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on Payment Systems and Financial Technology |
|
Issue of 2020‒09‒14
twenty-six papers chosen by |
| By: | Thomas J. Carter; Rhys R. Mendes; Kim Huynh; Gradon Nicholls; Mitchell Nicholson |
| Abstract: | We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a “textbook†model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only non-interest-bearing money, we find the following: * A money-financed fiscal expansion can be more stimulative than a debt-financed fiscal expansion of equal magnitude. However, the extra stimulus requires that the central bank abandon its usual feedback rule for an extended period, allowing interest rates to instead be determined by the rate of money creation. * Moreover, the extra stimulus associated with money financing stems solely from its implications for the path of short-term interest rates and cannot be attributed to an oft-cited Ricardian-equivalence argument that money financing avoids the adverse wealth effects associated with higher taxes under debt financing. * Because the stimulative effects of money financing are driven by its implications for interest rates, a combination of debt financing and sufficiently accommodative forward guidance can replicate all welfare-relevant outcomes while bypassing the potential political-economic complications associated with helicopter money. * Apart from these complications, money financing also has the drawback that it would allow money-demand shocks to generate volatility in output and inflation, much as was the case under the money-targeting regimes of the 1970s and 1980s. In the model with interest-bearing reserves, we find the following: * The rate of money creation determines the interest rate on reserves, but broader interest rates are invariant across debt- and money-financing regimes. * As a result, money financing delivers no extra stimulus relative to debt financing. Overall, results suggest that helicopter money cannot be justified on the grounds that it would allow policy-makers to get more stimulus out of a given fiscal expansion: either money financing has no extra stimulative benefits to offer, or all potential benefits could be pursued more effectively and robustly using alternative policies. |
| Abstract: | The role of cash in Canadians’ lives has evolved over the past decade. During this period, two diverging trends have emerged in Canada: the use of cash for transactions at the point of sale has declined, but overall demand for cash has increased. The 2019 Cash Alternative Survey was designed to study these trends and update the Bank of Canada’s understanding of Canadians’ use of cash. We asked Canadians about their cash holdings, planned future use of cash and views on how they would be affected if cash were to disappear. In addition to declining cash use, the emergence of privately issued digital currencies has motivated many central banks to conduct research into central bank digital currencies (CBDCs). We contribute to the Bank of Canada’s research on CBDC by monitoring Canadians’ use of cash and their adoption of digital payment methods. We find that Canadians’ cash holdings are stable and the adoption of cryptocurrencies remains limited and concentrated in a few sub-demographics. Moreover, we find that few Canadians plan to stop using cash entirely and that a considerable share of them would find the disappearance of cash problematic. |
| Keywords: | Credibility; Economic models; Fiscal Policy; Inflation targets; Interest rates; Monetary Policy; Monetary policy framework; Transmission of monetary policy; Uncertainty and monetary policy; Bank notes, Central bank research, Digital currencies and fintech, Econometric and statistical methods |
| JEL: | E12 E41 E43 E51 E52 E58 E61 E63 C1 C12 C9 E4 O5 O51 |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocadp:20-8&r=all |
| By: | Alexandra Palm (TIK, University of Oslo) |
| Abstract: | How does mobile phone use affect subjective well-being, and what are the implications of this for responsible research and innovation (RRI)? Previous studies generally find negative associations between mobile phone use and users’ well-being. This paper presents novel evidence of this question based on a new survey dataset for a large representative sample of Norwegian adults. The paper highlights three findings. First, the intensity of mobile phone use per se is not significantly associated with subjective well-being. Second, communication features of mobile phones such as private phone calls and text messaging are positively associated with subjective well-being. Third, network and communication applications (e.g. Facebook, Instagram, Twitter) are negatively associated with the subjective well-being of young adults. The paper discusses implications of these empirical results in terms of RRI, arguing that policy makers and industry actors should consider individual users’ well-being as a central dimension to assess objectives and impacts of innovation processes in digital technologies. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:tik:inowpp:20200823&r=all |
| By: | Jesse Leigh Maniff; Paul Wong |
| Abstract: | This paper looks at the potential benefit that a central bank digital currency (CBDC) could provide in the context of existing payment mechanisms. Central banks today provide the primary payment mechanisms for trade and commerce: cash, used by the public, and electronic payment services, used by eligible financial institutions. |
| Date: | 2020–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2020-08-13-2&r=all |
| By: | Carlos León (Banco de la República de Colombia); Paolo Barucca (University College London, United Kingdom); Oscar Acero (Banco de la República de Colombia); Gerardo Gage (Centro de Estudios Monetarios Latinoamericanos (CEMLA), México); Fabio Ortega (Banco de la República de Colombia) |
| Abstract: | We present a general supervised machine learning methodology to represent the payment behavior of financial institutions starting from a database of transactions in the Colombian large-value payment system. The methodology learns a feedforward artificial neural network parameterization to represent the payment patterns through 113 features corresponding to financial institutions’ contribution to payments, funding habits, payments timing, payments concentration, centrality in the payments network, and systemic impact due to failure to pay. The representation is then used to test the coherence of out-of-sample payment patterns of the same institution to its characteristic patterns. The performance is remarkable, with an out-of-sample classification error around three percent. The performance is robust to reductions in the number of features by unsupervised feature selection. Also, we test that network centrality and systemic impact features contribute to enhancing the performance of the methodology definitively. For financial authorities, this is the first step towards the automated detection of individual financial institutions’ anomalous behavior in payment systems. **** RESUMEN: Presentamos una metodología general de aprendizaje automático supervisado para representar el comportamiento de pago de las instituciones financieras a partir de una base de datos de transacciones del sistema de pagos de alto valor de Colombia. La metodología utiliza una red neuronal artificial para representar los patrones de pago de instituciones financieras a través de 113 características que corresponden a su contribución a los pagos, hábitos de fondeo, momento de pagos, concentración de pagos, centralidad en la red de pagos, e impacto sistémico debido a la imposibilidad de pagar. Esta representación es utilizada para probar la coherencia de los patrones de pago fuera de muestra de una institución financiera con sus patrones de pago característicos. El desempeño del modelo es notable, con un error de clasificación fuera de muestra cercano a tres por ciento. El desempeño es robusto a reducciones en el número de características con base en la selección no supervisada de características. También se comprueba que la centralidad en la red de pagos y el impacto sistémico son características que efectivamente mejoran el desempeño de la metodología. Para las autoridades financieras este es un primer paso hacia la detección automatizada de anomalías en el comportamiento de las instituciones financieras como participantes en sistemas de pago. |
| Keywords: | Payments, neural networks, feature selection, machine learning, pattern recognition, pagos, redes neuronales, selección de características, aprendizaje automático, reconocimiento de patrones |
| JEL: | C45 E42 G21 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:1130&r=all |
| By: | Madeleine Besson (LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - UEVE - Université d'Évry-Val-d'Essonne, MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School); Patricia Gurviez (GENIAL - Ingénierie, Procédés, Aliments - INRA - Institut National de la Recherche Agronomique - AgroParisTech); Julia Carins (Griffith University [Brisbane]) |
| Abstract: | When fighting the burden of overweight and obesity, diet remains a powerful preventive factor. The aim of this study is to stimulate more efficient interventions on diet change by synthesising knowledge of previous weight loss programs based on the use of digital devices. Following the preferred reporting items for systematic reviews and meta-analyses approach, a systematic literature review through five databases was undertaken focused on the assessment of studies oriented towards diet change that incorporating digital devices including computers, tablets, mobile phones, portable and non-portable tracking devices. Fifteen empirical studies (2004 to 2018) were identified and examined for efficacy, and presence of theory and behaviour change techniques. Digital devices supporting weight loss programs have evolved rapidly over the last 15 years, from reminders using the short message system to self-quantification through mobile applications. Nine studies show a significant difference between conditions, in favour or one (or more) intervention arm. The remaining studies failed to find a significance between conditions but were using a comparison with an active intervention, potentially indicating equivalent efficacy. A low level of theory use and use of behavioural techniques was evident. The literature review is limited to studies that have scientifically evaluated the (potential) weight loss associated with the weight loss intervention. This review could be put into perspective with other complementary research, in particular, qualitative research aimed at exploring participants' motivtions to use (or not) digital devices to lose weight. Few previous reviews have examined the extent of the efficiency in digital diet change programs. The review shows that in general, digital interventions can support weight loss for adults, however more studies are required to provide a strong evidence base for efficacy. Given their low cost and the size of the overweight population, public health policies could integrate these devices more strongly in their efforts to combat obesity. A theory-driven social marketing perspective could enhance development, ensuring interventions are effective and valued by users. |
| Keywords: | Public health,Obesity,Programme,Social marketing,Systematic Litterature Review,Digital intervention |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02404941&r=all |
| By: | Jonathan Meng; Feng Fu |
| Abstract: | The statistical concept of Gambler's Ruin suggests that gambling has a large amount of risk. Nevertheless, gambling at casinos and gambling on the Internet are both hugely popular activities. In recent years, both prospect theory and lab-controlled experiments have been used to improve our understanding of risk attitudes associated with gambling. Despite theoretical progress, collecting real-life gambling data, which is essential to validate predictions and experimental findings, remains a challenge. To address this issue, we collect publicly available betting data from a \emph{DApp} (decentralized application) on the Ethereum Blockchain, which instantly publishes the outcome of every single bet (consisting of each bet's timestamp, wager, probability of winning, userID, and profit). This online casino is a simple dice game that allows gamblers to tune their own winning probabilities. Thus the dataset is well suited for studying gambling strategies and the complex dynamic of risk attitudes involved in betting decisions. We analyze the dataset through the lens of current probability-theoretic models and discover empirical examples of gambling systems. Our results shed light on understanding the role of risk preferences in human financial behavior and decision-makings beyond gambling. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2008.05653&r=all |
| By: | Xiao Li; Weili Wu |
| Abstract: | Bitcoin, as one of the most popular cryptocurrency, is recently attracting much attention of investors. Bitcoin price prediction task is consequently a rising academic topic for providing valuable insights and suggestions. Existing bitcoin prediction works mostly base on trivial feature engineering, that manually designs features or factors from multiple areas, including Bticoin Blockchain information, finance and social media sentiments. The feature engineering not only requires much human effort, but the effectiveness of the intuitively designed features can not be guaranteed. In this paper, we aim to mining the abundant patterns encoded in bitcoin transactions, and propose k-order transaction graph to reveal patterns under different scope. We propose the transaction graph based feature to automatically encode the patterns. A novel prediction method is proposed to accept the features and make price prediction, which can take advantage from particular patterns from different history period. The results of comparison experiments demonstrate that the proposed method outperforms the most recent state-of-art methods. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2008.09667&r=all |
| By: | Adetayo Adeniran (FUTA - Federal University of Technology of Akure); Hamid Jadah (University of Kerbala - Partenaires INRAE); Noor Mohammed (Imam AL- Kadhum College) |
| Abstract: | The main objective of the study is to examine the impact of information technology on strategic management in the banking sector. The specific objectives are to identify the applications of information technology in banking sector; to examine the association between education level and customer's usage of IT applications in the banking sector; and to examine the relationship between information technology and organization's strategy. The methodology of the study is supported by interview of bank customers and interview of industry experts based on purposive sampling technique. The findings revealed that Electronic cards, ATMs, online banking, electronic payment, and mobile banking were the major application of IT in Iraq banking sector. There is an association between education level of bank customers and their usage of IT applications regarding banking transactions in Iraq. There is a relationship between information technology and organization's strategy which has resulted in value creation and competitive advantage of banks. It was recommended that for better performance of IT on banking, the management of banking sector should adopt better policies that will encourage users to adopt IT usage in banks. The main contribution of this study is that information technology enhances value creation and competitive advantage in Iraq banks. |
| Keywords: | information technology,banking sector,strategic management |
| Date: | 2020–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02919679&r=all |
| By: | Natkamon Tovanich (IRT SystemX - IRT SystemX, AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LRI - Laboratoire de Recherche en Informatique - CNRS - Centre National de la Recherche Scientifique - UP11 - Université Paris-Sud - Paris 11 - CentraleSupélec - Université Paris-Saclay, Université Paris-Saclay); Nicolas Soulié (RITM - Réseaux Innovation Territoires et Mondialisation - UP11 - Université Paris-Sud - Paris 11); Petra Isenberg (AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LRI - Laboratoire de Recherche en Informatique - CNRS - Centre National de la Recherche Scientifique - UP11 - Université Paris-Sud - Paris 11 - CentraleSupélec - Université Paris-Saclay) |
| Abstract: | We present our work on visual analytics tools to support the analysis of Bitcoin mining pool evolution. Mining blocks are a critical component of the Bitcoin ecosystem, helping to keep the system secure, valid, and stable. At the same time, mining is a resource-intensive activity that continues to get more and more difficult. Mining pools have emerged to address this issue and to ensure a more stable and predictable income by sharing computing power. Yet, increased centralization of the mining power is also not without dangers (e. g., the 51% attack), and, thus, it is important to better understand and analyze mining pool activities in Bitcoin. Here, we report three contributions: our extensive data collection on Bitcoin mining pools, our development of two custom visualizations, and our first exploratory data analysis leading to hypotheses and documented activities about pools' main features such as market share, reward rules, or location. |
| Keywords: | Bitcoin,Mining pools,Visual analytics |
| Date: | 2021–04–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02902465&r=all |
| By: | Willis, George; Tranos, Emmanouil |
| Abstract: | Uber has coupled their ability to dodge regulation with their ride-haling app, to grow from a Silicon Valley start-up, to a global powerhouse challenging established taxis in over 700 Metropolitan areas. Through the lens of Schumpter’s ‘Creative Destruction’ and Roger’s ‘Diffusion of Innovation’, this paper aims to investigate how Uber challenges the established taxis, focusing on yellow taxis in New York City. To capture Uber’s popularity we employ innovative new data from the New York Times API. We couple these data with data about taxi usage and quality of service from the New York City Taxi & Limousine Commission. We then employ well established time-series modelling techniques in order to test if and how Uber affected the well established taxi market in New York City. Our results illustrate the disruptive nature of Uber in terms of leading to a decrease in traditional taxi rides, but also to a behavioural change of customers raising more complaints about taxi services. |
| Date: | 2020–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:25fxs&r=all |
| By: | Shubha Ojha (National Law University Jodhpur, India) |
| Abstract: | In today’s technology-driven world, advancements in the internet domain seem to know no bounds. However, while the internet arena has created multiple avenues of development, it has, at the same time, opened up gates for a flurry of illicit activities. Dark web crime has emerged as one such ominous activity that looms over the virtual world and threatens legal systems all across the globe. What started off as the first major internet debacle brought about by the ‘Silk Road’ episode, has now become a source of serious concern for establishing rule of law in the information society. This article delves into the turbid cloud of dark web crimes thriving in the cyber space and the current legal scenario in India to regulate the surge in such malpractices. What stands as a stumbling block before the law enforcement agencies is the transnational element of dark web crimes. While the Indian Penal Code and other legislations comprise provisions related to both territorial and extra-territorial jurisdiction, the extra-territorial jurisdiction is such that it leaves a lot of ambiguity in terms of applicability of Indian laws to cyber offences that may be committed by foreign nationals overseas but the effects of which are felt in India. The author, through the course of this article, brings to light loopholes in the criminal and cyber laws of India, proposes international cooperation as the need of the hour, and analyses if the Budapest Convention on Cybercrimes provides an efficacious solution in this context. |
| Keywords: | dark web crime, Silk Road, cyberspace, extra-territorial jurisdiction, Budapest Convention |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:smo:spaper:017so&r=all |
| By: | Jillian Buttecali; Zachary Proom; Paul Wong |
| Abstract: | In 2019, a team at the Federal Reserve Board (Board) conducted small-scale experimentation, named the "FooWire project," to build a payment system using distributed ledger technology (DLT). The team built the system using Hyperledger Fabric, a popular DLT platform, because it generally met the team's design requirements of a closed network, mature technology, and enterprise readiness. |
| Date: | 2020–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2020-08-13-1&r=all |
| By: | Hanna Halaburda; Guillaume Haeringer; Joshua S. Gans; Neil Gandal |
| Abstract: | Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature of the phenomenon analyzed, this research spans many academic disciplines including macroeconomics, law and economics and computer science. This survey focuses on the microeconomics of cryptocurrencies themselves. What drives their supply, demand, trading price and competition amongst them. This literature has been emerging over the past decade and the purpose of this paper is to summarize its main findings so as to establish a base upon which future research can be conducted. |
| JEL: | D01 D4 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:27477&r=all |
| By: | Sébastien P. Kraenzlin; Christoph Meyer; Thomas Nellen |
| Abstract: | This paper analyzes card payments to the retail sector in Switzerland during the COVID-19 crisis. We provide evidence on aggregate effects and regional shifts. Pronounced shifts - which persisted post-lockdown - can be observed from urban to suburban and rural areas and among cantons. Data allow us to identify directly two sources of shifts: "tourists and business travelers," and "e-commerce." We indirectly identify additional sources: infection risk, lockdown measures, working from home, shopping tourism, and cash substitution. The COVID-19 crisis seems to have reinforced pre-existing trends that may have faster than anticipated effects on the economy. Our analysis underscores the usefulness of real-time card payment data to inform policy makers. |
| Keywords: | COVID-19, lockdown, card payment data, regional sale shifts |
| JEL: | E21 E42 E65 R10 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2020-15&r=all |
| By: | Christian Wipf |
| Abstract: | The paper compares the welfare properties of two competing organi- zations of the monetary system: The current fractional reserve banking system versus a narrow banking system where inside money is fully backed by outside money issued by the central bank. Using a New Monetarist model, the analysis shows that fractional reserve banking is bene cial because of the interest payments on inside money. Since inside money funds loans, it pays interest, compensating the agents for the in ation tax and thus reducing the welfare costs of in ation. Since narrow banking provides no such compensation fractional reserve banking typically domi- nates narrow banking in terms of welfare. This also holds if outside money pays interest. Only if fractional reserve banking is suciently constrained, narrow banking can yield higher welfare. |
| JEL: | E42 E51 G21 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:ube:dpvwib:dp2015&r=all |
| By: | Hellwig, Robert (RWTH Aachen University); Atasoy, Ayse Tugba (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)); Madlener, Reinhard (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)) |
| Abstract: | This paper investigates the impact of social preferences and information about the value chain on the willingness to pay (WTP) for Fairtrade products. More specifically, the perceived social and economic benefits for Fairtrade farmers are analyzed in order to study whether altruistic preferences or information biases may shift consumers’ WTP. By means of an online survey, the empirical analysis is carried out for the coffee market. After grouping and comparing participants with respect to their WTP, social preferences, and demographic backgrounds, we find some evidence that consumers wrongly estimate, and lack information on, the financial benefits of Fairtrade certification that are eventually allocated to the coffee farmers. Large multinational enterprises often seem to make use of the Fairtrade system in order to gain financial and competitive advantages by “fairwashing” their products. This demonstrably leads to a higher WTP for an ethical premium that is not necessarily justified. |
| Keywords: | Social preferences; Willingness to pay; Fairtrade; Coffee market; Tobit model |
| JEL: | D63 D83 O13 Q01 Q56 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:ris:fcnwpa:2020_006&r=all |
| By: | Armelius, Hanna (Payments Department); Claussen, Carl Andreas (Payments Department); Reslow, André (Payments Department, Sveriges Riksbank; Uppsala University and Uppsala Centre for Fiscal Studies (UCFS)) |
| Abstract: | There is much in our increasingly digitized economies to suggest that the use of cash should fall. However, in almost all countries, it is constant or rising with a few notable excep- tions. Sweden, in particular, displays a divergent development. In this paper, we explore the drivers behind this development. We use a data set consisting of 129 developed and de- veloping countries and an extensive set of possible explanatory variables to estimate panel regressions for cash demand. In line with earlier studies, we find that economic develop- ment, demography, and the interest rate are important factors. A new finding is that our estimations point to a negative relationship between cash and corruption, and between cash and trust in government and financial institutions. However, this is not enough to fully explain the divergent development in Sweden. We therefore also discuss some recent events and policy measures in Sweden that seem to have accelerated the decline in cash during the last decade. |
| Keywords: | Cash Demand; Currency in Circulation; Money |
| JEL: | E41 E42 E51 |
| Date: | 2020–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0393&r=all |
| By: | Richard Skiba (LRES Training Management) |
| Abstract: | Adaptation of blockchain technology in the Transport and Logistics industry may provide for not only increased transparency, trust and efficiency but also improved safety by minimising mis-declaration of cargo. There are currently a number of operators in the industry developing applications based on blockchain with may others planning to utilise the approach. As organisations commit to blockchain based projects, there will be an increased demand for blockchain developers, and associated job roles, and this paper considers the skills and knowledge requirements for those in these roles and provides a basis for determining the competence required for blockchain development. |
| Keywords: | Transport and Logistics,Blockchain,Smart Contract,Competency Standards,Training,Safety |
| Date: | 2020–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02890350&r=all |
| By: | Claire Borsenberger (Groupe La Poste); Helmuth Cremer (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique); Denis Joram (Groupe La Poste); Jean-Marie Lozachmeur (GREMAQ - Groupe de recherche en économie mathématique et quantitative - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRA - Institut National de la Recherche Agronomique - UT1 - Université Toulouse 1 Capitole); Estelle Malavolti (ENAC - Ecole Nationale de l'Aviation Civile, TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | The significant development of e-commerce and Internet marketplaces has provided numerous benefits to both retailers and customers. In addition, it has been a boon for delivery operators, allowing postal services to compensate at least in part revenue losses due to declining mail volumes. However, increasing concentration in e-commerce and the worry that market power may be extended into adjacent markets has turned into a major concern of policy makers and competition authorities. While many argue that traditional regulatory or competition policy may have to be amended within the context of platforms, there are so far few rigorous studies that can provide guidance. |
| Keywords: | foreclosure,E-commerce,delivery operators,vertical integration,bundling |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02888569&r=all |
| By: | Sofía Orazi; Lisana Belén Martinez; Hernán P. Vigier |
| Keywords: | Inclusión financiera; clúster jerárquicos; América Latina; Europa.Keywords: financial inclusion; hierarchical clustering; Latin America; Europe. |
| JEL: | G23 O16 O17 C38 N26 N24 |
| Date: | 2019–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:018301&r=all |
| By: | Mathieu Lesueur (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Laurent Bironneau (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Gulliver Lux; Thierry Morvan (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02886572&r=all |
| By: | Francis X. Diebold |
| Abstract: | I investigate Big Data, the phenomenon, the term, and the discipline, with emphasis on origins of the term, in industry and academics, in computer science and statistics/econometrics. Big Data the phenomenon continues unabated, Big Data the term is now firmly entrenched, and Big Data the discipline is emerging. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2008.05835&r=all |
| By: | Vahidin Jeleskovic (University of Kassel); Mirko Meloni (University of Kassel); Zahid Irshad Younas (National University of Sciences and Technology) |
| Abstract: | Given the increasing interest in cryptocurrencies shown by investors and researchers, and the importance of the potential loss scenarios resulting from investment/trading activities, this research provides market operators with a dynamic overview on the short-term portfolio tail risk contribution of six widely-traded cryptocurrencies. Considering the high volatility dynamics of the cryptocurrency market, realized volatility measures computed from different frames (1m, 5m, 15m, 30m, 1h) are included in the estimation of univariate GARCH models, to be used in combination with copula functions for VaR/ES Monte Carlo simulations. Even if results lack data frequency ordinality in terms of out-of-sample goodness, Bitcoin and Litecoin are generally recognized as the safest and riskiest currency respectively on an equally-weighted framework, reflecting how the contribution to portfolio returns is not representative of the real grade of risk diversification. |
| Keywords: | cryptocurrency tradiing, tail risk, realized volatility, copula, portfolio optimization. |
| JEL: | C15 C53 G17 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202034&r=all |
| By: | Löschel, Andreas; Rodemeier, Matthias; Werthschulte, Madeline |
| Abstract: | Non-pecuniary incentives motivated by insights from psychology ("nudges") have been shown to be effective tools to change behavior in a variety of fields. An often unanswered question relevant for public policy is whether these promising interventions can be scaled up. In cooperation with a large public utility in Germany, we develop an energy savings application for mobile phones that can be used by the majority of the population. The app randomizes a goal-setting nudge prompting users to set themselves energy consumption targets. The roll-out of the app is promoted by a mass-marketing campaign and large financial incentives. Results document low demand for the energy app in the general population and a tightly estimated null effect of the nudge on electricity consumption among app users. A likely mechanism of the null effect is unfavorable self-selection into the app: users are characterized by an already low baseline energy consumption and exhibit none of the behavioral biases that typically explain why goal setting affects behavior. We also find that the nudge significantly decreases the likelihood to use the app over time. Structural estimates imply that the average user is willing to pay 7.41 EUR to avoid the nudge and the intervention would yield substantial welfare losses if implemented nationwide. |
| Keywords: | nudging,goal setting,scalability,field experiments,energy,behavioral welfare economics,mobile phones |
| JEL: | C93 D91 Q49 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cawmdp:118&r=all |
| By: | Jevtic, Aleksandar R. |
| Abstract: | This paper provides a political economy perspective on gold standard adoption in the Kingdom of Yugoslavia which joined the monetary system in midst of the Great Depression in June 1931. The analysis proceeds in three stages. First, the high relative costs faced by a peripheral country like Yugoslavia for maintaining a gold standard, stemming from a fluctuating balance-of-payments and lacking institutional structures, are analysed. Against this background, the economic and political reasons why policy elites nevertheless endeavoured to adopt the gold standard are examined by looking at debates in Yugoslavia's central bank, correspondence between governmental institutions and various economic newspapers. Subsequently, the paper analyses how the convictions of policymakers were formed by looking at pressures exerted by foreign lenders such as the Bank for International Settlements and the state of economic knowledge in the country, as well as the ideological and cultural convictions of policy-makers. The third part analyses interest group pressures in bringing about the the gold standard, revealing that Serbian economic elites played a crucial role for its adoption while policy makers from Croatian regions, as well as lower layers of the Yugoslavian society opposed the monetary system and the deflationary policies it required. |
| Keywords: | gold standard,exchange rate history,Balkan economic history |
| JEL: | N24 N20 F55 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:eabhps:2002&r=all |
| By: | Sahan T. M. Dissanayake (Portland State University); Sarah Jacobson (Williams College) |
| Abstract: | Payments for ecosystem services programs use a market-based approach to pursue environmental goals. While they are common policy tools, key concepts that can determine their efficacy are nuanced and hard to grasp. We present a new interactive game that explores the functioning and implications of payments for ecosystem services programs. Participants play the role of rural households in a developing country. They decide individually or as groups whether to enter into contracts to receive payment from the United Nations REDD+ program to refrain from harvesting from a local forest. The game explores topics including: payments for ecosystem services programs; climate change; tropical deforestation; cost-effectiveness; additionality; contract fraud and enforcement; and community resource management. We provide customizable materials, a detailed reading list, and prompts for discussion. |
| Keywords: | classroom game, payments for ecosystem services, REDD+, market-based regulation |
| JEL: | A22 Q23 Q54 Q56 Q57 Q58 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:wil:wileco:2020-06&r=all |