|
on Payment Systems and Financial Technology |
|
Issue of 2019‒09‒16
33 papers chosen by |
| By: | Mitch Kramer (Independent Researcher, Tampa, USA) |
| Abstract: | Cryptocurrency, is it just a trend or is it the future of assets? It is a hot topic of conversation among individuals, as well as within companies. This paper will provide an overview of Cryptocurrency as well as discuss its inception, the current state, and the future outlook. As well, the paper will look at negative, neutral, and positive perceptions of Cryptocurrency from the perspective of individuals and organizations. The discussion will also look into Bitcoin, Ethereum, and Ripple, revealing how they differ from each other, even though all three are based on Blockchain Technology. Another section of the paper examines the comparison of Cryptocurrency to other assets. It will examine whether Cryptocurrency is similar to a monetary currency, such as the US Dollar, similar to common stock, such as shares in a public company or similar to money metals, such as Gold and Silver. These assets are all subject to market fluctuations, just like Cryptocurrency. |
| Keywords: | Cryptocurrency, Bitcoin, Ethereum, Ripple, Blockchain Technology, Satoshi Nakamoto |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:smo:dpaper:033mk&r=all |
| By: | Ansgar Belke; Edoardo Beretta |
| 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 scientific as well as banking and political level. |
| Keywords: | cash, central banks, cryptocurrencies, digital currencies, monetary systems |
| JEL: | E4 E5 G21 G23 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:rmn:wpaper:201909&r=all |
| By: | Gözde ?slamo?lu (Kocaeli University, Faculty of Communication, Department of Radio, Television and Cinema) |
| Abstract: | Since its first appearance, photograph has been a tool that attracted the attention of people and enabled to share certain moments with other people. Together with the developing technologies, photograph has also been transformed and digitalized, and it has become easier to edit photographs. While the tools of photo editing and filter applications reinforce the relationship with the digital world, social media platforms play an important role in this transformation. Thus, photograph becomes a part of socialization and also contributes to the interaction of people with each other. Instagram is an example of a popular platform where photos and videos can be shared with other users. One of the most important features of this platform is that it allows photos to be rearranged by applying digital filters. In this way, photos become more visible on social media, and by interacting with other users it plays an important role in increasing the number of followers. In the scope of this study, how filtered and unfiltered photos shared by most-followed public Instagram accounts are perceived by different users has been examined. The purpose of the study is to reveal whether people can distinguish filtered photographs from unfiltered ones; which ones they find more attractive, like most and prefer to interact with. The findings of the study have been obtained through semi-structured interviews. In addition, the similarities and differences in the interpretation of the photographs were determined and its connection with user's age, life experience and social relations were tried to be established. |
| Keywords: | Photograph, Instagram, Photo sharing |
| Date: | 2019–06 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9011134&r=all |
| By: | Gulcin Ipek Emeksiz (Anadolu University, Communication Sciences Faculty, Department of Communication Design and Management) |
| Abstract: | Social media is the new form of today?s communication. People spend a lot of time on social media to be informed about and to interact with the happenings in their social environments, and in the meantime they want to reach their favourite brands. Therefore, many brands have started to open brand fan pages in different social media platforms such as Facebook, Twitter and Instagram to get in touch with their consumers. There are many factors which have led brands to use social media in external corporate communication; however, these are not pointed out in detail in the literature. This paper aims to cover the factors which have motivated brands to use social media in external corporate communication. The paper first explores the reasons behind the decline of trust towards traditional advertisements and the advertisements on the Internet. Afterwards, it discusses why websites have recently lost their popularity against social media platforms. Lastly, it looks at why consumers want a presence of brands in social media. The results show that today?s consumers tend to trust electronic word of mouth in social media platforms more than traditional advertisements since they can learn online the experiences of people who have tried the products and services of brands. Furthermore, many consumers feel bothered from the advertisements which drop into their e-mail boxes and the Internet banners which pop up. Interactivity in social media is the main factor which has caused social media to get one step more forward than the websites. Today?s consumers want to engage in dialogues with their favourite brands and have in touch with them on social media. This paper will contribute to the literature of corporate communication from the aspect of social media. |
| Keywords: | brands, corporate communication, external, factors, social media |
| JEL: | M30 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:8710904&r=all |
| By: | Noel Packard (University of Auckland) |
| Abstract: | Marx?s Machine Age theory of capitalism ascribes a unique driving role for alienation and argues new modes of production emerge from past modes of production. Presently so-called surveillance capitalism is superseding Machine Age capitalism and distributing wealth unequally to a 1% global elite. There are debates about what alienation is at work in this changed epoch. Premised on Marx?s idea that modes of production are born in the previous epoch along with the alienation that works with them, a hypothesis about how today?s Internet enables both endless free speech, while inversely and simultaneously, enabling endless spying with impunity is presented here. The hypothesis is a conceptualization of alienation labeled as ?known unknown.? The adaption of the term ?known unknown alienation? stems from the discourse in the film, ?The Unknown Known? which highlights aspects of known unknown alienation, in the form of so-called national security experts who are mentally divided about what they can and can not know (or talk about) and also the divide between the expert and the taxpayer, who does not qualify to have access to the same information that the expert has. This personal internal contradiction and social alienation is compounded because Americans are proud of US constitutionally protected free speech rights (which according to The Citizens United Act allows corporations to be individuals); these contradictions help drive surveillance capitalism. The historical-comparative argument is: ?Communist hunting? intelligence agents, scientists, and contractors, backed by neoliberal economists, built a military-industrial-complex that obligated them to both known and not know, or in the case of the CIA be ?witting? of national security secrets, which alienated them from US constitutional free speech. Their alienation manifest in their interactive inventions - the Internet, pc and cell phone - devices that today dialectically give customers the ability to express free speech endlessly in electronic memory form, while inversely giving spies unlimited access to that speech with impunity. This process works in tandem: enabling appropriation of data for government surveillance and service fee payments for corporations. |
| Keywords: | alienation, Internet, neoliberal, Cold War, intelligence, surveillance, witting |
| JEL: | H54 H56 O33 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9211641&r=all |
| By: | Musabbir Chowdhury (Niagara College Canada) |
| Abstract: | Intelligent technologies such as block chain, internet of things, data analytics, artificial intelligence, and sensor fusion that are all necessary for smart cities and the sharing economy are now wide-spread. The Four Pillars of Productivity (4POP) framework is applied to determine the appropriate business positioning, given that these modern cities will very soon start to emerge and will make even greater use of the sharing economy. The financial gain, convenience, and overall quality of life improvements that the sharing economy can offer need to be fully realized. This will involve the sharing of almost all resources and skills, both in the home and work environments. Alignment with intelligent technology trends are considered; these include coordination of logistics and operations, digital governance, corporate culture, and smart urbanization effects on behavior and business practices. The paper also addresses the increased systematic risk and cybersecurity implications that come with complexity and uncertainty. |
| Keywords: | Smart city, sharing economy, Intelligent technologies, Four Pillars of Productivity Framework |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:8710707&r=all |
| By: | Samuel Asante Gyamerah |
| Abstract: | In this paper, an application of three GARCH-type models (sGARCH, iGARCH, and tGARCH) with Student t-distribution, Generalized Error distribution (GED), and Normal Inverse Gaussian (NIG) distribution are examined. The new development allows for the modeling of volatility clustering effects, the leptokurtic and the skewed distributions in the return series of Bitcoin. Comparative to the two distributions, the normal inverse Gaussian distribution captured adequately the fat tails and skewness in all the GARCH type models. The tGARCH model was the best model as it described the asymmetric occurrence of shocks in the Bitcoin market. That is, the response of investors to the same amount of good and bad news are distinct. From the empirical results, it can be concluded that tGARCH-NIG was the best model to estimate the volatility in the return series of Bitcoin. Generally, it would be optimal to use the NIG distribution in GARCH type models since time series of most cryptocurrency are leptokurtic. |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1909.04903&r=all |
| By: | Jean-Philippe Berrou (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique, LAM - Les Afriques dans le monde - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux); Kevin Mellet (EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Depuis le début des années 2000, le continent africain connaît une révolution numérique qui modifie en profondeur aussi bien le quotidien de ses populations que l'environnement des affaires. Principal moteur de cette transformation : la diffusion rapide des usages d'Internet et surtout du téléphone mobile. Le nombre d'abonnés uniques en Afrique est en effet passé de quelques milliers au début des années 2000 à 420 millions en 2016. Quant au nombre d'utilisateurs de smartphones, il devrait passer de 200 millions en 2016 à 500 millions en 2020. Pour autant, cette révolution se déroule dans un contexte économique caractérisé par une forte prépondérance des activités informelles. Il nous invite donc à nous interroger sur les usages spécifiques du mobile par ces entrepreneurs informels : quels types d'usages du mobile privilégient-ils dans le cadre de leurs activités ? Quel est l'impact de cette nouvelle technologie sur la productivité et les performances de leurs unités de production ? |
| Date: | 2018–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02280444&r=all |
| By: | Károly SZÓKA (University of Sopron Alexandre Lamfalussy Faculty of Economics) |
| Abstract: | The controlling is a combination of the target-oriented control activity, the used methods and other soft factors as well. The controlling is constantly changing because it always must meet the current challenges. Each company receives and generates a lot of data, Big Data and Data Mining help in predictive, secure and user-friendly analysis. One of the most important trend is the Industry 4.0 and the compliance to the Digital Business Models through intelligent networks and Cyber-Physical Systems. The controller is responsible for identifying and evaluating the business changes and requirements; so he will support the management in the implementation of it. We are reviewing the importance of the Industry 4.0 and how have to develop the process orientation of controlling at the modern Digital Business Models. In the paper, we will illustrate how can be achieved it by taking into account the Industry 4.0 strategy and how digitalisation can help. |
| Keywords: | Controlling, Industry 4.0, Process orientation, Digital Business Model |
| JEL: | L21 M10 O30 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9212125&r=all |
| By: | Károly Szóka (University of Sopron Alexandre Lamfalussy Faculty of Economics) |
| Abstract: | The controlling is a combination of the target-oriented control activity, the used methods and other soft factors as well. The controlling is constantly changing because it always must meet the current challenges. Each company receives and generates a lot of data, Big Data and Data Mining help in predictive, secure and user-friendly analysis. One of the most important trend is the Industry 4.0 and the compliance to the Digital Business Models through intelligent networks and Cyber-Physical Systems. The controller is responsible for identifying and evaluating the business changes and requirements; so he will support the management in the implementation of it. We are reviewing the importance of the Industry 4.0 and how have to develop the process orientation of controlling at the modern Digital Business Models. In the paper, we will illustrate how can be achieved it by taking into account the Industry 4.0 strategy and how digitalisation can help. |
| Keywords: | Controlling, Industry 4.0, Process orientation, Digital Business Model |
| JEL: | L21 M10 O30 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9211546&r=all |
| By: | Julia M. Puaschunder (The New School, Department of Economics) |
| Abstract: | The introduction of Artificial Intelligence in our contemporary society imposes historically unique challenges for humankind. The emerging autonomy of AI holds unique potentials of eternal life of robots, AI and algorithms alongside unprecedented economic superiority, data storage and computational advantages. Yet to this day, it remains unclear what impact AI taking over the workforce will have on economic growth. |
| Keywords: | AI, AI-GDP Index, AI market entry, Artificial Intelligence, capital, economic growth, endogenous growth, exogenous growth, Global Connectivity Index, GDP, Gross Domestic Product, labor, law and economics, society, State of the Mobile Internet Connectivity, workforce |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:smo:dpaper:01jp&r=all |
| By: | May Mahfouz (Ain Shams University Cairo, Egypt) |
| Abstract: | This research addresses the influence of social media with its ever-evolving techniques that serve social campaigns focusing on people as the central theme of its concern. Developers of social media techniques are always looking for and making the necessary changes through intensive and successive campaigns across various social media channels, to reach its full impact on users taking into consideration important marketing elements, such as culture and timing of said campaigns among other elements. Social media is a great way to communicate with the public. It contributes to building trust, elevates the spirits of society, enhances tolerance by considering emotions of individuals and it reinforces the feeling of belonging. It could positively affect the behavior and moral levels of humans. All that while working in an integrated framework of analysis that is run by governments, international institutions, civil society organizations and private sectors. These institutions factor in the public needs to better deliver their messages, there is no doubt that these types of social media campaigns are becoming a great deal of interest in different societies at different levels. As Egypt is aligning itself in recognizing the importance of evolution in social media and ultimately aim to change the negative reality and transform society to better reality; I will address in this study the role of social media in the success of “100 Millions’ Health†campaign that took place in Egypt. This campaign was able to gain great amount of popularity through social media networks and contributed to the convergence of Egyptian public opinion about its objectives. |
| Keywords: | Social Media, Value, Healthcare |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:smo:dpaper:04mm&r=all |
| By: | Francis Bloch; Gabrielle Demange |
| Abstract: | This paper analyzes taxation of an Internet platform attracting users from different jurisdictions. When corporate income tax rates are different in the two jurisdictions, the platform distorts prices and outputs in order to shift profit to the low-tax country. We analyze the comparative statics effects of an increase in the tax rate of one country. When cross-effects are present in both countries, the platform has an incentive to increase the number of users in the high-tax country and decrease the number of users in the low-tax country. When externalities only flow from one market to another, an increase in the corporate tax rate results either in a decrease or an increase in the number of users in both countries depending on the direction of externalities. We compare the baseline regime of separate accounting (SA) with a regime of formula apportionment (FA), where the tax bill is apportioned in proportion to the number of users in the two countries. Under FA, an increase in the corporate tax rate increases the number of users in the low-tax country and decreases the number of users in the high-tax country. We use a numerical simulation to show that the high-tax country prefers SA to FA whereas the low-tax country prefers FA to SA. |
| Keywords: | digital platforms, multinational firms, corporate income taxation, formula apportionment, separate accounting |
| JEL: | H32 H25 L12 L14 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_7818&r=all |
| By: | Arpit Agarwal (Hidayatullah National Law University) |
| Abstract: | Humans, as a race, have been persistently pushing themselves to ensure that the future which awaits us to be more tech-savvy and lesser labour-oriented. Pervasion of technology and scientific innovations has ensured that minimal reliance be made upon human efforts. It would, thus not be farfetched to assert that today we have more faith in the efficacy of such inventions than on self-efforts and rightly so, for the accuracy and sharpness being offered by such tools of modern era are well beyond comparison to those reflected by the efforts of homo sapiens.A conscious shift of the litigation sector towards technology has resulted in providing this already thriving industry with further impetus and has brought with itself manifold boons, be it in the form of research expediency, administrative purposes, file management, or even in predicting the favourability of the expected judgement. Also, it has led to the advent of ancillary sector in the form of those providing necessary interface and software environment for the aforesaid purposes. Technology has transgressed the legal sector not merely in the form of necessary software equipment; but even the development of other aspects of technology like computer hardware, Internet, E-Mail, Mobile Devices, and quite recently, Cloud services have been playing their own significant part. However, technological invasion has also had its share of disadvantages in the form of increased privacy risk and vulnerability of computer systems to name a few.This paper thus, intends to deal at length with the history of technological development in the legal domain and highlight the advantages, the disadvantages, hindrances and future prospects of it. It also seeks to answer pertinent questions like: ?Will it affect the paralegal sector?? ?Can it supersede the role of a litigator?? ?How far can it economize litigation practice?? |
| Keywords: | Technology, Economize, Paralegal, Litigation. |
| Date: | 2019–06 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9010708&r=all |
| By: | Demir, Tolga (Sabanci University); Mohammad, Ali (Copenhagen Business & School and Centre of Excellence for Science and Innovation Studies (CESIS), Royal Institute of Technology); Shafi, Kourosh (California State University East Bay) |
| Abstract: | We explore whether sensation-seeking, a personality trait that involves risk-taking for novelty and thrill, is one of the underlying motivations for participating in peer-to-peer lending crowdfunding markets. To empirically substantiate this argument, we test whether individuals participating in Prosper, one of the largest lending markets in the U.S., reduce their lending activity when gambling in the form of playing the multistate lotteries Powerball and Mega Millions becomes more attractive. Lottery is a repeated natural experiment: lottery jackpots are randomly won and a series of draws with no winners form large jackpots. We find that the thrill of winning a large jackpot lottery, perhaps intensified by advertising and media coverage around this event, fulfills some lenders' desire of sensation-seeking and substitutes participating in Prosper, decreasing their lending activity. We discuss implications for lenders and borrowers, as well as platform organizers and policy makers. |
| Keywords: | Peer-to-peer lending; crowdfunding; lottery; gambling; Fin-Tech |
| JEL: | G23 |
| Date: | 2019–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:cesisp:0481&r=all |
| By: | Joseph Price; Kasey Buckles; Jacob Van Leeuwen; Isaac Riley |
| Abstract: | A key challenge for research on many questions in the social sciences is that it is difficult to link historical records in a way that allows investigators to observe people at different points in their life or across generations. In this paper, we develop a new approach that relies on millions of record links created by individual contributors to a large, public, wiki-style family tree. First, we use these “true” links to inform the decisions one needs to make when using traditional linking methods. Second, we use the links to construct a training data set for use in supervised machine learning methods. We describe the procedure we use and illustrate the potential of our approach by linking individuals across the 100% samples of the US decennial censuses from 1900, 1910, and 1920. We obtain an overall match rate of about 70 percent, with a false positive rate of about 12 percent. This combination of high match rate and accuracy represents a point beyond the current frontier for record linking methods. |
| JEL: | C81 J1 N01 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26227&r=all |
| By: | Thorstensen, Vera Helena; Mascarenhas, Fernanda; Paola, Giulia de |
| Abstract: | O crescimento exponencial do comércio eletrônico não foi acompanhado por práticas regulatórias uniformes no cenário internacional: somente em 2019 a OMC se dispôs a negociar um acordo sobre o tema, enquanto países já tem regulado a economia digital através de acordos bilaterais e por suas próprias políticas de regulação interna. Nesse sentido, o artigo procura abordar como o Brasil tem se posicionado nas negociações na OMC para o futuro acordo, como dimensionar suas práticas regulatórias domésticas que impactam o comércio eletrônico. Por fim, o artigo procura comparar a regulação interna brasileira com a atuação do MERCOSUL, que possui Grupos de Trabalho destinados à negociação de políticas sobre a economia digital. Essa análise fazse importante dado que o país é o principal consumidor de e-commerce na América Latina, como um dos Membros da OMC mais ativos nas negociações sobre comércio eletrônico. |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:fgv:eesptd:510&r=all |
| By: | Carla Hamida (Bard College at Simon’s Rock, Great Barrington, USA); Amanda Landi (Bard College at Simon’s Rock, Great Barrington, USA); Ziyi Liu (Bard College at Simon’s Rock, Great Barrington, USA) |
| Abstract: | Recently, governmental institutions and private industries in power have been pushed to be more transparent so that more people can have ownership of their data. Another type of institution with a large amount of power over data are educational institutions. Colleges and Universities around the globe store a significant amount of data on millions of students, such as financial aid, grades, dropout or graduation, successes after graduation. Each institution is rated with respect to these items and more, and potential students are making decisions to go to the school based on these ratings. Therefore, it is imperative for students, who invest their time and their money into the school of their choice, to know the truth. In 2017, the College Transparency Act and the Student Right to Know Before You Go Act were passed, which were created to push transparency for data in higher education. The openness of data in higher education will be beneficial to prospective students. The push for these two bills coincided with the bitcoin bubble. In the past three years, experts in economics, medicine, and supply chain management have been researching methods on how to implement blockchains to create optimal and decentralized data systems. In this paper, we propose a model for open data in higher education inspired by the Bitcoin, which uses blockchain. When used together with InterPlanetary File System, a peer-to-peer distributed file system, we can create a decentralized platform that increases accessibility of data and autonomy of prospective students. |
| Keywords: | open data, higher education, blockchain, IPFS, transparency |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:smo:dpaper:012hc&r=all |
| By: | SANDRA OBIORA (UNIVERSITY OF ELECTRONIC SCIENCE AND TECHNOLOGY OF CHINA); YONG ZENG (UNIVERSITY OF ELECTRONIC SCIENCE AND TECHNOLOGY) |
| Abstract: | Alternative financing methods such as Crowdfunding, and Peer-to-Peer lending in the past few decades are becoming more sort after means of business start-up financing. On the other hand, traditional financing methods such as bank loans are now more difficult to acquire especially across African countries. Taking a sample of 410 Africans in China, this study examines the factors that affect the adoption of alternative financing methods for business start-ups. The results show that internet usage in Africa and China, length of residence in China, and the capital intensity of the type of the business to be started are all significant factors to the preference and adoption of alternative financing methods by Africans residing in China. Seeing as research into Africa?s adoption of alternative financing is lacking, this study, this study provides insight where Africans are concerned. |
| Keywords: | Alternative financing methods, Traditional financing methods, Business Start-ups |
| JEL: | A12 G29 C15 |
| Date: | 2019–06 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9010883&r=all |
| By: | HANNAH DUNGA (VAAL UNIVERSITY OF TECHNOLOGY) |
| Abstract: | The world has experienced a massive transformation since the establishment of the first industrial revolution which seemed as a breakthrough for humankind. The first industrial revolution transformed from an agrarian and handcraft world to the use of machines that were powered by water and steam. This was followed by what is called the second and subsequently the third industrial revolution the two led to an establishment of electric power to create mass production and the use of electronics and information technology to automate production. In a short while technology evolved rapidly birthing what is so called the current fourth industrial revolution. Unlike the past three evolutions, the fourth industrial revolution has rapidly transformed the way of life to a sophisticated digitalized world where everything is made instant. In as far as such improvements in the technological sphere are important, the fourth industrial revolution is receiving so much critic in most industries, this paper highlights the effects of the fourth industrial revolution on the poor people or those on the boundary of poverty. The premise of the paper is that Industry 4.0 as it is also known, has made life better and easier for those that are involved and has paradoxically made the gap between the educated and the uneducated even wider. The usage of technological advancements is associated with income in a way that those that do not have access to such income as would enable them to afford any technological gadget and hence know how, are left behind by unprecedented gaps. This paper therefore analyses the relationship between technological advances proxied by access to cell phone and data, and poverty in South Africa. To achieve this the paper will employ data obtained from 2017 General household survey data from STATS SA. The apriori expectation is that households that are able to move with technology do so at very high opportunity cost and hence may trade off technology with basic needs that end up pushing them deeper into poverty. |
| Keywords: | Fourth industrial revolution; poverty; technology; households; trade-off |
| JEL: | I30 |
| Date: | 2019–06 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9010709&r=all |
| By: | Javier López González (OECD) |
| Abstract: | This paper provides a broad overview of some of the issues that digital trade raises for ASEAN countries and its MSMEs, including new opportunities that digitalisation presents for ASEAN firms to increase trade. However, it shows that adoption of relatively simple digital tools, such as webpages, remains relatively low, constraining the ability of ASEAN SMEs to engage in trade as exporters and importers. The paper argues that, to benefit from digital trade, policy makers need to consider issues related to accessing digital networks jointly with a range of old and new trade issues. |
| Keywords: | ASEAN, digital trade, SMEs, trade costs |
| JEL: | D22 F13 F14 L11 |
| Date: | 2019–09–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:traaab:230-en&r=all |
| By: | Andy Cheng (The Hang Seng University of Hong Kong) |
| Abstract: | One of the important tasks of every multi-asset portfolio managers is to assess how different asset classes interact with each other. Historical findings indicate that tradition risk asset classes exhibited various degrees of correlation, be they positive or negative, among each other. With the raise of crypto assets, such as bitcoin, it appears that crypto assets have gradually been considering as new investment class, at least from institutional aspect. This study reveals that the correlation of the digital currency with the longest price history, bitcoin, with other traditional assets is close to zero. Thus, from diversification point of view, this makes cryptocurrencies or bitcoin a perfectly uncorrelated asset which would benefit almost any portfolio. Further study is performed to investigate the cointegration relations among bitcoin and other asset classes. It is found that the spreads between bitcoin and some major tradition risk asset classes exist a mean reversion phenomenon. This enables asset managers to develop quantitative approaches for active management strategies.Models of cointegrated time series are common place in the literature and application in financial series. Correlation and cointegration are time series modelling techniques that have applied to financial markets. They are related but with different concepts. Correlation indicates co-movements in returns which is a short run measure requires frequent rebalancing to minimize losses, while cointegration measures long run tandem movements in prices to ensure long term performance for achieving returns. Two pairs of asset prices are found to have a common stochastic trend with stationary cointegrating vector, they are in theory considered for cointegration. This stochastic process displays a mean reversion in long run. If there exists a divergence in spread due to temporary shocks, one can expects to profit from performing pairs trading strategy by creating a short position on the outperforming one, at the same time with a long position on the underperforming one.In this study, trading signal would be generated for our pairs trading with bitcoin. Largely, our results empirically support over various asset classes during the period of estimation. |
| Keywords: | cointegrationpairs tradingcorrelationcryptocurrenciesBitcoin |
| JEL: | G11 G12 G17 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9211529&r=all |
| By: | Otto Kässi; Vili Lehdonvirta |
| Abstract: | We study the effects of a voluntary skill certification scheme in an online freelancing labour market. We show that obtaining skill certificates increases freelancers’ earnings. This effect is not driven by increased freelancer productivity but by decreased employer uncertainty. The increase in freelancer earnings is mostly realised through an increase in the value of the projects won rather than an increase in the number of projects won. Moreover, we find evidence for negative selection to completing skill certificates, which suggests that the freelancers who complete more skill certificates are in a more disadvantaged position in the labour market. |
| Keywords: | signaling, human capital, skill validation, skill certificates, micro-credentials, online freelancing, platforms, gig economy, computer-based assessment |
| JEL: | J21 J23 J24 J31 I20 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_7810&r=all |
| By: | PADHMA MOODLEY (DURBAN UNIVERSITY OF TECHNOLOGY) |
| Abstract: | Recent technological developments have increased the platforms and capacity for learning at HEIs. Whilst the adoption of web 2.0 tools by undergraduates continues to be a focus in e-learning discourse, attention should be given to adult learners who are forced to adapt to the spate of technologically innovative educational practices. This paper, explores the experience of adult learners use of social media which is used as an e-learning platform for a course in Research Methodology (RMBA 201). A Facebook page was set up and monitored for the duration of the course which was regularly updated with course slides (in the form of videos) and notifications. Non-probability sampling technique was used in the selection of the sample. Only adult learners? who accessed the prescribed social media designed for the course were eligible to participate in this study. This meant that purposive sampling was used to generate the desired sample. Fifty seven adult learners completed a closed ended questionnaire. The study reveals that although the adult learners were slow to grasp the concept of social media as an e-learning platform, their interest grew exponentially week on week. Furthermore, the test periods saw immense activity from adult learners on the social media, which was indicative of the social media?s usefulness as an e-learning platform. |
| Keywords: | social media; e-learning; adult learners; diffusion of innovation |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:8711484&r=all |
| By: | Naglaa Diaa Ramzy (Helwan University); Sireen Abdulhalim (Future University in Egypt); Pansee Mashaly (Future University in Egypt) |
| Abstract: | Digital gaming is increasingly recognized as one of the most important entertainment sectors worldwide, turning it into a promising medium for advertisers. Games are extremely engaging, interactive and challenging, as a result, it attracted advertisers who are seeking the attention of the customers through a nontraditional medium to convey their advertising messages. Along with this growth in digital games, there are several important contextual factors to consider in the selection and placement of the advertising messages in digital games. The objective of this research was to explore the effect of in-game advertising on brand recall processing. The quantitative approach was employed and a survey was distributed on 201 respondents applied on FIFA game players in Egypt. The results showed that in-game advertising has an effect on brand recall. Additionally, the position of the advertisement and time of appearance appear to be the most significant factor in affecting brand recall. |
| Keywords: | In-Game Advertising - Brand Recall - Advergames- Product placement |
| JEL: | M30 M39 M37 |
| Date: | 2019–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:8711878&r=all |
| By: | Gonzalez-Uribe, Juanita; Leatherbee, Michael |
| Abstract: | Do business accelerators affect new venture performance? We investigate this question in the context of Start-Up Chile, an ecosystem accelerator. We focus on two treatment conditions typically found in business accelerators: basic services of funding and coworking space, and additional entrepreneurship schooling. Using a regression discontinuity design, we show that schooling bundled with basic services can significantly increase new venture performance. In contrast, we find no evidence that basic services affect performance on their own. Our results are most relevant for ecosystem accelerators that attract young and early-stage businesses and suggest that entrepreneurial capital matters in new ventures. |
| JEL: | N0 R14 J01 |
| Date: | 2018–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:84553&r=all |
| By: | Raúl Duarte; Frederico Finan; Horacio Larreguy; Laura Schechter |
| Abstract: | Throughout much of the developing world, politicians rely on political brokers to buy votes prior to elections. We investigate how social networks help facilitate vote-buying exchanges by combining village network data of brokers and voters with broker reports of vote buying. We show that networks diffuse politically-relevant information about voters to brokers who leverage it to target voters. In particular, we find that brokers target reciprocal voters who are not registered to their party and about whom they can hear more information through their social network. These results highlight the importance of information diffusion through social networks for vote buying and ultimately for political outcomes. |
| JEL: | D72 O1 |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26241&r=all |
| By: | Mi Chuanmin; Xu Runjie; Lin Qingtong |
| Abstract: | With the rapid development of Internet finance, a large number of studies have shown that Internet financial platforms have different financial systemic risk characteristics when they are subject to macroeconomic shocks or fragile internal crisis. From the perspective of regional development of Internet finance, this paper uses t-SNE machine learning algorithm to obtain data mining of China's Internet finance development index involving 31 provinces and 335 cities and regions. The conclusion of the peak and thick tail characteristics, then proposed three classification risks of Internet financial systemic risk, providing more regionally targeted recommendations for the systematic risk of Internet finance. |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1909.03808&r=all |
| By: | Timmons, Shane; McGowan, Féidhlim; Lunn, Pete |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:esr:wpaper:rb201913&r=all |
| By: | Huang, Xu; Hu, Yan; Dong, Zhiqiang |
| Abstract: | The authors explore the impact of artificial intelligence on the economy by improving the neoclassical production function and the task-based model. Based on the capital accumulation of artificial intelligence and technological progress, they present a theoretical model that explores the effect of alternative and complementary artificial intelligence on wages, capital prices, labor share, capital share and economic growth. The model shows that artificial intelligence capital lowers the capital prices and increases wages. In addition, if artificial intelligence and labor force are complementary, artificial intelligence capital has a positive impact on labor share, but if artificial intelligence and labor force can substitute each other, labor share is negatively influenced by artificial intelligence capital. The authors extend the task-based model and find that technological progress increases both wages and labor share by generating new tasks. In the long run, without consideration of exogenous technology, as the artificial intelligence capital accumulates, per capita output, per capita traditional capital and per capita artificial intelligence capital grow at the same rate, and economic growth finally reaches steady state equili- brium. With exogenous technology considered, artificial intelligence technology improves, and sustained economic growth is achieved. |
| Keywords: | artificial intelligence,automation,economic growth,share of labor |
| JEL: | J23 J24 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201948&r=all |
| By: | Arezoo Hatefi Ghahfarrokhi; Mehrnoush Shamsfard |
| Abstract: | In this paper, we investigate the impact of the social media data in predicting the Tehran Stock Exchange (TSE) variables for the first time. We consider the closing price and daily return of three different stocks for this investigation. We collected our social media data from Sahamyab.com/stocktwits for about three months. To extract information from online comments, we propose a hybrid sentiment analysis approach that combines lexicon-based and learning-based methods. Since lexicons that are available for the Persian language are not practical for sentiment analysis in the stock market domain, we built a particular sentiment lexicon for this domain. After designing and calculating daily sentiment indices using the sentiment of the comments, we examine their impact on the baseline models that only use historical market data and propose new predictor models using multi regression analysis. In addition to the sentiments, we also examine the comments volume and the users' reliabilities. We conclude that the predictability of various stocks in TSE is different depending on their attributes. Moreover, we indicate that for predicting the closing price only comments volume and for predicting the daily return both the volume and the sentiment of the comments could be useful. We demonstrate that Users' Trust coefficients have different behaviors toward the three stocks. |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1909.03792&r=all |
| By: | Julia M. Puaschunder (The New School, NY) |
| Abstract: | The introduction of Artificial Intelligence in our contemporary society imposes historically unique challenges for humankind. The emerging autonomy of AI holds unique potentials of eternal life of robots, AI and algorithms alongside unprecedented economic superiority, data storage and computational advantages. However, the introduction of AI to society also raises ethical questions. What is the social impact of robots, algorithms, blockchain and AI entering the workforce and our daily lives on the economy and human society? Should AI become eternal or is there a virtue in switching off AI at a certain point? If so, we may have to define a ‘virtue of killing’ and a ‘right to destroy’ that may draw from legal but also philosophical sources to answer the question how to handle the abyss of killing with ethical grace and fair style. In light of robots already having gained citizenship and being attributed as quasi-human under Common Law jurisdiction, should AI and robots be granted full citizen rights – such as voting rights? Or should we simply reap the benefits of AI and consider to define a democracy with different classes having diversified access to public choice and voting – as practiced in the ancient Athenian city state, which became the cradle of Western civilization and democratic traditions spread around the globe. Or should we legally justify AI slaves to economically reap their benefits, as was common in ancient Rome, which became the Roman Law legal foundation for Continental and some of Scandinavian Law traditions and which inspired very many different codifications around the world. Finally, we may also draw from the Code Napoléon, the French Code Civil established under Napoleon in 1804, which defined male and female into two classes of human with substantial right and power differences, and – to this day – accounts for one of the few documents that have influenced the whole world in legal and societal ways. In asking critical questions and unraveling the ethical boundary conditions of our future artificial world, the paper thereby takes a descriptive – afar from normative – theoretical angle targeted at aiding a successful introduction of AI into our contemporary workforce, democracy and society. |
| Keywords: | AI, Artificial Intelligence, Athenian city state, Code Civil, Code Napoléon, Democracy, Right to destroy, Roman Law, Slavery, Society, Workforce |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:smo:cpaper:5jp&r=all |
| By: | Jiménez Restrepo, Diana Marcela; Pino Anderson |
| Abstract: | En este documento se analiza la red de las principales citaciones al artículo de Ronald Oaxaca sobre la diferenciación salarial. El análisis se realiza para el periodo comprendido entre 1973 hasta 2017 de la base especializadas en fuente bibliográficas Google Académico. |
| Keywords: | Oaxaca, descomposición salarial, análisis de citaciones, Análisis de redes sociales |
| Date: | 2018–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:col:000149:017400&r=all |