laundering illegal revenues originating from criminal activities and it is independent from the interest rate level, while the cryptocurrency money laundering is associated with an initial coin offering (ICO) tool. The calibration compares the leverage effect on the overall capital owned by the criminal organizations triggered by the two money laundering techniques.
    JEL: K40 K42 K14 G18
    Date: 2018
  19. By: Cai, Yi; Xia, Chunping; Wang, Cuicui
    Keywords: Agribusiness
    Date: 2019–06–25
  20. By: Grant, Alison; Tyner, Wallace E.; DeBoer, Lawrence P.
    Keywords: Community/Rural/Urban Development
    Date: 2019–06–25
  21. By: Bullard, James B. (Federal Reserve Bank of St. Louis)
    Abstract: Speaking in New York, St. Louis Fed President James Bullard said he views cryptocurrencies as new entrants into the ongoing global currency competition. “Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced,” he said.
    Date: 2019–07–19
  22. By: Abdulnasser Hatemi-J (Department of Economics and Finance, UAE University); Mohamed A. Hajji (Department of Mathematical Sciences, UAE University); Elie Bouri (USEK Business School, Holy Spirit University of Kaslik, Lebanon); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, South Africa)
    Abstract: This paper investigates potential portfolio diversification between Bitcoin, bonds, equities and the US dollar. We make use of two approaches for constructing the portfolio. The first is the standard minimum variance approach, and the alternative is based on combining risk and return when the portfolio is constructed. The portfolio based on the minimum variance approach does not result in increasing the return per unit risk compared to the corresponding value for the best single asset, in this case Bitcoin. However, the portfolio based on the approach that combines risk and return in the optimization problem does show a return per unit risk higher than the corresponding value for any of the four assets. Thus, the portfolio diversification benefit with respect to these four assets, in terms of return per unit risk, exists only if the portfolio is constructed via the new approach.
    Keywords: Portfolio Diversification, Bitcoin, Equity, Bond, US Dollar, Risk and Return
    JEL: C6 G10 G12
    Date: 2019–08
  23. By: Sophie Renault (VALLOREM - Val de Loire Recherche en Management - UO - Université d'Orléans - Université de Tours); Aurore Ingarao (CREGO - Centre de Recherche en Gestion des Organisations [Dijon] - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté)
    Abstract: Parmi les modalités de financement participatif, le « modèle du pourboire », incarné par des plateformes comme Patreon ou Tipeee, n'a fait l'objet que de très peu de recherches. Les plateformes fondées sur ce modèle permettent aux communautés réunies autour de créateurs de contenus en ligne (YouTubeurs, blogueurs, musiciens, auteurs de bande dessinée…) de leur offrir un « pourboire » pour les aider à financer des productions auxquelles elles ont traditionnellement accès gratuitement. C'est ainsi un revenu ou complément de revenu qui peut être empoché par les créateurs du web. Dans une démarche exploratoire, notre recherche a pour ambition de souligner les particularités et enjeux du « modèle du pourboire » pour ses parties prenantes.
    Keywords: financement participatif,mécénat,pourboire,netnographie,bande dessinée
    Date: 2018–05
  24. By: International Monetary Fund
    Abstract: Important institutional and policy changes have taken place since the 2012 FSAP. At the national level, the authorities have strengthened the macroprudential framework by establishing the High Council for Financial Stability (HCSF), enhanced monitoring of financial stability risks, prepared to manage the Brexit fall-out, introduced macroprudential measures, and taken various financial reform measures included in Loi PACTE—Action Plan for Business Growth and Transformation—and initiatives on digital finance, crypto-assets, green finance, and combating cyber risk. At the European level, significant changes include the Banking Union (BU), Capital Requirements Regulation/Capital Requirements Directive (CRR/CRD), Solvency II, and efforts towards a Capital Markets Union (CMU). The financial system is more resilient than it was in 2012. Capital positions and asset quality have improved. Banking business is better placed to handle cross-border contagion, including from exposures to high-yield EA economies. Insurers’ solvency ratios have been stable and have been bolstered by the effective implementation of Solvency II. Household savings and balance sheets are relatively sound and house prices presently appear broadly aligned with fundamentals.
    Date: 2019–07–24
  25. By: Simplice A. Asongu, Phd (Department of Economics, University of South Africa); Nicholas M. Odhiambo (Department of Economics, University of South Africa)
    Abstract: This study investigates whether information sharing channels that are meant to reduce information asymmetry have led to an increase in financial access. The study employs a Generalised Method of Moments technique using data from 53 African countries during the period from 2004-2011 to examine this linkage. Information sharing channels are theoretically designed to promote the formal financial sector and discourage the informal financial sector. The study uses two information sharing channels: private credit bureaus and public credit registries.
    Keywords: Information asymmetry; Financialisation; Financial Access; Africa
    JEL: R10
    Date: 2018–06
  26. By: Andrew J. Bibler; Keith F. Teltser; Mark J. Tremblay
    Abstract: Tax enforcement can be prohibitively costly when market transactions and participants are difficult to observe. Evasion among market participants may reduce tax revenue and provide certain types of suppliers an undue competitive advantage. Whether efforts to fully enforce taxes are worthwhile depends on the rate of compliance in the absence of such efforts. In this paper, we show that an upper bound on pre-enforcement tax compliance can be obtained using market data on pre- and post-enforcement periods. To do this, we estimate the pass-through of tax enforcement agreements between Airbnb and state and local governments, which achieve full compliance at the point of sale. Using data on Airbnb listings across a number of U.S. metropolitan areas, as well as variation in enforcement agreements across time, location, and tax rate, we estimate that taxes are paid on no more than 24 percent of Airbnb transactions prior to enforcement. We also find that demand is inelastic, which drives several key insights: the economic burden of taxation disproportionately falls on renters, excess burden is very small, and tax enforcement is not an effective policy lever for interest groups seeking to reduce local Airbnb activity.
    Keywords: evasion, short-term housing rentals, sharing economy, voluntary collection agreements, online sales and use taxes
    JEL: H20 H22 H26 L10
    Date: 2019
  27. By: FitzRoy, Felix (University of St. Andrews); Jin, Jim (University of St. Andrews); Nolan, Michael A. (University of Hull)
    Abstract: There is much evidence that relative income concern reduces subjective wellbeing and raises labour supply – 'keeping up with the Joneses' (KUJ), while increasing use of social media and growing inequality encourage comparison. Models with one or two agent –types generally miss the policy relevant dimension of labour force participation, so we include a distribution of wages with intensive and extensive margins of labour supply, both of which are increased by comparison. The optimal tax response increases with comparison, but, surprisingly, dominates the comparison effect and reduces individual labour supply, thus reversing KUJ, and maintains constant employment, independent of comparison.
    Keywords: income comparison, maxi-min, inequality, unemployment
    JEL: H24 D63
    Date: 2019–07
  28. By: John Eric Humphries (Yale University); Nicholas Mader (Chapin Hall at the University of Chicago); Daniel Tannenbaum (University of Nebraska); Winnie van Dijk (University of Chicago)
    Abstract: Each year, more than two million U.S. households have an eviction case filed against them. Many cities have recently implemented policies aimed at reducing the number of evictions, motivated by research showing strong associations between being evicted and subsequent adverse economic outcomes. Yet it is difficult to determine to what extent those associations represent causal relationships, because eviction itself is likely to be a consequence of adverse life events. This paper addresses that challenge and offers new causal evidence on how eviction affects financial distress, residential mobility, and neighborhood quality. We collect the near-universe of Cook County court records over a period of seventeen years, and link these records to credit bureau and payday loans data. Using this data, we characterize the trajectory of financial strain in the run-up and aftermath of eviction court for both evicted and non-evicted households, finding high levels and striking increases in financial strain in the years before an eviction case is filed. Guided by this descriptive evidence, we employ two approaches to draw causal inference on the effect of eviction. The first takes advantage of the panel data through a difference-in-differences design. The second is an instrumental variables strategy, relying on the fact that court cases are randomly assigned to judges of varying leniency. We find that eviction negatively impacts credit access and durable consumption for several years. However, the effects are small relative to the financial strain experienced by both evicted and non-evicted tenants in the run-up to an eviction filing.
    Keywords: evictions, financial distress, poverty
    JEL: J01 H00 I30 R30
    Date: 2019–07

This nep-pay issue is ©2019 by Bernardo Bátiz-Lazo. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.