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on Payment Systems and Financial Technology |
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Issue of 2020‒08‒24
24 papers chosen by |
| By: | Hongjoo Hahm (Macroeconomic Policy and Financing for Development Division, UNESCAP); Tientip Subhanij (Macroeconomic Policy and Financing for Development Division, UNESCAP); Rui Almeida (Macroeconomic Policy and Financing for Development Division, UNESCAP) |
| Abstract: | Remittances are an important source of external finance for developing countries, and especially for the Pacific small island developing States (Pacific SIDS). The transaction costs of sending remittances to these countries are amongst the highest in the world. Tackling this issue is crucial not only for economic and social development, but also for improving financial inclusion. This paper is one of the first to analyse fintech adoption in remittance services in the Pacific SIDS, using an original framework to assess the current landscape of fintech in the remittance sector and draw tailored policy recommendations. The framework is conceptualized through a ladder with five rungs: availability, accessibility, awareness, literacy and trust. Based on this, the paper systematically analyses the fintech landscape in the Pacific SIDS and finds that most of these dimensions are still not observed, which results in strong preference for the more expensive traditional remittance services. It finds that among all the fintech-based remittance services, mobile money is the most prevalent and more readily accessible to individuals in the Pacific. Countries in the region are different in their stage of readiness for fintech adoption. While Fiji, Samoa and Tonga have shown almost all of the necessary conditions for adopting fintech-based remittances, other countries still lack behind, requiring extra efforts to encourage the digital transformation of remittance services. |
| Keywords: | small island developing States; Pacific; fintech; remittance transaction costs |
| JEL: | F24 G28 O33 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:unt:wpmpdd:wp/19/08&r=all |
| By: | Burak Can (Department of Data Analytics and Digitalisation, Maastricht University); Jens Leth Hougaard (Department of Food and Resource Economics, University of Copenhagen; Economics, NYU-Shanghai); Mohsen Pourpouneh (Department of Food and Resource Economics, University of Copenhagen) |
| Abstract: | This paper proposes a conceptual framework for the analysis of reward sharing schemes in mining pools, such as those associated with Bitcoin. The framework is centered around the reported shares in a pool instead of agents and results in two new fairness criteria, absolute and relative redistribution. These criteria impose that the addition of a share to the pool affects all previous shares in the same way, either in absolute amount or in relative ratio. We characterize two large classes of economically viable reward sharing schemes corresponding to each of these fairness criteria in turn. We further show that the intersection of these classes brings about a generalization of the the well-known proportional scheme, which also leads to a new characterization of the proportional scheme as a corollary. |
| Keywords: | blockchain, bitcoin, fairness, mining pools, resource allocation, mechanism design |
| JEL: | D63 G20 L86 D31 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:foi:wpaper:2020_09&r=all |
| By: | Guy Aridor; Yishay Mansour; Aleksandrs Slivkins; Zhiwei Steven Wu |
| Abstract: | Most online platforms strive to learn from interactions with consumers, and many engage in exploration: making potentially suboptimal choices for the sake of acquiring new information. We initiate a study of the interplay between exploration and competition: how such platforms balance the exploration for learning and the competition for consumers. Here consumers play three distinct roles: they are customers that generate revenue, they are sources of data for learning, and they are self-interested agents which choose among the competing platforms. We consider a stylized duopoly model in which two firms face the same multi-armed bandit instance. Users arrive one by one and choose between the two firms, so that each firm makes progress on its bandit instance only if it is chosen. We study whether and to what extent competition incentivizes the adoption of better bandit algorithms, and whether it leads to welfare increases for consumers. We find that stark competition induces firms to commit to a "greedy" bandit algorithm that leads to low consumer welfare. However, we find that weakening competition by providing firms with some "free" consumers incentivizes better exploration strategies and increases consumer welfare. We investigate two channels for weakening the competition: relaxing the rationality of consumers and giving one firm a first-mover advantage. We provide a mix of theoretical results and numerical simulations. Our findings are closely related to the "competition vs. innovation" relationship, a well-studied theme in economics. They also elucidate the first-mover advantage in the digital economy by exploring the role that data can play as a barrier to entry in online markets. |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2007.10144&r=all |
| By: | Ozili, Peterson K |
| Abstract: | This article presents some criticisms of financial inclusion. It notes that (i) financial inclusion is an invitation to live by finance and leads to the financialisation of poverty; (ii) some of the benefits of financial inclusion disappears after a few years; (iii) financial inclusion ignores how poverty affects financial decision making, (iv) it promotes digital money which is difficult to understand, (v) financial inclusion promotes the use of transaction accounts; (vi) digital money is difficult to understand; and that (vii) some financial inclusion efforts bear a resemblance to a campaign against having cash-in-hand. This study will help policymakers in their assessment of the economic, social, political and cultural factors that hinder financial inclusion as well as the consequence of financial inclusion for society. For academics, this study will provide a critical perspective to on-going financial inclusion debates in the large positivist literature on financial inclusion |
| Keywords: | : financial inclusion, criticism, poverty, digital money, digital finance, financial literacy, financial education. |
| JEL: | O1 O17 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:101813&r=all |
| By: | Longbing Cao |
| Abstract: | Smart FinTech has emerged as a new area that synthesizes and transforms AI and finance, and broadly data science, machine learning, economics, etc. Smart FinTech also transforms and drives new economic and financial businesses, services and systems, and plays an increasingly important role in economy, technology and society transformation. This article presents a highly summarized research overview of smart FinTech, including FinTech businesses and challenges, various FinTech-associated data and repositories, FinTech-driven business decision and optimization, areas in smart FinTech, and research methods and techniques for smart FinTech. |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2007.12681&r=all |
| By: | Goodhart, C. A. E.; Ashworth, Jonathan |
| Abstract: | Over the past decade the media have regularly reported on the imminent death of cash amid rapid innovation in payment technologies. However, cash in circulation has actually been growing strongly in many counties. Perhaps unsurprisingly given Coronavirus-related health concerns, there have been renewed calls to abandon cash and some observers have argued the virus will accelerate its demise. Data thus far suggest, however, that currency in circulation has actually surged in a number of countries. While the economic shutdowns and increased use of online retailing are currently diminishing cash's traditional function as a medium of exchange, it seems that this is being more than offset by panic driven hoarding of banknotes. |
| Keywords: | coronavirus; Covid-19; currency usage; payment technologies; hoarding in panics |
| JEL: | E40 E41 E49 E63 N10 |
| Date: | 2020–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:105311&r=all |
| By: | Thomas Ankenbrand; Denis Bieri; Roland Cortivo; Johannes Hoehener; Thomas Hardjono |
| Abstract: | Developments in the distributed ledger technology have led to new types of assets with a broad range of purposes. Although some classification frameworks for common instruments from traditional finance and some for these new, so called cryptographic assets already exist and are used, a holistic approach to integrate both worlds is missing. The present paper fills this research gap by identifying 14 attributes, each of which is assigned different characteristics, that can be used to classify all types of assets in a structured manner. Our proposed taxonomy which is an extension of existing classification frameworks, summarises these findings in a morphological box and is tested for practicability by classifying exemplary assets like cash and bitcoin. The final classification framework can help to ensure that the various stakeholders, such as investors or supervisors, have a consistent view of the different types of assets, and in particular of their characteristics, and also helps to establish standardised terminology. |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2007.11877&r=all |
| By: | Negedu, Godwin; Isik, Abdurrahman |
| Abstract: | The purpose of this paper is to examine the importance of WhatsApp and Facebook advertisement on small business startups in Nigeria. Small and medium enterprises (SMEs) is widely belied to be an essential ingredient for economic growth, the performance of current policies are identified and proposals are offered to address the impediments. This paper uses the Abuja Municipal Area Council as a case study. Appropriate literature has adequately reviewed; some citations and data were referenced to, Data was analyzed using statistical package for social sciences (SPSS) software, survey data was distributed to 438 respondents. The survey was carried out to get responses on the contributions, and impact of Social Media Advertisements on Businesses in Abuja Municipal Area Council of Nigeria. The result of the survey analysis came out in the form of frequency tables, bar charts and histogram, and a detailed summary was carefully explained by researcher afterwards. The study showed that social media advertisements not only has a positive impact on business growth in Nigeria but has the potential to improve ease of doing business in Nigeria if research recommendations are followed and adequate improvements are made. The government needs to ensure low-cost tax-free online advertisement for startup businesses. Improvements in internet infrastructure will significantly reduce overhead costs for business owners and help startup businesses to grow. The paper explains the potential benefits of important policy improvements and the current impact of low-cost online advertisement in Nigeria |
| Keywords: | Nigeria, Entrepreneurship, Business Startup, Online Advertisement, WhatsApp, Facebook, Policy, Economic growth, Internet. |
| JEL: | M2 M3 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:102029&r=all |
| By: | Tharp, Derek |
| Abstract: | This paper examines potential consumer harm that may arise due to regulating modern financial services communication technology with rules written in the early 20th century. It is argued that disparities in record keeping regulation across communication mediums disincentivizes the use of technology capable of generating records for consumer retention, while incentivizing the use of technology which shields financial advisors from accountability. Experimental evidence is provided in support of this argument. Further, it is argued that regulation disparities across communication mediums may result in more wrongful accusations of advisor misconduct, less reporting of genuine misconduct, less self-policing among industry members, and greater unrectifiable consumer harm. Objections to these arguments are considered, along with practical guidance for consumers, regulators, and policy makers. |
| Date: | 2020–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:cyqbr&r=all |
| By: | von Essen, Emma (Swedish Institute for Social Research, Stockholm University); Jansson, Joakim (Linneaus University) |
| Abstract: | In this paper, we quantify hateful content in online civic discussions of politics and es- timate the causal link between hateful content and writer anonymity. To measure hate, we first develop a supervised machine-learning model that predicts hate against foreign residents and hate against women on a dominant Swedish Internet discussion forum. We find that an exogenous decrease in writer anonymity leads to less hate against foreign residents but an increase in hate against women. We conjecture that the mechanisms behind the changes comprise a combination of users decreasing the amount of their hate- ful writing and a substitution of hate against foreign residents for hate against women. The discussion of the results highlights the role of social repercussions in discouraging antisocial and criminal activities. |
| Keywords: | online hate; anonymity; discussion forum; machine learning; big data |
| JEL: | C55 D00 D80 D90 |
| Date: | 2020–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:sofiwp:2020_007&r=all |
| By: | Bruce Lyons (Centre for Competition Policy and School of Economics, University of East Anglia); Minyan Zhu (Department of Economics, University of Reading) |
| Abstract: | This paper examines how market structure influences the early introduction and consumer uptake of a digital service that is a convenient alternative to traditional service delivery. Digital provision also has “extended geographic reach†and “lower sunk costs†as compared with bricks-and-mortar service provision. We further examine how these affect market structure. Internet banking provides an important example that also allows us to separate regional integration and national concentration dimensions of market structure. We develop an econometric model of the effects of market structure on the introduction and consumer uptake of internet banking. We estimate using panel data for all EU Member States and find that both concentration and regionalisation bring these forward. Next, we examine how consumer uptake of the digital product then begins to impact on banking market structure. We find a substantial de-concentrating effect in large non-regionalised markets and indirect evidence of integration in previously regionalised markets. This is consistent with internet banking having enhanced competition in both integrated markets and, despite little change in national concentration, also in previously regionalised markets. |
| Keywords: | Internet Banking, Digital Markets, Endogenous Market Structure, Market Integration, Consumer Diffusion |
| JEL: | L11 O33 F15 G21 L81 |
| Date: | 2019–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:uea:ueaccp:2019_04&r=all |
| By: | Martínez, Rodrigo; Palma, Amalia; Velásquez, Adriana |
| Abstract: | La cuarta revolución tecnológica está en curso desde hace un tiempo. Más allá de Internet y el uso generalizado de las tecnologías de información, se avanza en nuevas tecnologías como la inteligencia artificial, la impresión en tres dimensiones, la robótica y la automatización de vehículos, entre otras, que modifican actividades y procesos. Los cambios en los sistemas de producción, consumo, gestión y gobernanza tendrán efectos en la salud, la educación, la vivienda o el transporte, entre otros, que abren un espacio de desafíos y oportunidades para las políticas públicas. Este documento busca abrir un espacio de discusión sobre estos cambios y el impacto que tendrán a nivel social en la región. Se discuten las características de la actual revolución tecnológica y de la transformación digital, con el fin de vislumbrar las oportunidades y desafíos para la política pública de manera de avanzar en un desarrollo social inclusivo en la región que no deje a nadie atrás. |
| Keywords: | CAMBIO TECNOLOGICO, ASPECTOS SOCIALES, TECNOLOGIA DIGITAL, INTEGRACION SOCIAL, IGUALDAD, DESARROLLO SOCIAL, EDUCACION, DESARROLLO DE CAPACIDAD, SALUD, TECNOLOGIA DE LA INFORMACION, TECNOLOGIA DE LAS COMUNICACIONES, INTERNET, POLITICA SOCIAL, PROGRAMAS DE ACCION, TECHNOLOGICAL CHANGE, SOCIAL ASPECTS, DIGITAL TECHNOLOGY, SOCIAL INTEGRATION, EQUALITY, SOCIAL DEVELOPMENT, EDUCATION, CAPACITY BUILDING, HEALTH, INFORMATION TECHNOLOGY, COMMUNICATION TECHNOLOGY, INTERNET, SOCIAL POLICY, PROGRAMMES OF ACTION |
| Date: | 2020–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col041:45901&r=all |
| By: | Maria Savona (Science Policy Research Unit (SPRU), University of Sussex) |
| Abstract: | This note selectively unpacks the rapid evolution of the (Western) debate around the opportunity to deploy contact tracing apps, alongside other digital tools such as apps for symptoms sharing and immunity certificates to mitigate the Covid-19 pandemics. I do so from the perspective of a social scientist interested in the implications of the development of digital tools at times of emergency in terms of data governance. I argue that a more articulated reflection is needed towards the development of a healthy institutional structure that regulates the role of large tech platforms, such as Google and Apple (G&A), and public institutions, in governing data, particularly when health data and public value are involved. I unravel the saga of contact tracing apps in the UK and EU, looking at the technical, legal and ethical aspects and I attempt to draw more general lessons for data governance. |
| Keywords: | Contact tracing apps, data governance, digital applications, digital exclusion, public trust |
| JEL: | O33 O38 L51 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:sru:ssewps:2020-10&r=all |
| By: | Sergio Petralia; ; |
| Abstract: | The pervasive diffusion of electricity-related technologies at the beginning of the 20th century has been studied extensively to understand the transformative potential of General Purpose Technologies (GPTs). Most of what we know, however, has been investigated in relation to the diffusion of their use. This article provides evidence on the county-level economic impact of the technological adoption of Electrical & Electronic (E&E) technologies in the 1920s in the United States (US). Thus focusing on the impact of a GPT on technological adopters, i.e. those who are able to develop, transform and complement it. It is shown that places with patenting activity in E&E technologies grew faster and paid higher wages than others between 1920 and 1930. This analysis required constructing a novel database identifying detailed geographical information for historical patent documents in the US since 1836, as well as developing a text-mining algorithm to identify E&E patents based on patent descriptions. |
| Keywords: | Disruptive Technological Change, General Purpose Technologies, Historical Patent Documents, Technological Adoption |
| JEL: | O33 O31 O30 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2033&r=all |
| By: | International Monetary Fund |
| Abstract: | This paper reviews assessment of financial market infrastructures (FMIs) and authorities’ responsibilities in Canada. The report shows that the FMIs have operated normally under a well-established legal and oversight framework that is distinct for Canada. The Bank of Canada (BOC) has issued a Guideline that defines the criteria for identifying FMIs. Recognition of a clearing agency is also required under provincial securities legislation where terms and conditions and the clearing rule would apply. The current oversight approach can benefit from stronger enforcement powers available to the BOC. Provincial securities regulators are encouraged to train FMI oversight staff in advanced quantitative skills to support risk assessment. Further enhancement in managing liquidity and operational risks will help ensure the robust functioning of FMIs. Improvements in cyber resiliency continue in line with international guidance, including industry-wide exercises carried out by FMI operators and participants. However, compliance to endpoint security needs to be tightened by self-attestations and audits of FMI participants. The categorization and reporting of operational incident severity levels could be further coordinated. |
| Date: | 2020–01–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2020/022&r=all |
| By: | Lordan, Grace |
| Abstract: | On March 16th 2020 the UK Prime Minister Boris Johnson started giving the nation daily updates urging its citizens to work from home as part of the COVID-19 response. Even before that date, over in the City of London, many firms had introduced working from home for a large proportion of their workers, expecting that they would soon no longer be able to travel to site. Therefore, throughout March 2020, as part of the COVID-19 response, financial and professional services firms made the transition from physical workspaces to virtual ones, with limited or no planning time. Soon, save for those people nominated as key workers, such as certain traders and salespersons, the majority of employees from the City of London were working at home. In order to understand the obstacles that stand in the way of virtual inclusion for the City of London’s workers, Dr Grace Lordan went on a virtual listening tour engaging 35 of its most senior leaders who work in financial and professional services in the City of London. The aim was to identify their perceived obstacles to enhancing virtual inclusion in their firm during the COVID-19 response. Ten major obstacles were identified, each with a set of three independent actions that can be easily pursued to enhance virtual inclusion in the firm, with a view to benefiting business outcomes now. |
| Keywords: | Covid-19; coronavirus |
| JEL: | J50 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:105189&r=all |
| By: | Schmidt, Reinhard H. |
| Abstract: | This paper provides an account of the history of Deutsche Bank in the style of a narrative. Since more than 120 years, Deutsche Bank has been the most important German bank. Its history has been shaped by crises and efforts to overcome them. Moreover, throughout its history, the development of Deutsche Bank has been closely related to that of the German financial system, and as the paper tries to demonstrate, Deutsche Bank had a stronger influence on the character of that system than any other German institution. The paper focuses on three additional aspects of the bank's history, which have repeatedly changed over time: (1) its degree of internationalization, (2) the extent to which Deutsche Bank has focused on investment banking (as opposed to commercial banking) and (3) the consistency of its business model. |
| JEL: | G21 N24 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ibfpps:0120&r=all |
| By: | Ashworth, J.; Goodhart, C. A. E. |
| Abstract: | Currency usage began a long trend decline in the decades after World War II. This was expected to continue, and even accelerate, owing to payment technology innovations. Surprisingly, however, such usage as a percentage of GDP stopped falling and has increased quite sharply in recent years in most countries, with Sweden the major outlier. We examine to what extent this may have been due to increasing interest elasticity, nearing the zero lower bound, and also to rising tax evasion, as indirect taxes rise. We also show how currency holdings increased temporarily as the financial crisis struck in 2008. |
| Keywords: | currency; interest elasticity; financial crisis; Grey economy; tax evasion |
| JEL: | E40 E49 E63 H26 N10 N20 |
| Date: | 2020–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:105303&r=all |
| By: | Accominotti, Olivier |
| Abstract: | In May to July 1931, a series of financial panics shook central Europe before spreading to the rest of the world. This article explores the role of cross-border banking linkages in propagating the central European crisis to Britain and the US. Using archival bank-level data, the article documents US and British banks’ exposure to central European frozen credits in 1931. Central European lending was mostly done by large and diversified commercial banks in the US and by small and geographically specialized merchant banks/acceptance houses in Britain. Differences in the organization of international bank lending explain why the central European crisis disturbed few US banks but endangered many British financial institutions. |
| JEL: | N24 |
| Date: | 2019–02–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:87788&r=all |
| By: | Junaid Ahmed (Pakistan Institute of Development Economics, Islamabad); Junaid Ahmed (Pakistan Institute of Development Economics, Islamabad); Mazhar Mughal (Pau Business School, Pau, France); Inmaculada Martinez-Zarzoso (University of Goettingen, Germany and University Jaume I, Castellón, Spain) |
| Abstract: | Remittances, the part of the migrant's income sent back to their family living in the origin country, have become a critical stepping-stone to economic development for many developing nations. A key factor that causes migrants to use informal channels is the high cost of transferring funds through formal channels. Reducing the cost of remitting is one of the 2030 Sustainable Development Goals; it is also an important policy objective as it helps to bring remittances into the formal economy, enhances financial inclusion and increases the net income of receiving households. This study examines the question of whether and to what extent the reduction in the cost of remittances increases the flow of remittances to developing countries, and whether larger amounts are remitted when the cost per transaction decreases (the so-called scale effect). It uses bilateral data on remittance flows and exploits a novel dataset covering transaction costs for 30 sending and 75 receiving countries for the period 2011-2017. A gravity model of remittance flows is estimated using panel data and instrumental variable techniques to account for potential endogeneity. We find that transaction cost is a significant predictor of the volume of formal remittances. A 1 percent decrease in the cost of remitting USD 200 leads to about a 1.6 percent increase in remittances. This association remains unchanged regardless of the models used and techniques employed. In addition to this strong impact of transfer fees, migrant stock, exchange rate stability in the recipient country and financial development in both the recipient and sending countries are also found to be important factors driving remittances. The findings suggest that policies designed to increase remittances need to focus on decreasing the cost of remitting through formal channels. |
| Keywords: | Bilateral Remittances; Cost of Remitting; International Migration; Developing Countries |
| JEL: | F22 F24 F30 O10 O17 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:175&r=all |
| By: | Moller, Sebastián |
| Abstract: | La pandemia del COVID‐19 ha generado impactos en muchas dimensiones de la vida de las personas y de las agendas políticas del mundo, de América Latina y el Caribe. Nuestra región es, a comienzos de junio de 2020, una de las más afectada por contagios y muertes atribuidas al COVID‐19. Los Estados de la región han respondido a esta crisis sanitaria y social implementado un abanico de estrategias, con enfoques y resultados diversos, que buscan proteger la vida de las personas. Sabiendo que estos esfuerzos deben ser sostenidos y reforzados para afrontar la presente crisis, sus diversos impactos y las potenciales nuevas olas, este documento busca relevar algunos aprendizajes que hasta el momento se evidencian, internacionalmente y en nuestra región, en relación a las políticas de diagnóstico y trazabilidad de casos positivos, las estrategias de contención y mitigación, la reorganización y fortalecimiento de los sistemas de salud, las medias de protección de los funcionarios de la salud y la generación y difusión de información crítica. En este marco, se presenta un análisis particular de los usos, potencialidades y desafíos que las tecnologías de la cuarta revolución tecnológica han tenido durante la pandemia. Adicionalmente, con una mirada de los impactos multidimensionales del COVID‐19, se comenta la situación de algunos grupos especialmente vulnerables ante la pandemia que deben estar al centro de las respuestas de la política pública. |
| Keywords: | COVID-19, VIRUS, EPIDEMIAS, ENFERMEDADES VIROSICAS, SALUD, SERVICIOS DE SALUD, INNOVACIONES TECNOLOGICAS, TECNOLOGIA DIGITAL, TECNOLOGIA DE LA INFORMACION, TECNOLOGIA DE LAS COMUNICACIONES, BIENESTAR SOCIAL, POLITICA SANITARIA, IGUALDAD, ANCIANOS, MUJERES, PUEBLOS INDIGENAS, AFRODESCENDIENTES, PRESOS, INFORMACION SANITARIA, ACCESO A LA INFORMACION, COVID-19, VIRUSES, EPIDEMICS, VIRAL DISEASES, HEALTH, HEALTH SERVICES, TECHNOLOGICAL INNOVATIONS, DIGITAL TECHNOLOGY, INFORMATION TECHNOLOGY, COMMUNICATION TECHNOLOGY, SOCIAL WELFARE, HEALTH POLICY, EQUALITY, AGEING PERSONS, WOMEN, INDIGENOUS PEOPLES, PEOPLE OF AFRICAN DESCENT, PRISONERS, HEALTH INFORMATION, ACCESS TO INFORMATION |
| Date: | 2020–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col041:45868&r=all |
| By: | Aziz Berdiev; Rajeev K. Goel; James W. Saunoris |
| Abstract: | Adding to the emerging body of research related to the current coronavirus crisis, this paper studies the impact of disease epidemics on the worldwide prevalence of the shadow or the underground economy. The informal sector undermines compliance with government regulations and lowers tax collections. Our main hypothesis is that epidemics positively impacts the spread of the shadow economy. Using data on nearly 130 nations and nesting the empirical analysis in the broader literature on the drivers of the shadow sector, we find that both the incidence and the intensity of epidemics positively and significantly contribute to the spread of the underground sector. Numerically, a ten percent increase in the intensity of epidemics leads to an increase in the prevalence of the shadow economy by about 2.1 percent. These findings about the spillovers from epidemics have implications for economic policies in the current times of coronavirus. |
| Keywords: | shadow economy, epidemics, COVID-19, government, economic development |
| JEL: | I15 K42 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_8425&r=all |
| By: | Van Hai Tran (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes, Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Lucie Sirieix (UMR MOISA - Marchés, Organisations, Institutions et Stratégies d'Acteurs - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes, Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier) |
| Abstract: | The process of supermarketization in emerging countries does not imply convergence in shopping practices. Based on a qualitative study in Hanoi, Vietnam, this paper adopts a shopping-as-practice approach with a specific focus on factors influencing practices. Seventy-night interviews were conducted in six urban districts of Hanoi. The results allowed to identify five types of shopping practices of differing natures and degrees of cross-shopping, and different strategies used to accomplish these practices, dominated by constraints or based on trust. The analysis showed the relationships between the factors and (1) shopping and cross-shopping strategies and (2) the dimensions of shopping practices. These findings deepen the current understanding of shopping and cross shopping practices in the context of emerging markets. This paper also provides recommendations regarding retail policy and development in Vietnam. |
| Keywords: | Vietnam,Food industry,Shopping as practice,Cross-shopping,Fresh vegetable,Qualitative study,Trust |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02880674&r=all |
| By: | Matthias Sutter; Michael Weyland; Anna Untertrifaller; Manuel Froitzheim |
| Abstract: | We present the results of a randomized intervention in schools to study how teaching financial literacy affects risk and time preferences of adolescents. Following ore than 600 adolescents, aged 16 years on average, over about half a year, we provide causal evidence that teaching financial literacy has significant short-term and longer-term effects on risk and time preferences. Compared to two different control treatments, we find that teaching financial literacy makes subjects more patient, less present-biased, and slightly more risk-averse. Our finding that the intervention changes economic preferences contributes to a better understanding of why financial literacy has been shown to correlate systematically with financial behavior in previous studies. We argue that the link between financial literacy and field behavior works through economic preferences. In our study, the latter are also related in a meaningful way to students' field behavior. |
| Keywords: | Financial literacy, randomized intervention, risk preferences, time preferences, field experiment |
| JEL: | C93 D14 I21 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:inn:wpaper:2020-27&r=all |