nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2020‒05‒11
27 papers chosen by

  1. Cryptocurrency Market Reactions to Regulatory News By Raphael A. Auer; Stijn Claessens
  2. Bitcoin Transaction Networks: an overview of recent results By Nicol\`o Vallarano; Claudio Tessone; Tiziano Squartini
  3. Tracking the digital footprint in Latin America and the Caribbean: Lessons learned from using big data to assess the digital economy By -
  4. An Empirical Analysis of Mobile Banking Adoption in Vietnam By Vuong, Bui Nhat
  5. Saving for Multiple Financial Needs: Evidence from Lockboxes and Mobile Money in Malawi By Shilpa Aggarwal; Valentina Brailovskaya; Jonathan Robinson
  6. Effects of piracy on the American comic book market and the role of digital formats By Wojciech Hardy
  7. Elaboration of proposals for the development of electronic trading platforms in the digital economy of Russia By Levashenko, Antonina (Левашенко, Антонина); Girich, Maria (Гирич, Мария)
  8. We examine how an innovation in payment technology impacts on consumer payment choice and cash demand. We study the staggered introduction of contactless debit cards between 2016-2018. The timing of access to the contactless technology is quasi-random across clients, depending only on the expiry date of the existing debit card. Our analysis is based on administrative data for over 21’000 bank clients and follows a pre-analysis plan. Average treatment effects show that the receipt of a contactless card increases the use of debit cards especially for small-value payments. However, we find only a moderate average reduction in the cash share of payments and no reduction of average cash demand. Treatment effects on payment choice are strongest among consumers with an intermediate pre-treatment use of cash. Explorative analyses reveal that effects are largely driven by young consumers in urban locations. By Martin Brown; Nicole Hentschel; Hannes Mettler; Helmut Stix
  9. Politics in the Facebook Era - Evidence from the 2016 US Presidential Elections By Federica Liberini; Michela Redoano; Antonio Russo; Ángel Cuevas; Rubén Cuevas
  10. How Much Did People Refrain from Service Consumption due to the Outbreak of COVID-19? By Tsutomu Watanabe; Yuki Omori
  11. PISA 2018 results: Are students smart about money? By OECD
  12. A System Dynamics Model of Bitcoin: Mining as an Efficient Market and the Possibility of "Peak Hash" By Davide Lasi; Lukas Saul
  13. How average is average? Temporal patterns in human behaviour as measured by mobile phone data -- or why chose Thursdays By Marina Toger; Ian Shuttleworth; John \"Osth
  14. Imposing choice under ambiguity: the case of dynamic currency conversion By Christian Ewerhart; Sheng Li
  15. Ocupaciones emergentes en la economía digital y su regulación en México By Bensusán Areous, Graciela
  16. Central Bank Digital Currency - Objectives, preconditions and design choices By Peter Wierts; Harro Boven
  17. Digital technologies and firm performance: Evidence from Europe By Cathles, Alison; Nayyar, Gaurav; Rückert, Désirée
  18. Skewed non-Gaussian GARCH models for cryptocurrencies volatility modelling By Roy Cerqueti; Massimiliano Giacalone; Raffaele Mattera
  19. Which Retail Outlets Generate the Most Physical Interactions? By Avi Goldfarb; Catherine Tucker
  20. The Politics of Platform Capitalism. A Case Study on the Regulation of Uber in New York By Seidl, Timo
  21. Multimarket Contact and Collusion in Online Retail By Poppius, Hampus
  22. Fake news in the time of environmental disaster: Preparing framework for COVID-19 By Azim, Syeda Saadia; roy, arindam; Aich, Amitava; Dey, Dipayan
  23. The FinTech Dividend: How Much Money Is FinTech Likely to Mobilize for Sustainable Development? By Michael, Bryane
  24. Best Practices for Artificial Intelligence in Life Sciences Research By Makarov, Vladimir; Stouch, Terry; Allgood, Brandon; Willis, Christopher; Lynch, Nick
  25. Social media in tourism marketing: Travellers’ attitudes and encounters By Chatzigeorgiou, Chryssoula; Christou, Evangelos
  26. Would a State Monopoly Over Money Creation Allow for a Reduction of National Debt? A Study of the “Seigniorage Argument” in Light of the “100% Money” Debates By Samuel Demeulemeester
  27. The Geographic Spread of COVID-19 Correlates with Structure of Social Networks as Measured by Facebook By Theresa Kuchler; Dominic Russel; Johannes Stroebel

  1. By: Raphael A. Auer; Stijn Claessens
    Abstract: Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains. These results suggest that cryptocurrency markets rely on regulated financial institutions to operate and that these markets are segmented across jurisdictions.
    Keywords: digital currencies, cryptocurrencies, bitcoin, ethereum, distributed ledger technology, regulation, financial markets, event studies
    JEL: E42 E51 F31 G12 G28 G32 G38
    Date: 2020
  2. By: Nicol\`o Vallarano; Claudio Tessone; Tiziano Squartini
    Abstract: Cryptocurrencies are distributed systems that allow exchanges of native (and non-) tokens among participants. The complete historical bookkeeping and its wide availability opens up an unprecedented possibility, i.e., that of understanding the evolution of their network structure while gaining useful insight on the relationships between user behaviour and cryptocurrency pricing in exchange markets. In this contribution we review some of the most recent results concerning the structural properties of Bitcoin Transaction Networks, a generic name referring to a set of different constructs: the Bitcoin Address Network, the Bitcoin User Network and the Bitcoin Lightning Network. A common picture that emerges out of analysing them all is that of a system growing over time, which becomes increasingly sparse, and whose structural organization at the mesoscopic level is characterised by the presence of a statistically-significant core-periphery structure. Such a peculiar topology is matched by a highly unequal distribution of bitcoins, a result suggesting that Bitcoin is becoming an increasingly centralised system at different levels.
    Date: 2020–04
  3. By: -
    Abstract: This report explores the opportunities for and challenges of the systematic use of publicly available digital data as a tool for formulating public policies for the development of the digital economy in Latin America and the Caribbean. The objective is to share lessons learned in order to advance a research agenda that allows the countries of the region to create alternative measuring tools based on the digital footprint. Using big data techniques, the digital footprint left behind by labour market portals, e-commerce platforms and social media networks offer unprecedented information, both in terms of scope and detail.
    Date: 2020–04–28
  4. By: Vuong, Bui Nhat
    Abstract: Mobile phones with banking technology are becoming more readily available in Vietnam. Similarly, many financial institutions and mobile phone service providers are teaming up to provide several banking services to customers via the mobile phone. However, the number of people who choose to adopt or use such technologies is still relatively low. Therefore, there is a need to assess the acceptance of such technologies to establish factors that hinder or promote customer’s intention to use mobile banking. Survey data collected from 452 consumers was analyzed to provide evidence. Results from the partial least squares structural equation modeling (PLS-SEM) using the SmartPLS 3.0 program indicated that perceived easy to use, perceived credibility, usefulness, attitude, perceived behavioral control and subjective norm are significant with respect to the customer’s intention to use mobile banking services. The results of the data analysis contribute to the body of knowledge by demonstrating that the above factors are critical in intention to use mobile banking in a developing country context. The finding of this study can also help marketers in the banking sector offer more suitable marketing strategies in their field in order to make higher attractiveness with mobile banking
    Date: 2020–04–21
  5. By: Shilpa Aggarwal; Valentina Brailovskaya; Jonathan Robinson
    Abstract: We test whether the provision of multiple labeled savings accounts affects savings and downstream outcomes in an experiment with 761 microentrepreneurs in urban Malawi. Treatment respondents received one or multiple savings accounts, in the form of lockboxes or mobile money. We find that while providing additional boxes increased savings by 40%, technical issues marred the efficacy of a second mobile money account. Both types of accounts had impacts on downstream outcomes, including farming decisions and credit extended to customers. We do not detect differential downstream effects by the number of accounts.
    JEL: D14 O12 O16
    Date: 2020–04
  6. By: Wojciech Hardy
    Abstract: Much like the music and movie industries before, the comic book industry has entered the digital markets and faces the unfair competition of unauthorized sources. I conduct a survey among comic book readers to infer whether the unpaid channels harm the sales of comic books from the top American publishers. My data allows me to construct a time panel of comics readers and calculate the substitution rate between the paid and unpaid channels of comics acquisition. Moreover, I show that the digital comics – both paid and unpaid – are typically considered as inferior by the readers. With the price of digitally released new comics set at the same level as their print versions, this suggests that readers who do not want to pay the full price for print copies are more likely to use pirate sources than to switch to legal digital channels. Indeed, among the surveyed sample, lowering the price of digital comics could help convert some of the unpaid acquisitions into paid digital ones.
    Keywords: comic books, media, digital formats, piracy, file-sharing
    JEL: C83 K42 O34 Z11
    Date: 2020–03
  7. By: Levashenko, Antonina (Левашенко, Антонина) (The Russian Presidential Academy of National Economy and Public Administration); Girich, Maria (Гирич, Мария) (The Russian Presidential Academy of National Economy and Public Administration)
    Abstract: In the framework of this work, aspects of the legal regulation of electronic trading platforms were analyzed, in particular, regulatory standards within the framework of international organizations, including the OECD, WTO, UNCITRAL, WIPO, the Council of Europe, as well as standards in countries with the largest volume of electronic commerce, including the USA, China , India, EU countries (France, Germany), Australia. The result of the work was the formation of proposals for regulating the operation of electronic trading floors in Russia, including registration and reporting, defining the boundaries of responsibility of electronic trading floors, taxation, protecting consumers' rights, protecting personal data, currency control, customs regulation, regulating advertising and spam, protecting intellectual property, antitrust regulation, financial and information support measures, currency regulation, etc.
    Keywords: e-commerce, electronic trading platforms, OECD, consumer protection, personal data protection, taxation, advertising and spam, competition
    Date: 2020–03
  8. By: Martin Brown; Nicole Hentschel; Hannes Mettler; Helmut Stix
    Keywords: Financial innovation, cash, money demand, payment choice, pre-analysis plan
    JEL: E41 G20 O33 D14
    Date: 2020–04
  9. By: Federica Liberini; Michela Redoano; Antonio Russo; Ángel Cuevas; Rubén Cuevas
    Abstract: Through social media, politicians can personalize their campaigns and target specific groups of voters with an unprecedented precision. We assess the effects of such political micro-targeting by exploiting daily advertising prices on Facebook during the 2016 US presidential campaign. We measure the intensity of online campaigns using variation in ad prices charged to reach certain audiences, defined by political orientation, location, and demographic characteristics. We address two fundamental questions: How intensively did social media political campaigns target each audience? How large were any effects on voters? We find that micro-targeted political ads on social media had significant effects when based on geographical location, ideology, ethnicity, and gender. Exposure to these ads made individuals less likely to change their initial voting intentions, particularly among those who had expressed an intention to vote for Donald Trump. We also find that micro-targeted ads reduced turnout among targeted liberals, whereas they increased turnout and support for Trump among targeted moderates.
    Keywords: social media, political micro-targeting, elections, advertising, populism, polarization
    JEL: D72 M37 D91
    Date: 2020
  10. By: Tsutomu Watanabe (Graduate School of Economics, University of Tokyo. Founder and Technical Advisor, Nowcast Inc.); Yuki Omori (Nowcast Inc.; M.A. candidate, Graduate School of Information Science and Technology, University of Tokyo)
    Abstract: With the spread of coronavirus infections, there has been a growing tendency to refrain from consuming services such as eating out that involve contact with people. Self-restraint in service consumption is essential to stop the spread of infections, and the national government as well as local governments such as the Tokyo government are calling for consumers as well as firms providing such services to exercise self-restraint. One way to measure the degree of self-restraint has been to look at changes in the flow of people using smart phone location data. As a more direct approach, this note uses credit card transaction data on service spending to examine the degree to which people exercise self-restraint. The results indicate that of men aged 35-39 living in the Tokyo metropolitan area, the share that used their credit card to pay for eating out in March 2020 was 27 percent. Using transaction data for January, i.e., before the full outbreak of the virus in Japan, yields an estimated share of 32 percent for March. This means that the number of people eating out fell by 15 percent. Apart from eating out, similar self-restraint effects can be observed in various other sectors such as entertainment, travel, and accommodation. Looking at the degree of self-restraint by age shows that the self-restraint effect was relatively large among those in their late 30s to early 50s. However, below that age bracket, the younger the age group, the smaller was the self-restraint effect. Moreover, the self-restraint effect was also small among those aged 55 and above. Further, the degree of self-restraint varies depending on the type of service; it is highest with regard to entertainment, travel, and accommodation. The number of people who spent on these services in March 2020 was about half of the number during normal times. However, the 80 percent reduction demanded by the government has not been achieved.
    Date: 2020–04
  11. By: OECD
    Abstract: This May sees the release of the results from the third PISA assessment of financial literacy. These results are largely consistent with previous findings, but also go beyond earlier assessments in probing students’ behaviours and attitudes towards money matters (including digital money matters) and their exposure to financial education at school.The Covid-19 crisis has lain bare the economic and financial uncertainty and precarity that many adults face; the 15-year-old students who sit the PISA assessment will soon leave compulsory education and must take this uncertainty into account as they take decisions about further education and career pathways. Proficiency in financial literacy will help students take responsible and well-informed decisions and set them up for financial resilience later in life. Policy makers are encouraged to use the findings and recommendations in this PISA in Focus to foster enhanced financial literacy and responsible financial inclusion.
    Date: 2020–05–07
  12. By: Davide Lasi; Lukas Saul
    Abstract: The mining of bitcoin is modeled using system dynamics, showing that the past evolution of the network hash rate can be explained to a large extent by an efficient market hypothesis applied to the mining of blocks. The possibility of a decrease in the network hash rate from the next halving event (May 2020) is exposed, implying that the network may be close to 'peak hash', if the price of bitcoin and the revenues from transaction fees will remain at approximately the present level.
    Date: 2020–04
  13. By: Marina Toger; Ian Shuttleworth; John \"Osth
    Abstract: Mobile phone data -- with file sizes scaling into terabytes -- easily overwhelm the computational capacity available to some researchers. Moreover, for ethical reasons, data access is often granted only to particular subsets, restricting analyses to cover single days, weeks, or geographical areas. Consequently, it is frequently impossible to set a particular analysis or event in its context and know how typical it is, compared to other days, weeks or months. This is important for academic referees questioning research on mobile phone data and for the analysts in deciding how to sample, how much data to process, and which events are anomalous. All these issues require an understanding of variability in Big Data to answer the question of how average is average? This paper provides a method, using a large mobile phone dataset, to answer these basic but necessary questions. We show that file size is a robust proxy for the activity level of phone users by profiling the temporal variability of the data at an hourly, daily and monthly level. We then apply time-series analysis to isolate temporal periodicity. Finally, we discuss confidence limits to anomalous events in the data. We recommend an analytical approach to mobile phone data selection which suggests that ideally data should be sampled across days, across working weeks, and across the year, to obtain a representative average. However, where this is impossible, the temporal variability is such that specific weekdays' data can provide a fair picture of other days in their general structure.
    Date: 2020–04
  14. By: Christian Ewerhart; Sheng Li
    Abstract: It is a common experience for present-day consumers making an international payment via credit or debit card to be invited to choose the currency in which they wish to have the transaction executed. While this choice, made feasible by a technology known as dynamic currency conversion (DCC), seems to foster competition, we show that the opposite is the case. In fact, the unique pure-strategy Nash equilibrium in a natural fee-setting game turns out to be highly asymmetric, entailing fees for the service provider that always exceed the monopoly level. Although losses in welfare may be substantial, a regulatory solution is unlikely to come about due to a global free-rider problem.
    Keywords: Dynamic currency conversion, payment cards, ambiguity aversion, price competition, monopoly, free-rider problem
    JEL: D21 G21 G28
    Date: 2020–04
  15. By: Bensusán Areous, Graciela
    Abstract: El propósito del documento es analizar las formas de intervención estatal capaces de asegurar en México el acceso a derechos laborales en las ocupaciones emergentes en la economía digital, a la luz de la experiencia de otros países donde el debate y los esfuerzos de protección se han adelantado. Se analizan distintas vías de regulación (legislativa, judicial y administrativa) así como las normas fiscales y administrativas aplicables a las plataformas que operan en México. Para conocer los distintos puntos de vista acerca de esta problemática se realizaron 20 entrevistas a diversos actores sociales involucrados o en la regulación de la economía de plataformas en México. Adicionalmente, se aplicaron veinte cuestionarios a trabajadores de la plataforma Rappi. La última parte del documento plantea algunas recomendaciones como fortalecer las estadísticas laborales para que logren captar el trabajo en plataformas, lo que permitiría realizar una mejor caracterización y medición de estas ocupaciones y el diseño de políticas públicas adecuadas. Otra recomendación es que el Poder Legislativo intervenga para contrarrestar la incertidumbre sobre la situación jurídica de estos trabajadores generada por la adopción de decisiones contradictorias en los tribunales alrededor del mundo respecto a si se trata de trabajadores autónomos o subordinados, así como sobre los criterios pertinentes para realizar la clasificación.
    Date: 2020–04–27
  16. By: Peter Wierts; Harro Boven
    Abstract: In principle, DNB has a favourable attitude to central bank digital currency (CBDC) which is money issued by a central bank and generally accessible to households and businesses. We believe the continued use of a public form of money is important. After all, the fungibility between private money and public money bolsters confidence in money when it is needed most - in periods of uncertainty including war, financial crisis or disruption of private payments. It is at those times that the demand for public money increases. Cash has fulfilled this role, but given the decrease in the use of cash this may be set to change in the future. The trend of declining use of cash has long been ongoing and appears to be of a structural nature. CBDC could provide the desired policy options to protect the balance between public and private forms of money and safeguard the fungibility between private and public money.The aim of this report is to contribute to the public debate on CBDC. The introduction of CBDC would involve a structural reform affecting users and the financial system as well as DNB's tasks and objectives. The social impact of such a reform requires broad public debate both in the Netherlands and the euro area as a whole. This study therefore serves as DNB's input for the debate on CBDC within the euro area. The euro was introduced in the Netherlands in 1999, involving a transfer of monetary policy autonomy to the European System of Central Banks (ESCB). That holds for CBDC as well. As a consequence, this study also looks at the European institutional and legal framework for CBDC.
  17. By: Cathles, Alison; Nayyar, Gaurav; Rückert, Désirée
    Abstract: As the productivity of the European economy shows signs of slowing down, many hopes are pinned on digital technologies to reverse this trend. This study uses data from the EIBIS 2019 survey to examine whether the adoption of different digital technologies (such as advanced robotics, 3D printing, or Internet of Things) by firms in the EU have different impacts on productivity. It also examines whether these different technologies have different implications for employment growth, and whether there are complementarities between technologies when it comes to firm performance.
    Date: 2020
  18. By: Roy Cerqueti; Massimiliano Giacalone; Raffaele Mattera
    Abstract: Recently, cryptocurrencies have attracted a growing interest from investors, practitioners and researchers. Nevertheless, few studies have focused on the predictability of them. In this paper we propose a new and comprehensive study about cryptocurrency market, evaluating the forecasting performance for three of the most important cryptocurrencies (Bitcoin, Ethereum and Litecoin) in terms of market capitalization. At this aim, we consider non-Gaussian GARCH volatility models, which form a class of stochastic recursive systems commonly adopted for financial predictions. Results show that the best specification and forecasting accuracy are achieved under the Skewed Generalized Error Distribution when Bitcoin/USD and Litecoin/USD exchange rates are considered, while the best performances are obtained for skewed Distribution in the case of Ethereum/USD exchange rate. The obtain findings state the effectiveness -- in terms of prediction performance -- of relaxing the normality assumption and considering skewed distributions.
    Date: 2020–04
  19. By: Avi Goldfarb; Catherine Tucker
    Abstract: This paper seeks to answer the simple question of what category of retail outlets generates the most physical interactions in the regular course of life. In this way, we aim to bring a marketing perspective to discussions about which businesses may be most risky from the standpoint of spreading contagious disease. We use detailed data from people's mobile devices prior to the implementation of social distancing measures in the United States. With this data, we examine a number of potential indicators of risk of contagion: The absolute number of visits and visitors, how many of the visits are generated by the same people, the median average distance traveled by the visitor to the retailer, and the number of customers from Canada and Mexico. We find that retailers with a single outlet tend to attract relatively few visitors, fewer one-off visitors, and have fewer international customers. For retailers that have multiple stores the patterns are non-linear. Retailers that have such a large number of stores that they are ubiquitous, tend to exhibit fewer visits and visitors and attract customers from a smaller distance. However, retailers that have a large enough footprint to be well known, but not large enough to be ubiquitous tend to attract a large number of visitors who make one-off visits, travel a long distance, and are disproportionately international.
    JEL: M38
    Date: 2020–04
  20. By: Seidl, Timo
    Abstract: In recent years, platform companies like Uber have caused much controversy. By disrupting markets and contesting regulatory regimes, they have come to epitomize both the promises and perils of platform capitalism. However, little attention has been paid to the politics of platform capitalism itself, that is, to the political processes in which platform are – or aren’t – regulated. This paper starts filling this gap by developing, testing, and defending a framework based on three conceptual pillars: coalitions, narratives and platform power. Using discourse network analysis and a case study on the regulation of Uber in New York, it shows that the success or failure of regulations depends on the ability of actors to mobilize broad coalition; that narratives affect the composition of these coalitions; and that platform companies have both unique political strengths and vulnerabilities. The paper contributes to the literatures on coalitional politics, ideational institutionalism, business power, and the politics of digital capitalism.
    Date: 2020–04–22
  21. By: Poppius, Hampus (Department of Economics, Lund University)
    Abstract: When firms meet in multiple markets, they can leverage punishment ability in one market to sustain collusion in another. This is the first paper to test this theory for multiproduct retailers that sell consumer goods online. With data on the universe of consumer goods sold online in Sweden, I estimate that multimarket contact increases prices. To more closely investigate what drives the effect, I employ a machine-learning method to estimate effect heterogeneity. The main finding is that multimarket contact increases prices to a higher extent if there are fewer firms participating in the contact markets, which is one of the theoretical predictions. Previous studies focus on geographical markets, where firms provide a good or service in different locations. I instead define markets as different product markets, where each market is defined by the type of good. This is the first paper to study multimarket contact and collusion with this type of market definition. The effect is stronger than in previously studied settings.
    Keywords: Tacit collusion; pricing; e-commerce; causal machine learning
    JEL: D22 D43 L41 L81
    Date: 2020–04–08
  22. By: Azim, Syeda Saadia; roy, arindam; Aich, Amitava; Dey, Dipayan
    Abstract: The increasing trend of environmental disaster due to changing climate has escalated the occurrence of Tsunami, Forest fire, Flood, Epidemics and other extreme health and environmental and hazardous events across the globe. Establishment of effective and transparent communication during the crisis phase is extremely important to reduce the after-effects of the events. In recent times, fake news or news with fabricated content have emerged as major threats of communications during and and post -disaster phase. The present study critically evaluates the nature and consequences of fake news spread during the four major environmental disasters in recent era (Fukushima Nuclear Disaster, Keralan Flood, Amazon Forest Fire and African Ebola Epidemic) and prepared a framework for present COVID-19 Pandemic. The criticality and potential threat created by the fake news have been quantified and analyzed through the timeline of news spreading. It has been observed that the adverse impact related to the African Ebola Epidemic was highest due to its multiple fake news origin sites, both online and offline propagation methods, well fabricated content and relatively low effort on containment. However the COVID-19 pandemic is an ongoing disaster expected to have a long- drawn impact covering most countries in the world with combined consequences hence it tends to overtake all other events. Policy recommendations have been prepared to combat the spreading of fake news during the present and future environmental disasters. The importance of the study relies on the fact that the number of environmental disasters will increase in future and strategy for risk communication during the time is still not explored adequately. In addition the study will contribute significantly for understanding the present status of information paradigm for COVID-19 and helps in preparing region-specific real-time contingency measures for effective risk communication.
    Date: 2020–04–21
  23. By: Michael, Bryane
    Abstract: FinTech offers a new way to mobilize resources for all kinds of uses – including for funding sustainable development. Roughly 3%-13% of funding required for the UN’s Sustainable Development Goals (SDGs)– or around $50 billion to $125 billion -- could come from a ‘FinTech Dividend.’ Such a dividend derives from the use of FinTech platforms to increase savings and investment (overall), channel resources into publicly funded as well as privately-funded SDG-related activities and policies, and encourage the use of internet platforms, which deliver novel goods and services that relate to the seventeen SDGs. Less than half of UN members have FinTech laws and policies – making FinTech a ripe area for right-regulating. Unfortunately, in areas like institutional reform – no amount of money can guarantee achieving the SDGs, without wider legal and administrative reforms. And no clear data about the exact policies needed to help grow an economy (or pay for SDG spending) serve as any guide. With total investment in FinTech stuck at around $150 billion to $200 billion – the hoped for deluge of FinTech dollars on SDG activities may remain a trickle for years to come.
    Keywords: FinTech Dividend,SDG funding,FinTech Law,#FinTech4SDGs
    JEL: G23 O16 F63
    Date: 2020
  24. By: Makarov, Vladimir; Stouch, Terry; Allgood, Brandon; Willis, Christopher; Lynch, Nick
    Abstract: We describe 11 best practices for the successful use of Artificial Intelligence and Machine Learning in the pharmaceutical and biotechnology research, on the data, technology, and organizational management levels.
    Date: 2020–04–20
  25. By: Chatzigeorgiou, Chryssoula; Christou, Evangelos
    Abstract: This paper presents a study that explores consumers’ experiences with technology-assisted service encounters by investigating the applicability of Mick and Fournier’s paradoxes of technology adoption to the social media as distribution channel in tourism scenario. In-depth interviews were conducted to explore consumers’ experiences when using social media distribution services and the results were compared to those of Mick and Fournier. The findings are similar, suggesting that when consumers adopt online technology like social media, they can simultaneously develop positive and negative attitudes. The findings of this study also suggest that the nature of some of the paradoxes experienced by consumers may depend on the industry (tourism in this study) and the technology (social media in this study) being investigated.
    Keywords: adoption of technological innovations,social media,distribution channels,tourism marketing
    JEL: L83 M1 O14 Z33
    Date: 2019
  26. By: Samuel Demeulemeester (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet [Saint-Étienne] - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This chapter discusses the "seigniorage argument" in favor of public money issuance, according to which public finances could be improved if the state more fully exercised the privilege of money creation, which is, today, largely shared with private banks. (...)
    Keywords: 100% Money,Money Creation,Public Debt,Seigniorage,Chicago Plan,Irving Fisher
    Date: 2020–02–19
  27. By: Theresa Kuchler; Dominic Russel; Johannes Stroebel
    Abstract: We use anonymized and aggregated data from Facebook to show that areas with stronger social ties to two early COVID-19 “hotspots” (Westchester County, NY, in the U.S. and Lodi province in Italy) generally have more confirmed COVID-19 cases as of March 30, 2020. These relationships hold after controlling for geographic distance to the hotspots as well as for the income and population density of the regions. These results suggest that data from online social networks may prove useful to epidemiologists and others hoping to forecast the spread of communicable diseases such as COVID-19.
    Keywords: social connectedness, COVID-19, coronavirus, communicable disease
    JEL: C60 I10
    Date: 2020

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.