nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2020‒08‒10
twenty-one papers chosen by

  1. Cash Use Across Countries and the Demand for Central Bank Digital Currency By Tanai Khiaonarong; David Humphrey
  2. Who Adopts Crypto Assets in Japan? Evidence from the 2019 Financial Literacy Survey By Hiroshi FUJIKI
  3. Two-Sided Market, R&D and Payments System Evolution By Bin Grace Li; James McAndrews; Zhu Wang
  4. Fintech in Latin America and the Caribbean: Stocktaking By Pelin Berkmen; Kimberly Beaton; Dmitry Gershenson; Javier Arze del Granado; Kotaro Ishi; Marie Kim; Emanuel Kopp; Marina V Rousset
  5. Embedded supervision: how to build regulation into blockchain finance By Auer, Raphael
  6. Interoperability as a tool for competition regulation By Brown, Ian
  7. Global Demand for Basket-Backed Stablecoins By Garth Baughman; Jean Flemming
  8. Enabling Deep Negative Rates to Fight Recessions: A Guide By Ruchir Agarwal; Miles Kimball
  9. Central bank digital currency and informal economy By Eun Young Oh; Shuonan Zhang
  10. Dissecting Time-Varying Risk Exposures in Cryptocurrency Markets By Daniele Bianchi; Massimo Guidolin; Manuela Pedio
  11. Towards monitoring financial innovation in central bank statistics By IFC Working Group on Fintech Data Issues
  12. The Wrong Kind of AI? Artificial Intelligence and the Future of Labor Demand By Acemoglu, Daron; Restrepo, Pascual
  13. AI Watch 2019 Activity Report By Blagoj Delipetrev; Chrisa Tsinaraki; Daniel Nepelski; Emilia Gomez Gutierrez; Fernando Martinez Plumed; Gianluca Misuraca; Giuditta De Prato; Karen Fullerton; Massimo Craglia; Nestor Duch-Brown; Stefano Nativi; Vincent Van Roy
  14. The Impact of Social Media Characteristics and Customer Attitude on EWOM: An Empirical Study in Jordanian Banking Sector By Almahmoud, Ayat Mazin
  15. Diversifying with cryptocurrencies during COVID-19 By John Goodell; Stéphane Goutte
  16. The Effect of Payment Medium on Effort By Elif Incekara-Hafalir; Raymond Kumar
  17. The limits of verification in preventing the spread of false information on networks By Kinga Makovi; Manuel Munoz-Herrera
  18. Tech in Fin before FinTech: Blessing or Curse for Financial Stability? By Nicola Pierri; Yannick Timmer
  19. The Territory of the gilets jaunes By Pierre C. Boyer; Thomas Delemotte; Germain Gauthier; Vincent Rollet; Benoît Schmutz
  20. Ground work vs. social media: how to best reach voters in French municipal elections? By Vincent Pons; Vestal Mcintyre
  21. Development of a concept for the development of the legal basis for the use of distributed registry technology in public administration By Yuzhakov, Vladimir (Южаков, Владимир); Talapina, Elvira (Талапина, Эльвира); Efremov, Aleksey (Ефремов, Алексей); Chereshneva, Irina (Черешнева, Ирина)

  1. By: Tanai Khiaonarong; David Humphrey
    Abstract: The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.
    Keywords: Bank credit;Central banks;Central bank policy;Central bank accounting;Bank accounting;digital cash,e-money,physical cash,non-cash,giro
    Date: 2019–03–01
  2. By: Hiroshi FUJIKI
    Abstract: The adoption of crypto assets has been of great concern to policymakers ever since Facebook announced its proposed cryptocurrency, Libra, in mid-2019. Behind this concern lies the possibility of widespread Libra adoption for day-to-day transactions, bringing with it a set of serious risks related to money laundering, illicit financing, and consumer and investor protection. This study aims to investigate the demographic characteristics, financial literacy, financial behavior, three risky asset holdings, and the use of noncash payment methods among Japanese crypto asset adopters. To achieve these aims, probit models and multinomial logit models are applied. We find that Japanese crypto asset owners are more likely to be young and male and to have lower educational levels than non-owners. This is consistent with previous studies. The average relationship between crypto asset ownership and level of objective financial literacy is not found to be statistically significant; however, crypto asset owners' degree of understanding of crypto assets is associated with their level of objective financial literacy. Owners who indicate that they understand crypto assets to some extent tend to have better objective financial literacy, while owners who indicate that they do not understand crypto assets tend to have a lower level of objective financial literacy. A better understanding of crypto assets is also positively associated with earning profits from investing in them; however, objective financial literacy is not related to profiting from investment in crypto assets. Our results suggest that, in predicting the performance of an investment in crypto assets, specific knowledge of crypto assets is more important than objective financial literacy that captures general financial knowledge. Other notable findings of the study include the fact that crypto asset owners obtain information about economy and finance from mass media more frequently; that they are more experienced with financial troubles, such as bank transfer fraud or multiple debts; and that they are less credit card literate than non-owners, on average. They tend also to be more myopic, subject to herding, lacking in self-control, over-confident in their financial literacy, and less loss-averse than non-owners. Crypto asset owners' demographic characteristics are similar to those of the individuals who have experience investing in stocks, investment trusts, and foreign currency denominated money market funds. They are also demographically similar to those who use both crypto assets and one of the four payment methods?credit cards, electronic money, debit cards, and mobile payments via smartphones?rather than crypto assets alone.
    Date: 2020–07
  3. By: Bin Grace Li; James McAndrews; Zhu Wang
    Abstract: It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a twosided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary significantly through the endogenous R&D channel.
    Keywords: Income distribution;Consumer credit;Income inequality;Consumer goods;Payment systems;R&D,Technology Adoption,Two-Sided Market,consumer welfare,payment card,consumer income,electronic payment,large merchant
    Date: 2019–03–18
  4. By: Pelin Berkmen; Kimberly Beaton; Dmitry Gershenson; Javier Arze del Granado; Kotaro Ishi; Marie Kim; Emanuel Kopp; Marina V Rousset
    Abstract: In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system. This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.
    Keywords: Central banks;Central bank role;Central bank legislation;Central bank accounting;Bank credit;Fintech,cross border payments,financial sector,financial regulation,financial stability and integrity,cyber risk,cyber regulation,monetary policy,digital currencies,competition.,cybersecurity,remittance,alternative finance,financial development,CFT
    Date: 2019–03–26
  5. By: Auer, Raphael
    Abstract: The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, ie a regulatory framework that provides for compliance in tokenised markets to be automatically monitored by reading the market's ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralised market is modelled that replaces today's intermediary-based verification of legal data with blockchain-enabled data credibility based on economic consensus. The key results set out the conditions under which the market's economic consensus would be strong enough to guarantee that transactions are economically final, so that supervisors can trust the distributed ledger's data. The paper concludes with a discussion of the legislative and operational requirements that would promote low-cost supervision and a level playing field for small and large firms.
    Keywords: Basel III; blockchain; central bank digital currencies; cryptocurrencies; economic finality; regtech; stablecoins; tokenisation
    JEL: D20 D40 E42 E51 F31 G12 G18 G32 G38 K22 L10 L50
    Date: 2019–11
  6. By: Brown, Ian
    Abstract: This briefing paper on interoperability as a pro-competition policy tool is based on a synthesis of recent comprehensive policy reviews of digital competition in major economies, and related academic literature, focusing on areas of emerging consensus while noting important disagreements. It draws particularly on the Vestager, Furman and Stigler reviews and UK Competition and Markets Authority’s study on digital advertising. This is the first of a series of three papers. The second paper will consider interoperability in practice, looking in detail at the technical implications. The third paper will analyse the impact of interoperability on phenomena such as privacy and disinformation (preliminary versions of which appear in this first review.) These further papers will draw more heavily on interviews with software developers, platform operators, government officials, and academic and civil society experts working in this field.
    Date: 2020–07–29
  7. By: Garth Baughman; Jean Flemming
    Abstract: We develop a model where persistent trade shocks create demand for a basket- backed stablecoin, such as Mark Carney's "synthetic hegemonic currency" or Facebook's recent proposal for Libra. In numerical simulations, we find four main results. First, because of general equilibrium effects of the basket currency on the volatility of currency values, overall demand for that currency is small. Second, despite scant holdings of the basket, its global reach may contribute to substantial increases in welfare if the basket is widely accepted, allowing it to complement holdings of sovereign currencies. Third, we calculate the welfare maximizing composition of the basket, finding that optimal weights depend on the pattern of international acceptance, but that basket composition does not significantly affect welfare. Fourth, despite potential welfare improvements, low demand for the basket currency from buyers limits sellers' incentives to invest in accepting it, suggesting that fears of a so-called global stablecoin replacing domestic sovereign currencies may be overstated.
    Keywords: Stablecoins; Money demand; Digital currencies; International monetary system
    Date: 2020–06–22
  8. By: Ruchir Agarwal; Miles Kimball
    Abstract: The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available tools a central bank can enable deep negative rates whenever needed—thus maintaining the power of monetary policy in the future to end recessions within a short time. This paper demonstrates that a subset of these tools can have a big effect in enabling deep negative rates with administratively small actions on the part of the central bank. To that end, we (i) survey approaches to enable deep negative rates discussed in the literature and present new approaches; (ii) establish how a subset of these approaches allows enabling negative rates while remaining at a minimum distance from the current paper currency policy and minimizing the political costs; (iii) discuss why standard transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and (iv) present communication tools that central banks can use both now and in the event to facilitate broader political acceptance of negative interest rate policy at the onset of the next serious recession.
    Keywords: Central bank independence;Reserve requirements;Interest rate policy;Central banks;Negative interest rates;electronic money,monetary policy,negative rate,paper currency,negative interest rate,rental fee,cash withdrawal
    Date: 2019–04–29
  9. By: Eun Young Oh (University of Portsmouth); Shuonan Zhang (University of Portsmouth)
    Abstract: The central bank digital currency (CBDC) attracts discussions on its merits and risks but much less attention is paid to the adoption of a CBDC. In this paper, we show that the CBDC may not be widely accepted in the presence of a sizeable informal economy. Based on a two-sector monetary model, we show an L-shaped relationship between the informal economy and CBDC. The CBDC can formalize the informal economy but this effect becomes marginally significant in countries with significantly large informal economies. In order to promote CBDC adoption and improve its effectiveness, tax reduction and the positive CBDC interest rate can be useful tools. We further show that CBDC policy rate adjustment triggers a reallocation effect between formal and informal sectors, through which improves the effectiveness of both conventional monetary policy and fiscal policy.
    Keywords: Central Bank Digital Currency, Informal Economy, Quantitative Analysis
    JEL: E26 E40 E42 E58
    Date: 2020–07–21
  10. By: Daniele Bianchi; Massimo Guidolin; Manuela Pedio
    Abstract: In this paper we take an empirical asset pricing perspective and investigate the dominant view (possibly, an instinctive reflection of the media hype surrounding the surge of Bitcoin valuations) that cryptocurrencies represent a new asset class, spanning risks and payoffs sufficiently different from the traditional ones. Methodologically, we rely on a flexible dynamic econometric model that allows not only time-varying coefficients, but also allow that the entire forecasting model be changing over time. We estimate such model by looking at the time variation in the exposures of major cryptocurrencies to stock market risk factors (namely, the six Fama French factors), to precious metal commodity returns, and to cryptocurrency-specific risk-factors (namely, crypto-momentum, a sentiment index based on Google searches, and supply factors, i.e., electricity and computer power). The main empirical results suggest that cryptocurrencies are not systematically exposed to stock market factors, precious metal commodities or supply factors with the exception of some occasional spikes of the coecients during our sample. On the contrary, crypto assets are characterized by a time-varying but significant exposure to a sentiment index and to crypto-momentum. Despite the lack of predictability compared to traditional asset classes, cryptocurrencies display considerable diversification power in a portfolio perspective and as such they can lead to a moderate improvement in the realized Sharpe ratios and certainty equivalent returns within the context of a typical portfolio problem.
    Keywords: Cryptocurrencies, predictability, portfolio diversification, dynamic model averaging, time-varying, parameter regressions.
    JEL: E40 E52
    Date: 2020
  11. By: IFC Working Group on Fintech Data Issues
    Date: 2020–07–24
  12. By: Acemoglu, Daron; Restrepo, Pascual
    Abstract: Artificial Intelligence is set to influence every aspect of our lives, not least the way production is organized. AI, as a technology platform, can automate tasks previously performed by labor or create new tasks and activities in which humans can be productively employed. Recent technological change has been biased towards automation, with insufficient focus on creating new tasks where labor can be productively employed. The consequences of this choice have been stagnating labor demand, declining labor share in national income, rising inequality and lower productivity growth. The current tendency is to develop AI in the direction of further automation, but this might mean missing out on the promise of the "right" kind of AI with better economic and social outcomes.
    Keywords: artiÂ?cial intelligence; automation; inequality; Innovation; jobs; labor demand; productivity; Tasks; technology; wages
    JEL: J23 J24
    Date: 2019–12
  13. By: Blagoj Delipetrev (European Commission - JRC); Chrisa Tsinaraki (European Commission - JRC); Daniel Nepelski (European Commission - JRC); Emilia Gomez Gutierrez (European Commission - JRC); Fernando Martinez Plumed (European Commission - JRC); Gianluca Misuraca (European Commission - JRC); Giuditta De Prato (European Commission - JRC); Karen Fullerton (European Commission - JRC); Massimo Craglia (European Commission - JRC); Nestor Duch-Brown (European Commission - JRC); Stefano Nativi (European Commission - JRC); Vincent Van Roy (European Commission - JRC)
    Abstract: This report provides an overview of AI Watch activities in 2019. AI Watch is the European Commission knowledge service to monitor the development, uptake and impact of Artificial Intelligence (AI) for Europe. As part of the European strategy on AI, the European Commission and the Member States published in December 2018 a "Coordinated Plan on Artificial Intelligence" on the development of AI in the EU. The Coordinated Plan mentions the role of AI Watch to monitor its implementation. AI Watch was launched in December 2018. It aims to monitor European Union's industrial, technological and research capacity in AI; AI national strategies and policy initiatives in the EU Member States; uptake and technical developments of AI; and AI use and impact in public services. AI Watch will also provide analyses of education and skills for AI; AI key technological enablers; data ecosystems; and social perspective on AI. AI Watch has a European focus within the global landscape, and works in coordination with Member States. In its first year AI Watch has developed and proposed methodologies for data collection and analysis in a wide scope of AI-impacted domains, and has presented new results that can already support policy making on AI in the EU. In the coming months AI Watch will continue collecting and analysing new information. All AI Watch results and analyses are published on the AI Watch public web portal ( AI Watch welcomes feedback. This report will be updated annually.
    Keywords: AI, AI_Watch, Artificial Intelligence, Observatory, Research, Innovation, Digital Economy, Digital Transformation, Robotics, Digital Skills, Digital Education, Public Services, Member States, National AI strategies.
    Date: 2020–07
  14. By: Almahmoud, Ayat Mazin
    Abstract: This study analyses the effects of social media marketing characteristics and consumer attitudes on electronic word of mouth (eWOM) responses in the banking industry. A survey was conducted with a total of 416 customers who used social media accounts that are managed by companies within the banking sector; the collected data were then analysed using structural equation modelling. The results showed that banking Social media marketing characteristics (including interactivity, informativeness, and entertainment) have significant effects on eWOM. The results also demonstrated that customer attitudes significantly affect eWOM. It is expected that the results of this study may be used as fundamental data in the development of banking sector Social media marketing characteristics and attitude strategies, particularly by investigating the relative importance of each Social media marketing characteristics component.
    Keywords: Social media marketing characteristics, Interactivity, Informativeness, Entertainment, Privacy concerns, Customisation, Customer attitudes, Electronic word of mouth (eWOM)
    JEL: E49 P4 P43
    Date: 2019–04–01
  15. By: John Goodell (University of Akron); Stéphane Goutte (Cemotev - Centre d'études sur la mondialisation, les conflits, les territoires et les vulnérabilités - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines)
    Abstract: Literature suggests assets become more correlated during economic downturns. The current COVID-19 crisis provides an unprecedented opportunity to investigate this considerably further. Further, whether cryptocur-rencies provide a diversification for equities is still an unsettled issue. Additionally , the question of whether cryptocurrency futures are safe havens has received very little attention. We employ several econometric procedures , including wavelet coherence, copula principal component, and neural network analyses to rigorously examine the role of COVID-19 on the paired co-movements of six cryptocurrencies, as well as bitcoin futures, with fourteen equity indices and the VIX. We find co-movements between cryptocurrencies and equity indices gradually increased as COVID-19 progressed. However, most of these co-movements are positively correlated, suggesting that cryptocurrencies do not provide a diversification benefit during downturns. Exceptions, however, are the co-movements of bitcoin futures and tether being negative with equities. Results are consistent with investment vehicles that attract either more informed or more speculative investors differentiating themselves as safe havens.
    Keywords: Co-movement,COVID-19,Bitcoin,Wavelet,Safe haven JEL classification: C58
    Date: 2020–06–20
  16. By: Elif Incekara-Hafalir (University of Technology Sydney); Raymond Kumar (Allianz, Australia)
    Abstract: There are a number of payment mediums that are used to pay participants in Economics lab experiments, with cash payments being common practice. However, institutional barriers or funding constraints may prevent researchers using this conventional payment medium. Alternative payment mediums may have different psychological effects on participants, and thereby change the behaviour in the lab. In this paper, we investigate the effect of using different payment mediums on participants. We find that different payment mediums affect participantsÕ effort when a fixed payment scheme is used but does not influence effort when a performance-based scheme is used.
    Keywords: payment medium; monetary incentives; social norms; market norms
    Date: 2019–09–01
  17. By: Kinga Makovi; Manuel Munoz-Herrera (Division of Social Science)
    Abstract: The spread of false information on social networks has garnered ample scientific and popular attention. To counteract this spread, verification of the truthfulness of information has been proposed as a key intervention. Using a behavioral experiment with over 2000 participants we analyze individuals' willingness to spread false information in a network. All individuals in the network have aligned incentives, making lying attractive, countering an explicit norm of truth-telling that we imposed. We investigate how verifying the truth, endogenously or exogenously, impacts the choices to lie or to adhere to the norm of truth-telling, compared to a setting without the possibility of verification. The three key take-aways are: (i) verification is only moderately e ective in reducing the spread of lies; its effectivity is (ii) contingent on the agency of individuals to seek truth, and (iii) the exposure of liars, and not only the lies told. These suggest that verification is not a blanket solution. In order to enhance its e ectivity, it should be combined with fostering a culture of truth-seeking and with information on who spreads lies, not only on the lies told.
    Date: 2020–03
  18. By: Nicola Pierri; Yannick Timmer
    Abstract: Motivated by the world-wide surge of FinTech lending, we analyze the implications of lenders’ information technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the global financial crisis using a novel dataset that provides information on hardware used in US commercial bank branches after mapping them to their parent bank. We find that higher intensity of IT-adoption led to significantly lower non-performing loans when the crisis hit: banks with a one standard deviation higher IT-adoption experienced 10% lower non-performing loans. High-IT-adoption banks were not less exposed to the crisis through their geographical footprint, business model, funding sources, or other observable characteristics. Loan-level analysis indicates that high-IT-adoption banks originated mortgages with better performance and did not offload low-quality loans. We apply a simple text-analysis algorithm to the biographies of top executives and find that banks led by more “tech-oriented” managers adopted IT more intensively and experienced lower non-performing loans during the crisis. Our results suggest that technology adoption in lending can enhance financial stability through the production of more resilient loans.
    Keywords: Financial crises;Macroprudential policies and financial stability;Financial markets;Financial institutions;Financial systems;Technology,Financial Stability,IT Adoption,Non-Performing Loans,WP,pre-crisis,GFC,non-performing loan,Rajan
    Date: 2020–01–17
  19. By: Pierre C. Boyer (IPP - Institut des politiques publiques, CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, X - École polytechnique); Thomas Delemotte (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, ENSAE - Ecole Nationale de la Statistique et de l'Analyse Economique - Ecole Nationale de la Statistique et de l'Analyse Economique, IPP - Institut des politiques publiques); Germain Gauthier (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, X - École polytechnique, IPP - Institut des politiques publiques); Vincent Rollet (X - École polytechnique); Benoît Schmutz (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, X - École polytechnique, IPP - Institut des politiques publiques)
    Abstract: Where did the "gilets jaunes" protest movement come from? From its first Saturday of action in November 2018, the movement was distinctive for both its local character and its national coverage. Relying on novel Facebook data, we show that there is a strong correlation between online mobilisation (on Facebook) and offline mobilisation (blockading of roundabouts), and offer a fine-grained and contrasted mapping of the data, at the scale of départements and commuting zones. By simultaneously controlling for the different political, economic and geographical factors likely to explain the movement's genesis, we reveal the signicant role played by mobility issues, particularly the speed limit reduction to 80 km/h on secondary roads and commuting distances..
    Date: 2019–04
  20. By: Vincent Pons (Harvard Business School - Harvard University [Cambridge], National Bureau of Economic Research - National Bureau of Economic Research); Vestal Mcintyre (Harvard Kennedy School - Harvard Kennedy School)
    Abstract: Platforms such as Twitter and Facebook are widely considered important, if controversial, channels for candidates and parties around the world to communicate with citizens and win votes. While political parties in France make less use of social media than in the U.S. and other Western democracies, there is disagreement of how it will affect French democracy. But discussions of the promise and peril of social media's role in elections may miss a higher-order issue: what limited evidence exists suggests that outreach via social media has little effect on voting behavior. By contrast, a series of studies show that face-to-face canvassing has a strong potential to mobilize and persuade voters. These findings give grounds for parties to increase their canvassing efforts, and for the government to enact policies that ease the way for citizens to participate in elections.
    Date: 2020–02
  21. By: Yuzhakov, Vladimir (Южаков, Владимир) (The Russian Presidential Academy of National Economy and Public Administration); Talapina, Elvira (Талапина, Эльвира) (The Russian Presidential Academy of National Economy and Public Administration); Efremov, Aleksey (Ефремов, Алексей) (The Russian Presidential Academy of National Economy and Public Administration); Chereshneva, Irina (Черешнева, Ирина) (The Russian Presidential Academy of National Economy and Public Administration)
    Abstract: In the framework of this work, foreign and Russian experience in the field of using TPP in public administration is analyzed, tasks are analyzed and segments for the priority use of TPP and its legal regulation are identified, mechanisms for protecting the rights and interests of citizens and legal entities when using TPP in public administration are identified and systematized. Based on the results obtained, a concept has been developed for the development of legal grounds for using distributed registry technology, including blockchain technology, in public administration.
    Date: 2020–04

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