nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2021‒03‒29
fifty papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  1. The Return of Cash with the Declining Effect of Crisis: Rise and Fall of Digital Payments in India post Demonetization By Abhipsa Pal; Mahesh Balan U.
  2. The Paired Role of Online Promotion with Mobile Payments in Crisis Relief Fund: Evidence from COVID-19 Pandemic in India By Abhipsa Pal; Salamah Ansari
  3. India’s Approach to Open Banking: Some Implications for Financial Inclusion By Yan Carriere-Swallow; Vikram Haksar; Manasa Patnam
  4. Brand-Consumer Conversations: Mobile Internet Messaging and Paid Chat as MarCom tool By Keyoor Purani; Priya Premi
  5. Evaluation Of Coastal Shipping For Transportation Of Perishable Agricultural Produce In India By Afsal Najeeb; Mohammed Shahid Abdulla
  6. Law, mobile money drivers and mobile money innovations in developing countries By Simplice A. Asongu; Peter Agyemang-Mintah; Rexon T. Nting
  7. Narrowing the Gender Gap in Mobile Banking By Jean N. Lee; Jonathan Morduch; Saravana Ravindran; Abu S. Shonchoy
  8. Exploring Recent Phenomena in Entrepreneurial Finance By Hackober, Christian
  9. Analysis of the cryptocurrency market applying different prototype-based clustering techniques By Lorenzo, Luis
  10. Digital opportunities for Sanitary and Phytosanitary (SPS) Systems and the trade facilitation effects of SPS Electronic Certification By OECD
  11. A DEMATEL-based Investigation of Safety Factors influencing Mobile Payment Habit Formation By Utsav Pandey; Abhipsa Pal
  12. Digital Business Ecosystems & Marketing By Priya Premi; Keyoor Purani
  13. Use of telehealth: evidence from French teleconsultation for women's healthcare, prior and during COVID-19 pandemic By Carine Milcent; Saad Zbiri
  14. Sample Calibration of the Online CFM Survey By Marie-Hélène Felt; David Laferrière
  15. The tax burden on mobile network operators in Africa By Grégoire Rota-Graziosi; Fayçal Sawadogo
  16. Empirical examination of online reviews By Praveen Sugathan
  17. Diffusion of Innovation In Competitive Markets-A Study on the Global Smartphone Diffusion By Semra Gunduc
  18. Smartphone use during shopping and store loyalty: The role of social influence By Isabelle Collin-Lachaud; Mbaye Fall Diallo
  19. Balancing Commerce and Conviction: Emerging Business Models for News Media By Afsal Najeeb; Mohammed Shahid Abdulla
  20. Advancing digital frontiers in African economies: lessons learned from firm-level innovations By Joël Cariolle; David Carroll
  21. The Economics of Platform Liability By Yassine Lefouili; Leonardo Madio
  22. The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalization By Olivier Accominotti; Delio Lucena-Piquero; Stefano Ugolini
  23. ICO Analysts By Andreas Barth; Valerie Laturnus; Sasan Mansouri; Alexander F. Wagner
  24. Closing the gender profit gap By Catia Batista; Sandra Sequeira; Pedro C. Vicente
  25. Online Relationship Marketing and Customer Loyalty Based on Signalling Theory By Wenny Pebrianti
  26. Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective By David Lowe; Matthew Malloy
  27. Brand Engagement in the Light of Post Content Type on the Facebook Platform in the Selected Industry By Ing. Ludovít Nastišin
  28. Forging Links: Unblocking Transport with Blockchain? By ITF
  29. Central Bank Digital Currency and Balance Sheet Policy By Martina Fraschini; Luciano Somoza; Tammaro Terracciano
  30. The Internet as a Tax Haven? By David R. Agrawal
  31. Demand for AI skills in jobs: Evidence from online job postings By Mariagrazia Squicciarini; Heike Nachtigall
  32. Exploiting payments to track Italian economic activity: the experience at Banca d’Italia By Valentina Aprigliano; Guerino Ardizzi; Alessia Cassetta; Alessandro Cavallero; Simone Emiliozzi; Alessandro Gambini; Nazzareno Renzi; Roberta Zizza
  33. Price and Fulfillment Strategies in Omnichannel Retailing By Yasuyuki Kusuda
  34. User-Generated Content, Social Media Bias and Slant Regulation By Jun Hu
  35. A Growth Model of the Data Economy By Maryam Farboodi; Laura Veldkamp
  36. Closing Remarks: a speech at "Pushing the Frontiers of Payments: Towards Faster, Cheaper, More Transparent and More Inclusive Cross Border Payments," a conference hosted by the Committee on Payments and Market Infrastructures, Basel, Switzerland (via prerecorded video), March 18, 2021 By Jerome H. Powell
  37. How do warnings affect retail demand for Bitcoin? Evidence from an international survey experiment By Ebers, Axel; Thomsen, Stephan L.
  38. What are the key components of an entrepreneurial ecosystem in a developing economy? A longitudinal empirical study on technology business incubators in China By Xiangfei Yuan; Haijing Hao; Chenghua Guan; Alex Pentland
  39. A look at the consequences of the organic mutations of currency in the manifestation of armed conflicts since the break-up of the Bretton-Woods system By Louis Brule Naudet
  40. The novel Artificial Neural Network assisted models: A review By Srivastav, Bhanu
  41. Digitalización y Servicios Intensivos en Conocimientos en Rrnn Renovables: El Sector Agtech en la Argentina By Jeremias Lachman; Andrés López
  42. The effect of social distancing on the reach of an epidemic in social networks. By Gutin, Gregory; Hirano, Tomohiro; Hwang, Sung-Ha; Neary, Philip R; Toda, Alexis Akira
  43. Remittances, Ethnic Diversity, and Entrepreneurship in Developing Countries By Isil R. Yavuz; Berrak Bahadir
  44. Trauma Propagation in Social Networks By D, Sadish
  45. The Church and Social Media By Sorin Badragan
  46. Is financial development shaping or shaking economic sophistication in African countries? By Henri Njangang; Simplice A. Asongu; Sosson Tadadjeu; Yann Nounamo
  47. Is financial development shaping or shaking economic sophistication in African countries? By Henri Njangang; Simplice A. Asongu; Sosson Tadadjeu; Yann Nounamo
  48. An empirical analysis of human trafficking in an era of globalization By Yselle F. Malah; Simplice A. Asongu
  49. Gender and Social Networks on Bank Boards By Ann L. Owen; Judit Temesvary; Andrew Wei
  50. Effects of political institutions on the external debt-economic growth nexus in Africa By Yann Nounamo; Simplice A. Asongu; Henri Njangang; Sosson Tadadjeu

  1. By: Abhipsa Pal (Indian Institute of Management Kozhikode); Mahesh Balan U. (Indian Institute of Technology Madras)
    Abstract: The cash crisis in demonetization led to the rise of digital payment adoption in India. Similarly, across the globe, the diffusion of information technology has often been initiated by environmental shocks from crises and disasters. Nevertheless, the impact of the initial shock reduces over time. This results in a gap that challenges the future of the technology, whose primary diffusion had been triggered by the crisis. While the information systems (IS) literature heavily focuses on technology usage during and immediately after crisis situations, the phenomenon of dying effect of the initial push by a shock is rarely investigated, which is the purpose of this paper. We investigate this phenomenon using the cash withdrawal patterns of ATMs located in a state in India, for a period of three continuous years postdemonetization. The findings suggest that the demonetizations’ pushing effect on mobile payments has gradually dampened over the years. This study contributes to the prior IS literature on technology diffusion post-crisis and digital payment continuity. The government and policymakers promoting digital payment diffusion can gain insights from the study, and understand the dying effect of crisis-induced technology adoption.
    Keywords: Technology diffusion; Cash withdrawals; Information technology in Crisis; Digital payments
    Date: 2020–09
  2. By: Abhipsa Pal (Indian Institute of Management Kozhikode); Salamah Ansari (Indian Institute of Management Kozhikode)
    Abstract: When developing nations suffer from crises and disasters, it becomes urgent and critical to raise relief funds rapidly with the engagement of a greater number of donors. Digital technology has repeatedly aided in crisis and disaster management. On one hand, online promotions help in influencing citizens for donations, whereas mobile payments provide a mechanism for quick transfer of funds. In this paper, we study how online promotions that are notified through mobile payment apps, can be a pair of technology enabling successful and rapid fund transfer, thereby offering protective security (Sen, 2001). We conduct semistructured field interviews from 24 participants across India during the Covid-19 pandemic. We then examine, through interpretive research, the role of the two technologies in combination amidst the Covid-19 crisis in India and draw implications for relief fund collection mechanisms. Overall, the findings suggest that ‘protective security’ is established as users note the convenience of transferring relief funds through mobile wallets, but ‘transparency’ is questionable with many subjects expressing their trust concerns for the third-party providers of mobile payments.
    Keywords: Technology usage in crisis; Mobile payments; Online promotions; Crisis relief
    Date: 2020–09
  3. By: Yan Carriere-Swallow; Vikram Haksar; Manasa Patnam
    Abstract: We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each individual component of the India Stack is important, we argue that its key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack. Until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions. The expansion of mobile-based financial services that enable simple and convenient ways to save and conduct financial transactions has provided a novel alternative for expanding the financial net. The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments and the entry of a range of competitors including fintech and bigtech firms.
    Date: 2021–02–26
  4. By: Keyoor Purani (Indian Institute of Management Kozhikode); Priya Premi (Indian Institute of Management Kozhikode)
    Abstract: Messaging through mobile apps has become the most preferred communication method in recent times. Messaging apps have surpassed social networking apps in monthly active users. This changing digital behavior of consumers is shaping mobile messaging apps as a new face of social media and thus presenting huge opportunity for brands to leverage this new media platform. This paper attempts to explain the mobile phone-based messaging, analyses alternative mobile messaging platforms and opportunities for brands for consumer engagement on these platforms and explores the idea of conversational marketing. It presents a brand -consumer conversation approach that may leverage the consumer messaging behavior and also provide an opportunity for messaging apps to monetize their platforms. It has implications for practices and provides future research directions.
    Keywords: Brand Consumer Conversations, Instant Messaging, Mobile Instant Messaging (MIM) Apps, Paid Chat, Pay Per Conversation, Messaging App Marketing
    Date: 2020–03
  5. By: Afsal Najeeb (Indian Institute of Management Kozhikode); Mohammed Shahid Abdulla (Indian Institute of Management Kozhikode)
    Abstract: When developing nations suffer from crises and disasters, it becomes urgent and critical to raise relief funds rapidly with the engagement of a greater number of donors. Digital technology has repeatedly aided in crisis and disaster management. On one hand, online promotions help in influencing citizens for donations, whereas mobile payments provide a mechanism for quick transfer of funds. In this paper, we study how online promotions that are notified through mobile payment apps, can be a pair of technology enabling successful and rapid fund transfer, thereby offering protective security (Sen, 2001). We conduct semistructured field interviews from 24 participants across India during the Covid-19 pandemic. We then examine, through interpretive research, the role of the two technologies in combination amidst the Covid-19 crisis in India and draw implications for relief fund collection mechanisms. Overall, the findings suggest that ‘protective security’ is established as users note the convenience of transferring relief funds through mobile wallets, but ‘transparency’ is questionable with many subjects expressing their trust concerns for the third-party providers of mobile payments.
    Keywords: Technology usage in crisis; Mobile payments; Online promotions; Crisis relief
    Date: 2020–09
  6. By: Simplice A. Asongu (Yaounde, Cameroon); Peter Agyemang-Mintah (Abu Dhabi, United Arab Emirate); Rexon T. Nting (London, UK)
    Abstract: This study investigates how the rule of law (i.e. law) modulates demand- and supply-side drivers of mobile money to influence mobile money innovations (i.e. mobile money accounts, the mobile phone used to send money and the mobile phone used to receive money) in developing countries. The following findings from Tobit regressions are established. First, from the demand-side linkages, law modulates: (i) bank accounts and automated teller machine (ATM) penetration for negative interactive relationships with mobile money innovations and (ii) bank sector concentration for a positive interactive relationship with mobile money accounts. Second, from supply-side linkages, law interacts with: (i) mobile subscriptions for a negative relationship with the mobile phone used to send money; (ii) mobile connectivity coverage for a negative nexus on the mobile phone used to receive money and (iii) mobile connectivity performance for a negative influence on the mobile phone used to send/receive money. Policy implications are discussed in the light of enhancing the rule of law as well as improving mobile phone subscription, connectivity and performance dynamics.
    Keywords: Mobile money; technology diffusion; financial inclusion; inclusive innovation
    JEL: D10 D14 D31 D60 O30
    Date: 2021–01
  7. By: Jean N. Lee (World Bank); Jonathan Morduch (Robert F. Wagner Graduate School of Public Service, New York University); Saravana Ravindran (Lee Kuan Yew School of Public Policy, National University of Singapore); Abu S. Shonchoy (Department of Economics, Florida International University)
    Abstract: Mobile banking and related digital financial technologies can make financial services cheaper and more widely accessible in low-income economies, but gender gaps persist. We present evidence from two connected field experiments in Bangladesh designed to encourage the adoption and use of mobile banking by poor, illiterate households. We show that training can dramatically increase adoption and usage by women. At the same time, women on average persist in using mobile banking at a lower rate than men. The study focuses on migrants and their families in Bangladesh. Despite large differences between female and male migrants in income and education, the first experiment shows that a training program led to a similarly large, positive impact on mobile banking usage by female and male migrants, increasing usage rates for both by about 45 percentage points. That led to increases in remittances sent to rural areas, reduced rural poverty, and increased rural consumption. Both female and male migrants in the treatment group, however, reported worse physical and emotional health, adding to health challenges reported by women across treatment and control groups. A second experiment explores whether the way that the technology was introduced and explained made an additional difference in narrowing gender gaps. Despite the lack of statistical power to detect small treatment impacts, we find suggestive evidence that the treatment increased mobile banking adoption by female migrants.
    Keywords: gender, financial inclusion, digital money, migration, field experiment, Bangladesh
    JEL: R23 O33 O16
    Date: 2021–03
  8. By: Hackober, Christian
    Abstract: This dissertation consists of three essays that address important and very recent issues in the field of entrepreneurial finance. The first essay, examines the reasons that drive recently emerging multibillion-dollar valuation levels of so-called ‘unicorns’. The second essay, investigates the current status of collaborations between incumbent firms and ventures in order to cope with the ongoing digital transformation. Based on empirical findings, this dissertation develops a collaboration model between incumbents and ventures depending on the venture’s development stage. The third essay, draws from Initial Coin Offering (ICO) data to explore how early stage investors influence the outcomes of ICOs and the overall survival rate of blockchain technology-based firms. This dissertation contributes to the research on entrepreneurial finance and entrepreneurship and more specifically to the understanding on recent phenomena concerning the influence of investors’ characteristics on finance decisions and collaborations and subsequently their influence on ventures’ success. First, it is presented that being founded within a cluster region and in particular within the Silicon Valley area, increases significantly the chances for ventures to achieve ultra-high valuation levels. Furthermore, the results show empirically that a considerable share of ultra-high valuation levels is devoted to aggressive and inorganic growth strategies in order to gain large market shares rapidly and achieve a market-dominating role. Thereby, it is found that corporate investors play a decisive role for ventures to become successful. Second, this dissertation provides evidence from the German market that corporate investments are mainly driven by the ambition of incumbents to gain momentum within the digital transformation of existing business models. However, based on the empirical findings, the trend is identified that incumbents collaborate increasingly with more nascent ventures and apply non-equity-based approaches. Third, it is demonstrated that the beneficial influences of venture capital investors hold also in the context of the blockchain technology. Particularly, evidence is provided that the specialization and the reputation of investors has a positive influence on the success probability of blockchain technology-based firms. Thereby, it is show again the dispositive role of corporate investors. Each essay, discusses the theoretical and practical contributions and provides novel insights on recent phenomena in the area of entrepreneurial finance.
    Date: 2021
  9. By: Lorenzo, Luis
    Abstract: Since the appearance of Bitcoin, cryptocurrencies have experienced enormous growth not only in terms of capitalization but also in number. As a result, the cryptocurrency market can be an attractive arena for investors as it offers many possibilities, but a difficult one to understand as well. In this work, we aim to summarize and segment the whole cryptocurrency market in 2018 with the help of data analysis tools. We will use three different partitional clustering algorithms each of them using a different representation for cryptocurrencies, namely: yearly mean and standard deviation of the returns, distribution of returns, and time series of returns. Since each representation will provide a different and complementary perspective of the market, we will also explore the combination of the three clustering results to obtain a fine-grained analysis of the main trends of the market. Finally, we will analyse the association of the clustering results with other descriptive features of the cryptocurrencies, including the age, technological attributes, and financial ratios derived from them. This will help to enhance the profiling of the clusters with additional insights. As a result, this work offers a description of the market and a methodology that can be reproduced by investors that want to understand the main trends on the market and that look for cryptocurrencies with different financial performance.
    Date: 2021–03–09
  10. By: OECD
    Abstract: Countries are increasingly using digital technologies within their Sanitary and Phytosanitary (SPS) systems and the disruptions caused by the COVID-19 pandemic are accelerating this evolution. While countries are increasing their use of digital tools, digital technologies still have significant potential to create efficiencies in SPS systems and enhance agro-food trade. Quantitative analysis using structural gravity model estimates show that digital technologies such as SPS electronic certificates have positive effects on trade volumes, notably for plant-based, vegetables and processed food products. Despite these gains, significant challenges remain in expanding the use of digital technologies in agro-food trade, including mixed capacities to adopt these technologies. Successful expansion of the use of digital technologies requires careful planning and long-term investments, as well as sharing expertise and building trust in these tools. Targeted financial assistance and capacity building can provide support to countries currently lacking the capabilities to adopt these tools.
    Keywords: Agriculture and food standards, COVID-19, Digitilisation, Gravity estimation, Market access
    JEL: F13 F66 J16
    Date: 2021–03–24
  11. By: Utsav Pandey (Indian Institute of Management Calcutta); Abhipsa Pal (Indian Institute of Management Kozhikode)
    Abstract: Mobile payments have gained popularity across the world. However, there is a persistent threat of security and privacy for the users of mobile payments. This leads to reduced usage and negatively affects habit. Mobile payment literature studies factors like risk, security, and trust, to unravel the threats associated with its usage. Yet, there is a limitation of studies understanding the interrelationships between such factors. In this paper, we examine how these safety factors interact with each other and affect the habit formation. We investigate the cause-effect relationship, through conceptual causal mapping, through the DEMATEL (the decision-making trial and evaluation laboratory) method. This methodology allows us to investigate the alterations in strengths in relationships. Using the findings from a survey with a mix of experts and users of mobile payments, we investigate how the safety factors, like security, financial risk, privacy risk, and trust, impact each other and act as a cause or an effect, resulting in influencing habit formation. The results show that both trust and habit evolve as effects of the other causal factors. We contribute to the prior mobile payment literature, that has predominantly considered these factors as independent variables, through our examination of their interrelationships.
    Keywords: Mobile Payment; Habit; Risk; Security; DEMATEL
    Date: 2020–09
  12. By: Priya Premi (Indian Institute of Management Kozhikode); Keyoor Purani (Indian Institute of Management Kozhikode)
    Abstract: Advances in digital technologies have changed the business environment in digital ecosystems. Digital connectivity has enhanced a firm’s interdependency and interactivity with diverse participants of a business ecosystem. This shift in the business environment is forcing marketing practitioners to rethink marketing processes, practices, roles & responsibilities and skills needed to leverage the digital ecosystem for effective marketing. In this article, we focus on 1) conceptualizing the phenomenon of the digital business ecosystem, 2) process and critical factors to develop a successful digital business ecosystem, 3) the impact of digital business ecosystem on marketing. We have used literature from marketing and Information systems discipline and secondary data from practitioners oriented sources such as online blogs such as Techcrunch, articles and reports of business & marketing consulting agencies such as Mckinsey, Gartner.
    Keywords: Digital business ecosystem, Digital ecosystem marketing, Digital shared platforms
    Date: 2020–03
  13. By: Carine Milcent (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Saad Zbiri (UVSQ - Université de Versailles Saint-Quentin-en-Yvelines)
    Abstract: BACKGROUND: Prior to the COVID-19 pandemic, teleconsultation were seldom used in France. The sanitary crisis has brought with it a great need for the use of teleconsultation and other interventions using digital technology. OBJECTIVE: Indentify how has French teleconsultation for obstetrics and gynecology care services been used prior and during this sanitary crisis. METHODS: We first described the global picture of the teleconsultation context prior to the sanitary crisis and then during the first quarantine and lockdown measures. We set up three aspects, namely: 1-use of teleconsultation as regards to providers' ability; 2- use of teleconsultation as regards to technology features; 3- use of teleconsultation for which type of healthcare. Second, we studied the determinant factors of teleconsultation use and those of provider's satisfaction with teleconsultation practice. RESULTS: We show the central role of training, the importance of some main digital technology benefits including improving public health, responding to patient's request and facilitating healthcare access, as well as the importance of some main digital technology drawbacks including lack of convenience and lack of veracity (truthfulness). CONCLUSIONS: Our results guide the regulator on the suppliers' motivation and needs for teleconsultation adoption. They highlight the conditions for an efficient use of teleconsultation.
    Keywords: Technology features,Training,Obstetrics and gynecology,Teleconsultation
    Date: 2021–03
  14. By: Marie-Hélène Felt; David Laferrière
    Abstract: The Bank of Canada’s Currency Department has used the Canadian Financial Monitor (CFM) survey since 2009 to track Canadians’ cash usage, payment card ownership and usage, and the adoption of payment innovations. A new online CFM survey was launched in 2018. Because it uses non-probability sampling for data collection, selection bias is very likely. We outline various methods for obtaining survey weights and discuss the associated conditions necessary for these weights to eliminate selection bias. In the end, we obtain calibration weights for the 2018 and 2019 online CFM samples. Our final weights improve upon the default weights provided by the survey company in several ways: (i) we choose the calibration variables based on a fully documented selection procedure that employs machine learning techniques; (ii) we use very up-to-date calibration totals; (iii) for each survey year we obtain two sets of weights, one for the full yearly sample of CFM respondents, the other for the sub-sample of CFM respondents who also filled in the methods-of-payment module of the survey.
    Keywords: Econometric and statistical methods
    JEL: C C8 C81 C83
    Date: 2020
  15. By: Grégoire Rota-Graziosi (CERDI - Centre d'Études et de Recherches sur le Développement International - Clermont Auvergne - UCA - Université Clermont Auvergne - CNRS - Centre National de la Recherche Scientifique); Fayçal Sawadogo (CERDI - Centre d'Études et de Recherches sur le Développement International - Clermont Auvergne - UCA - Université Clermont Auvergne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: We estimate the tax burden on the mobile telecommunication sector in twenty-five African countries. This tax burden encompasses not only standard and particular taxes under the control of the Ministry of Finance (MoF), but also fees raised by national telecommunication Regulatory Agency (RA). Given the lack of financial data at the country level, we build a representative mobile network operator, named TELCO, using the GSMA Intelligence database. We compute the Average Effective Tax Rate (AETR) for this firm considering general and special taxes and fees levied only on the telecommunication sector. We develop a web application (, which allows the reader to replicate our analysis or to modify TELCO and tax parameters. The AETR varies significantly across countries, ranging from 33 percent in Ethiopia to 118 percent in Niger. Special taxes and fees represent a large share of the AETR illustrating some taxation by regulation and a potential tax competition (a race to the top) between the MoF and the RA. We compare the AETR of TELCO to this of a representative gold mining plant and a standard firm with similar gross return. The tax burden of the telecommunication sector is higher than this of the mining sector in 15 countries out of the 19 countries for which we have data on the gold mining sector.
    Keywords: Taxation,Telecommunication sector,Project analysis,Developing countries
    Date: 2021–01–22
  16. By: Praveen Sugathan (Indian Institute of Management Kozhikode)
    Abstract: Online review has been subjected to extensive research. In this study, we code real reviews to understand how they are used by customers. We used two sets of reviews for two products – a TV and a mobile phone. We selected reviews from the Indian website for a leading global ecommerce platform. Both the TV and mobile phone were launched in India and available only in the country.
    Keywords: Product Review, Customers, E-commerce
    Date: 2020–03
  17. By: Semra Gunduc
    Abstract: In this work, the aim is to study the diffusion of innovation of two competing products. The main focus has been to understand the effects of the competitive dynamic market on the diffusion of innovation. The global smartphone operating system sales are chosen as an example. The availability of the sales and the number of users data, as well as the predictions for the future number of users, make the smartphone diffusion a new laboratory to test the innovation of diffusion models for the competitive markets. In this work, the Bass model and its extensions which incorporate the competition between the brands are used. The diffusion of smartphones can be considered on two levels: the product level and the brand level. The diffusion of the smartphone as a category is studied by using the Bass equation (category-level diffusion). The diffusion of each competing operating system (iOS and Android) are considered as the competition of the brands, and it is studied in the context of competitive market models (product-level diffusion). It is shown that the effects of personal interactions play the dominant role in the diffusion process. Moreover, the volume of near future sales can be predicted by introducing appropriate dynamic market potential which helps to extrapolate the model results for the future.
    Date: 2021–03
  18. By: Isabelle Collin-Lachaud (Université de Lille); Mbaye Fall Diallo
    Abstract: Purpose-Smartphone use within stores is increasingly popular among customers. This research seeks to investigate how in-store mobile use affects store loyalty directly or indirectly via the mediation of store value and whether social influence moderates such relationships. Design/ Methodology-Based on a sample of 862 actual customers from a market research company panel, we used structural equation modeling to test a series of research hypotheses. Findings-The results show a positive but weak effect of in-store smartphone use on loyalty. This effect is significantly mediated by the store's hedonic and symbolic value dimensions, but not by its utilitarian value. This research also uncovers significant moderation effects of social influence on the relationships investigated. The effect of in-store smartphone use on store loyalty is stronger when social influence is lower. However, the effects of hedonic and symbolic store value are stronger when social influence is higher. Research limitations-This research is carried out in one country (France). It focuses on social influence through in-store mobile phone use; it would also be useful to consider physical social influence. Practical implications-Retailers should position their stores on specific value dimensions and use social influence appropriately to improve loyalty. For instance, utilitarian value should be offered to customers with low social influence. To prevent negative social 1 influence, retailers could develop "controlled" social influence through their own private mobile app to favor interaction. Originality/value-This research underlines the critical role of store value and social influence on the relationships between in-store smartphone use and store loyalty. It shows that the effects of value dimensions (utilitarian, hedonic and symbolic) on loyalty differ depending on social influence level.
    Keywords: in-store smartphone use,mobile,store loyalty,store value,social influence
    Date: 2021–01–12
  19. By: Afsal Najeeb (Indian Institute of Management Kozhikode); Mohammed Shahid Abdulla (Indian Institute of Management Kozhikode)
    Abstract: News media is at a crossroads today due to multiple reasons. The coming of digital has created new niche spaces like targeted advertising that has eroded the revenue sources of traditional media. Corporate ownership has also led to trust deficit and perceived or actual biases in editorial policies. New and independent media has the arduous task of evolving suitable business models in a competitive environment with high costs of entry and entrenched benefits for existing players. The paper aims to understand the different business models adopted by new and independent news media and provide a discussion on their significance in the Indian context.
    Keywords: News media, Digital era, Advertising, Business model
    Date: 2020–09
  20. By: Joël Cariolle (FERDI - Fondation pour les Etudes et Recherches sur le Développement International); David Carroll (Tufts Universiy)
    Abstract: Multiple initiatives across sub-Saharan Africa are currently leveraging digital technologies to provide transformative solutions to micro, small and medium enterprises (MSMEs) as well as consumers across the region. This paper presents a deeper dive on several promising key players currently pushing frontiers in the digitalisation landscape in sub-Saharan Africa, with a particular focus on West Africa where possible. All highlighted firms use cutting-edge technologies and digital innovations to improve MSME development and job creation by addressing key obstacles to development prevalent in many regions of sub-Saharan Africa, including market failures, missing infrastructures, and insufficient levels of public intervention. Some of the firms described are MSMEs themselves or are in the start-up phase, while others are larger, more established firms that serve MSMEs among their clientele bases. Although the description of sectors, technologies, and enterprises presented in this paper is by no means exhaustive, it nevertheless provides an in-depth picture of several African firms leveraging a diverse set of technologies, serving diverse communities, and offering a wide array of products and services destined for MSMEs and consumers alike.
    Date: 2020–12–20
  21. By: Yassine Lefouili; Leonardo Madio
    Abstract: Public authorities in many jurisdictions are concerned about the proliferation of illegal content and products on online platforms. In this paper, we provide an economic appraisal of platform liability that highlights the effects of a stricter liability rule on several key variables such as prices, terms and conditions, business models, and investments. We also discuss the impact of the liability regime applying to online platforms on competition between them and the incentives of third parties relying on them. Finally, we analyze the potential costs and benefits of measures that have received much attention in recent policy discussions.
    Keywords: liabilities rules, online platforms, illegal content and products, intellectual property
    JEL: K40 K42 K13 L22 L86
    Date: 2021
  22. By: Olivier Accominotti (LSE - Economic History Department - London school of economics and political science - LSE - London School of Economics and Political Science); Delio Lucena-Piquero (LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT1 - Université Toulouse 1 Capitole - UT2J - Université Toulouse - Jean Jaurès - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville); Stefano Ugolini (LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT1 - Université Toulouse 1 Capitole - UT2J - Université Toulouse - Jean Jaurès - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville)
    Abstract: This paper presents a detailed analysis of how liquid money market instruments – sterling bills of exchange – were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global dimension of the London bill market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this market. The complex industrial organisation of the London money market ensured that risky private debts could be transformed into extremely liquid and safe monetary instruments traded throughout the global financial system.
    Keywords: money market,industrial organisation,information asymmetry,bill of exchange,bill of exchange JEL Classification: E42,G23,L14,N20
    Date: 2021
  23. By: Andreas Barth (Goethe University Frankfurt - Department of Finance); Valerie Laturnus (Goethe University Frankfurt - Department of Finance); Sasan Mansouri (Goethe University Frankfurt - Department of Finance); Alexander F. Wagner (University of Zurich - Department of Banking and Finance; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI); Swiss Finance Institute)
    Abstract: Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly. Favorably rated ICOs tend to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a history of optimism, and when reviews strike a particulary positive tone. These findings help illuminate the workings of ICOs for funding new ventures, and the rich data also yield insights pertinent to the literature on equity analysts and rating agencies.
    Keywords: Analysts, Asymmetric Information, FinTech, Initial Coin Offering (ICO)
    JEL: G14 G24 L26 D82 D83
    Date: 2021–03
  24. By: Catia Batista; Sandra Sequeira; Pedro C. Vicente
    Abstract: We examine the complementarity between access to mobile savings accounts and improved financial management skills on the performance of female-led micro-enterprises in Mozambique. This combined support is associated with a large increase in both short and long-term firm profits and in financial security, when compared to the independent effect of each of these interventions. This support allowed female-headed micro-enterprises to close the gender gap in performance and financial literacy relative to their male counterparts. The main drivers of improved business performance are increased financial management practices (bookkeeping), an increase in accessible savings and reduced transfers to friends and relatives.
    Keywords: Microenterprise development, management, gender, mobile money, financial literacy, economic development
    Date: 2021
  25. By: Wenny Pebrianti (Universitas Tanjungpura, 78124, Pontianak, Indonesia Author-2-Name: Wenseslaus Tanwira Author-2-Workplace-Name: Universitas Tanjungpura, 78124, Pontianak, Indonesia Author-3-Name: Ahmadi Author-3-Workplace-Name: Universitas Nahdlatul Ulama Kalimantan Barat, 78391, Kubu Raya, Indonesia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - The purpose of this study was to determine the effect of Online Relationship Marketing on customer loyalty which was examined from the perspective of signalling theory in the banking sector. Methodology/Technique - Signalling theory is used to identify the tendency of companies to build relationships with consumers by sending signals to consumers through a variety internet tools and applications to communicate transparency, security, and privacy to influence consumer perceptions, behavior, and interests. Data was analyzed using quantitative methods with the SEM-PLS method involving 384 samples. Findings - The results of this study indicate that Online Relationship Marketing activities, such as engagement and interactivity, have a significant direct effect on customer loyalty and online trust. Novelty - Online trust in this study has a significant effect on customer loyalty and has a partial mediating role.
    Keywords: Engagement; Interactivity; Online Trust; Customer Loyalty; Signalling Theory
    JEL: M31 M39
    Date: 2021–03–31
  26. By: David Lowe; Matthew Malloy
    Abstract: This note explores the potential effects of the widespread adoption of a global stablecoin (GSC) on key aggregate financial sector balance sheets in the United States. To do this, we map out cash flows of GSC transactions among financial sector entities using a stylized set of 't-accounts'. By analyzing these individual transactions, we infer aggregate and compositional effects on U.S. commercial banking sector and Federal Reserve balance sheets. Through this lens, we also consider how these balance sheet changes could affect monetary policy implementation, the demand for central bank reserves, and the market for U.S. dollar safe assets.
    Keywords: Monetary policy; Banks; Fintech; Stablecoins
    JEL: E40 E50 G21
    Date: 2021–03–22
  27. By: Ing. Ludovít Nastišin (Faculty of management, University of Prešov, Slovakia Author-2-Name: Mgr. Richard Fedorko Author-2-Workplace-Name: Faculty of management, University of Prešov, Slovakia Author-3-Name: Radovan Bacík Author-3-Workplace-Name: Faculty of management, University of Prešov, Slovakia Author-4-Name: Mgr. Martin Rigelský Author-4-Workplace-Name: Faculty of management, University of Prešov, Slovakia Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - The purpose of our research was to better understand the potential different types of content have with regard to selected engagement indicators in interactions between users and brands on Facebook. This aspect is very important for e-business and e-commerce. The aim of the paper was to analyze and identify the relationships between the selected engagement indicators and types of content being added. Methodology/Technique - We examined a sample of 20 global airlines that have official accounts on this platform. The time horizon for data collection was twelve months of 2018. Therefore, we were able to work with data from 4,858 published posts. For each post, we identified the publication date, content type (photo / image, video, link, status), the number of engagement indicators (likes, comments, shares), and the recalculated engagement. The research made use of nonparametric statistics methods including the ANOVA and Kruskal-Wallis H test of difference. The resulting specific differences were analyzed using the Dunn test. Findings - Using the Kruskal-Wallis H and Dunn test methods we found that specific types of content dominate over the others. We found statistically significant differences in all comparisons of likes, shares, and comments. In all cases, these were in favor of video content type. The results point to several possibilities of future research in this field and specify possible theoretical and managerial implications. Novelty - Social media hide immense potential for businesses - consumers use social media every day where they are exposed to the content shared by companies. However, social media also presents huge challenges for businesses - an ever-changing space that is extremely noisy and crowded. Our paper addresses this issue on an academic level. The pace of change is very fast, and the current state of empirical knowledge is insufficient. Our paper seeks to fill in the gaps in knowledge and examine the content management on the social network Facebook for business purposes in more depth. Type of Paper - Empirical.
    Keywords: Engagement; Content type; Facebook; Airlines; Analysis.
    JEL: M31 M37
    Date: 2021–03–31
  28. By: ITF
    Abstract: Blockchain and other distributed ledger technologies (DLTs) could help create trust and consensus in areas of the transport sector where they are needed for efficient solutions but currently often lacking. Such challenges concern for instance clearing transactions amongst multiple parties with divergent interests, authenticating provenance, managing assets, and auditability. This report explores how DLTs can address these issues by providing an alternative to centralised record-keeping and third-party audit-based approaches. It offers recommendations for maximising the benefits of DLTs in transport based on several use cases in freight and logistics as well as passenger transport.
    Date: 2021–02–26
  29. By: Martina Fraschini (University of Lausanne, HEC; Swiss Finance Institute); Luciano Somoza (University of Lausanne, HEC; Swiss Finance Institute); Tammaro Terracciano (University of Geneva, GFRI; Swiss Finance Institute)
    Abstract: This paper studies a stylized economy in which the central bank can hold either treasuries or risky securities against central bank digital currency (CBDC) deposits. The key mechanism driving the results is the reduction in bank deposits that follows the introduction of a CBDC and its impact on the banking sector. With CBDC funds invested in treasuries, the central bank channels funds back to the banking sector via open market operations and the introduction of a CBDC is neutral, consistently with the equivalence theorem of Brunnermeier and Niepelt (2019). However, it is not neutral when accounting for liquidity requirements, quantitative easing, or for CBDC deposits held against risky securities. We reach two main conclusions. First, current monetary policy regimes do matter for CBDC equilibrium effects. Second, there is a trade-off between bank lending to the economy and taxes, as holding risky assets against CBDC deposits leads to lower expected taxes and lower bank lending.
    Keywords: CBDC, central banking, monetary policy, QE
    JEL: E4 E5 G2
    Date: 2021–03
  30. By: David R. Agrawal
    Abstract: If online transactions are tax-free, increased online shopping may lower tax rates as jurisdictions seek to reduce tax avoidance; but, if online firms remit taxes, online sales may put upward pressure on tax rates because internet sales help enforce destination-based taxes. I find that higher internet penetration generally results in lower municipal tax rates, but raises tax rates in some jurisdictions. The latter effect emerges in states where many online vendors remit taxes. A one standard deviation increase in internet penetration lowers local sales taxes in large municipalities by 0.15 percentage points or 16% of the average rate.
    Keywords: e-commerce, online shopping, sales tax, tax competition
    JEL: H25 H71 H73 L81 R50
    Date: 2021
  31. By: Mariagrazia Squicciarini; Heike Nachtigall
    Abstract: This report presents new evidence about occupations requiring artificial intelligence (AI)-related competencies, based on online job posting data and previous work on identifying and measuring developments in AI. It finds that the total number of AI-related jobs increased over time in the four countries considered – Canada, Singapore, the United Kingdom and the United States – and that a growing number of jobs require multiple AI-related skills. Skills related to communication, problem solving, creativity and teamwork gained relative importance over time, as did complementary software-related and AI-specific competencies. As expected, many AI-related jobs are posted in categories such as “professionals” and “technicians and associated professionals”, though AI-related skills are in demand, to varying degrees, across almost all sectors of the economy. In all countries considered, the sectors “Information and Communication”, “Financial and Insurance Activities” and “Professional, Scientific and Technical Activities” are the most AI job-intensive.
    Keywords: Digital, Employment, Science & Technology
    Date: 2021–03–25
  32. By: Valentina Aprigliano (Bank of Italy); Guerino Ardizzi (Bank of Italy); Alessia Cassetta (Bank of Italy); Alessandro Cavallero (Bank of Italy); Simone Emiliozzi (Bank of Italy); Alessandro Gambini (Bank of Italy); Nazzareno Renzi (Bank of Italy); Roberta Zizza (Bank of Italy)
    Abstract: This paper provides an overview of how information on payments has been recently exploited by Banca d’Italia staff for the purposes of tracking economic activity and forecasting. In particular, the payment data used for this work are drawn from the payment systems managed by Banca d’Italia (BI-COMP and TARGET2) and from the Anti-Money Laundering Aggregate Reports submitted by banks and by Poste Italiane to the Banca d’Italia’s Financial Intelligence Unit (Unità di Informazione Finanziaria, UIF). We show that indicators drawn from these sources can improve forecasting accuracy; in particular, those available at a higher frequency have proved crucial to properly assessing the state of the economy during the pandemic. Moreover, these indicators make it possible to assess changes in agents’ behaviour, notably with reference to payment habits, and, thanks to their granularity, to delve deeper into the macroeconomic trends, exploring heterogeneity by sector and geography.
    Keywords: short term forecasting, high-frequency data, payment systems, TARGET2, money laundering, COVID-19
    JEL: C53 E17 E27 E32 E37 E42
    Date: 2021–03
  33. By: Yasuyuki Kusuda
    Abstract: Omnichannel retailing, a new form of distribution system, seamlessly integrates the Internet and physical stores. This study considers the pricing and fulfillment strategies of a retailer that has two sales channels: online and one physical store. The retailer offers consumers three purchasing options: delivery from the fulfillment center, buy online and pick up in-store (BOPS), and purchasing at the store. Consumers choose one of these options to maximize their utility, dividing them into several segments. Given the retailer can induce consumers to the profitable segment by adjusting the online and store prices, our analysis shows that it has three optimal strategies: (1) The retailer excludes consumers far from the physical store from the market and lets the others choose BOPS or purchasing at the store. (2) It lets consumers far from the physical store choose delivery from the fulfillment center and the others choose BOPS or purchasing at the store. (3) It lets all consumers choose delivery from the fulfillment center. Finally, we present simple dynamic simulations that considers how the retailer's optimal strategy changes as consumers' subjective probability of believing the product is in stock decreases. The results show that the retailer should offer BOPS in later periods of the selling season to maximize its profit as the subjective probability decreases.
    Date: 2021–03
  34. By: Jun Hu (UP2 - Université Panthéon-Assas)
    Abstract: This paper examines the impact of government regulation in the media market. In a duopolistic market structure, the intervention of a state-owned media firm without bias will reduce the price of the print version of a newspaper, but will increase its digital subscription fee. Moreover, the government regulation will not necessarily reduce the media slanting. The User-Generated Content of a digital version of a newspaper, along with the media bias from both supply-side and the demand-side, make the government regulation much less effective.
    Keywords: Social Media,Media Bias,Spatial Model,Government Regulation
    Date: 2021–01–25
  35. By: Maryam Farboodi; Laura Veldkamp
    Abstract: The rise of information technology and big data analytics has given rise to "the new economy." But are its economics new? This article constructs a growth model where firms accumulate data, instead of capital. We incorporate three key features of data: 1) Data is a by-product of economic activity; 2) data is information used for prediction, and 3) uncertainty reduction enhances firm profitability. The model can explain why data-intensive goods or services, like apps, are given away for free, why many new entrants are unprofitable and why some of the biggest firms in the economy profit primarily from selling data. While our transition dynamics differ from those of traditional growth models, the long run still features diminishing returns. Just like accumulating capital, accumulating predictive data, by itself, cannot sustain long-run growth.
    JEL: O3 O4
    Date: 2021–02
  36. By: Jerome H. Powell
    Date: 2021–03–18
  37. By: Ebers, Axel; Thomsen, Stephan L.
    Abstract: Bitcoin is associated with different risks. We conduct an information experiment in the four largest European economies to analyze the effects of specific warnings and information on retail investors’ demand for Bitcoin. Our results indicate that the impact is strongest when warnings point to privacy issues. Information on the lack of guarantees or on CO2 emissions only affects particular subgroups. Knowledge of broad public acceptance increases overall demand. Warnings can therefore effectively prevent extreme market events while avoiding the costs of stricter regulation. Effect heterogeneity implies that regulators should use specific information and different communication channels to reach relevant investors.
    Keywords: survey experiment; warnings; Bitcoin; retail demand; regulation; cultural differences
    JEL: C93 D83 G40
    Date: 2021–03
  38. By: Xiangfei Yuan; Haijing Hao; Chenghua Guan; Alex Pentland
    Abstract: Since the 1980s, technology business incubators (TBIs), which focus on accelerating businesses through resource sharing, knowledge agglomeration, and technology innovation, have become a booming industry. As such, research on TBIs has gained international attention, most notably in the United States, Europe, Japan, and China. The present study proposes an entrepreneurial ecosystem framework with four key components, i.e., people, technology, capital, and infrastructure, to investigate which factors have an impact on the performance of TBIs. We also empirically examine this framework based on unique, three-year panel survey data from 857 national TBIs across China. We implemented factor analysis and panel regression models on dozens of variables from 857 national TBIs between 2015 and 2017 in all major cities in China and found that a number of factors associated with people, technology, capital, and infrastructure components have various statistically significant impacts on the performance of TBIs at either national model or regional models.
    Date: 2021–03
  39. By: Louis Brule Naudet (Université Paris-Saclay)
    Abstract: L'éclatement du système de Bretton-Woods amène à se questionner sur la pérennité d'une nouvelle théorie de la valeur. C'est la consécration définitive de la pensée de Georg Friedrich Knapp, l'avènement des monnaies fiduciaires étatiques, dénuées de valeur intrinsèque, et, parallèlement, le balbutiement de l'inflation des conflits armés à travers le monde, internes comme externes, voyant l'émergence de nouveaux types de conflits irréguliers. Les campagnes et soulèvements de populations sont plus nombreux, ils sont également bien plus couteux. Pour le seul Afghanistan, de 2001 à 2017, les États-Unis auraient dépensé environ 840 milliards de dollars, soit 4,85 fois plus, en tenant compte de l'inflation, que dans le plan Marshall pour la reconstruction de l'Europe après 1945. D'après Joseph Stiglitz et Linda Bilmes, ce chiffre passerait, en incluant les coûts cachés, à 3 000 milliards de dollars pour le conflit en Irak, soit 103,59 % du budget américain déployé durant le second conflit mondial. On comprend que l'inconvertibilité et la pratique d'un régime monétaire de cours forcés permettent l'entretien d'une économie de guerre, par inflation fiduciaire artificielle et entretenue par la puissance étatique. Toutefois, qu'en serait-il dans un environnement à commutation de paquets, ou des actifs virtuels stockés sur support électronique permettraient à une communauté d'utilisateurs les acceptant en paiement de réaliser des transactions sans avoir à recourir à la monnaie légale ? Dans le cadre de notre recherche, plaçons-nous aux antipodes de la thèse de Jean Tirole, spécifiant que les monnaies cryptographiques ne remplissent pas toutes les fonctions d'une monnaie. Si cette théorie trouve éminemment à s'appliquer dans la conception d'un marché institutionnalisé du commerce traditionnel, notamment en raison de l'il-liquidité relative des moyens de paiement, suggérons la possibilité de la réfuter, par l'analyse factuelle du champs d'application de ces devises au sein d'un environnement spécifique, dans notre analyse, les cryptomarchés. En considérant le Bitcoin comme monnaie cryptographique de référence, celle-ci, par création monétaire suivant un schéma logarithmique, neutre et décentralisé, doté d'un désir mimétique du processus historique de la découverte de l'or afin d'éviter l'hyperinflation, ne pourrait voir son caractère d'intermédiaire des échanges écarté par la doctrine. De manière plus pragmatique, elle représente le seul moyen de paiement dans cet environnement, et la sécurité du protocole de stockage et de transmission d'informations sans organe de contrôle, est nécessairement à l'origine d'un critère de confiance. Alors que le dilemme de Triffin conduirait à penser que tout système monétaire international assis sur une devise clé unique, en l'occurrence le dollar, serait instable, essayons-nous à une expérience de pensée. Les enseignements de la construction européenne et de la politique d'unification du marché monétaire laissent suggérer l'intuition d'une interdépendance vectrice de paix sociale. On retrouve, au sein de notre raisonnement, à l'échelle, les souhaits exprimés par Robert Mundell concernant le besoin impérieux d'imprimer un caractère universel à la monnaie. Toutefois, considérons que l'humain soit, par nature, en position de rejet de toute sujétion juridique ou de fait, on comprend pleinement que le système de Bretton-Woods portait en lui les germes de sa destruction, la distribution des ressources opérée par les États-Unis, opacifiant les relations et conduisant à l'effritement de la confiance mutuelle. En instrumentalisant une législation monétaire internationale fondée sur une monnaie nationale, le dollar ne jouait plus un simple rôle de modérateur et de garant des accords entre les différents partenaires commerciaux, mais vidait de toute substance les organisations financières des états parties. Portons notre thèse différemment, les mutations contemporaines de la monnaie et l'émergence des actifs virtuels pourraient-elles être assimilées à la résurgence d'une valeur intrinsèque, générée par le capital au moyen de la preuve de travail demandée dans les protocoles de consensus Blockchain ? Dans cette conception, nous pourrions réalistement considérer probable, l'émergence d'un système monétaire international résolument fiable et égalitaire, à l'origine d'une consécration de la paix sociale par la mutation énergétique de la monnaie. Il devient alors fondamental de s'interroger sur l'effet paradoxal introduit par ce changement de paradigme, et, une recherche approfondie devra converger vers l'apparition d'un modèle mettant en œuvre les incidences contradictoires de la désétatisation de la masse monétaire.
    Date: 2021–01–29
  40. By: Srivastav, Bhanu
    Abstract: Neural networks are one of the methods of artificial intelligence. It is founded on an existing knowledge and capacity to learn by illustration of the biological nervous system. Neural networks are used to solve problems that could not be modeled with conventional techniques. A neural structure can be learned, adapted, predicted, and graded. The potential of neural network parameters is very strong prediction. The findings are more reliable than standard mathematical estimation models. Therefore, it has been used in different fields. This research reviews the most recent advancement in utilizing the Artificial neural networks. The reviewed studies have been extracted from Web of Science maintained by Clarivate Analytics in 2021. We find that among the other applications of ANN, the applications on Covid-19 are on the rise.
    Keywords: ANN; Covid-19; Dust; Gas; Organic richness
    JEL: I1 I10 Q49 Y80
    Date: 2021–02–08
  41. By: Jeremias Lachman; Andrés López
    Abstract: Este trabajo estudia nuevas oportunidades para el desarrollo económico generadas en actividades basadas en RRNN renovables, particularmente en agricultura y ganadería. Con tal propósito analizamos las principales transformaciones ocurridas en estas actividades en los últimos años y nos focalizamos en el surgimiento de servicios intensivos en conocimientos de base digital (“agtech”). Realizamos una encuesta a empresas proveedoras de dichos servicios con el objetivo de caracterizar el ecosistema tecnoproductivo agtech en Argentina. Por último, realizamos un estudio de caso para profundizar en los factores centrales que posibilitan el nacimiento y posterior crecimiento de dichas empresas. Los resultados obtenidos muestran un conjunto de empresas de nueva generación, altamente innovadoras y de rápida internacionalización. El caso de estudio ejemplifica estos aspectos y además muestra como la combinación de elementos del contexto local –e.g. una demanda dispuesta a adoptar innovaciones e incluso a colaborar en su desarrollo y la disponibilidad de capital humano calificado- sumados al desarrollo de capacidades internas a la firma fueron centrales para su crecimiento tanto a nivel local como internacional.
    Keywords: Recursos naturales, innovación, servicios basados en conocimientos, agricultura de precisión
    JEL: O31 L20 Q20
    Date: 2019–11
  42. By: Gutin, Gregory; Hirano, Tomohiro; Hwang, Sung-Ha; Neary, Philip R; Toda, Alexis Akira
    Abstract: How does social distancing affect the reach of an epidemic in social networks? We present Monte Carlo simulation results of a susceptible-infected-removed with social distancing model. The key feature of the model is that individuals are limited in the number of acquaintances that they can interact with, thereby constraining disease transmission to an infectious subnetwork of the original social network. While increased social distancing typically reduces the spread of an infectious disease, the magnitude varies greatly depending on the topology of the network, indicating the need for policies that are network dependent. Our results also reveal the importance of coordinating policies at the 'global' level. In particular, the public health benefits from social distancing to a group (e.g. a country) may be completely undone if that group maintains connections with outside groups that are not following suit.
    Keywords: BA scale-free networks, Infectious subnetwork, SIRwSD model, Social distancing, WS small-world networks, q-bio.PE, physics.soc-ph, Fluids & Plasmas, Applied Economics
    Date: 2021–03–03
  43. By: Isil R. Yavuz (Bryant University); Berrak Bahadir (Department of Economics, Florida International University)
    Abstract: This paper examines the moderating influence of home country ethnic diversity in the relationship between migrant remittances and new business creation in developing countries. By employing the theories of transaction cost, social network, social identity, and trust, we argue that ethnic diversity is negatively associated with new business creation; nevertheless, it strengthens the positive association between migrant remittances and new business creation in developing countries. We test our hypotheses on 64 developing countries over an 11-year period (2006-2016). This paper contributes to entrepreneurship literature by emphasizing the importance of home country ethnic diversity in channeling migrants’ remittances to new business creation in developing countries.
    Keywords: Migrant Remittances, New Business Creation, Ethnic Diversity, Developing Countries
    JEL: L26 M13 J15 F24
    Date: 2021–03
  44. By: D, Sadish
    Abstract: I present evidence that rises in the severity of the Covid-19 pandemic in one location increased internet searches indicative of mental disorders in another location that is spatially separated but socially connected.
    Keywords: Mental Health, Social Networks, Covid-19
    JEL: I1
    Date: 2021–03–07
  45. By: Sorin Badragan (Faculty of Baptist Theology, University of Bucharest, Romania)
    Abstract: As nearly half of the global population is on one or more social networks, the churches need to relate to this rapidly expanding phenomenon. The churches have regarded social media primarily as a tool to fulfill their ministry, so generally in positive terms. However, the negative side of social media requires a proper response from the church, perhaps mainly by serving those who are directly affected by it. But social media is more than just a tool, according to the theory of mediatization, social media deeply influences all aspects of personal and public life. This paper explores what the appropriate response could be on the part of the church to this new reality which poses difficult challenges.
    Keywords: church, social media, mediatization, ministry, technology
    Date: 2021–01
  46. By: Henri Njangang (University of Dschang , Cameroon); Simplice A. Asongu (Yaoundé, Cameroon); Sosson Tadadjeu (University of Dschang , Cameroon); Yann Nounamo (University of Douala, Douala, Cameroon)
    Abstract: This paper aims to investigate the effect of financial development on economic complexity using a panel dataset of 24 African countries over the period 1983-2017. The empirical evidence is based on two different approaches. First, we adopt the Hoechle (2007) procedure which produces Driscoll-Kraay standard errors to account for heteroscedasticity and cross–sectional dependence. Second, we implement the system Generalized Method of Moments to account for endogeneity. The results show that financial development increases economic complexity in Africa. Looking at the regional difference, the results show that this effect is less beneficial for SSA countries.
    Keywords: Financial development, Economic complexity, Panel data analysis, Africa
    JEL: G20 G24 E02 P14 O55
    Date: 2021–01
  47. By: Henri Njangang (University of Dschang , Cameroon); Simplice A. Asongu (Yaoundé, Cameroon); Sosson Tadadjeu (University of Dschang , Cameroon); Yann Nounamo (University of Douala, Douala, Cameroon)
    Abstract: This paper aims to investigate the effect of financial development on economic complexity using a panel dataset of 24 African countries over the period 1983-2017. The empirical evidence is based on two different approaches. First, we adopt the Hoechle (2007) procedure which produces Driscoll-Kraay standard errors to account for heteroscedasticity and cross–sectional dependence. Second, we implement the system Generalized Method of Moments to account for endogeneity. The results show that financial development increases economic complexity in Africa. Looking at the regional difference, the results show that this effect is less beneficial for SSA countries.
    Keywords: Financial development, Economic complexity, Panel data analysis, Africa
    JEL: G20 G24 E02 P14 O55
    Date: 2021–01
  48. By: Yselle F. Malah (Yaounde, Cameroon); Simplice A. Asongu (Yaoundé, Cameroon)
    Abstract: The paper explores the dark side of economic openness by examining empirically the nexus between the globalization process and human trafficking. Specifically, it is about showing in a global perspective how the growing process of free movement of people, goods, capital, services and information technology make the globe a connected web of activity for the sale and exploitation of human beings. After discussing some transmission channels through which globalization could increase this practice based on the lessons from the literature, an empirical analysis is done by employing OLS and Probit regressions on a cross-sectional model covering 130 countries worldwide. Findings, robust to the consideration of the sub-regional specificities and controlling for social, cultural and historical factors, suggest that globalization, particularly financial and cultural, favors human trafficking. In the light of these results, some policy recommendations are discussed.
    Keywords: globalization, human trafficking, cross section model
    JEL: F53 C21
    Date: 2021–01
  49. By: Ann L. Owen; Judit Temesvary; Andrew Wei
    Abstract: We examine the effect of the social networks of bank directors on board gender diversity and compensation using a unique, newly compiled dataset over the 1999-2018 period. We find that within-board social networks are extensive, but there are significant differences in the size and gender composition of social networks of male vs female bank directors. We also find that samegender networks play an important role in determining the gender composition of bank boards. Finally, we show that those connected to male directors receive higher compensation, but we find no evidence that connections to female directors are influential in determining pay and bonuses.
    Keywords: Bank boards; Social networks; Gender; Gender diversity
    JEL: G21 G34 J16
    Date: 2021–03–22
  50. By: Yann Nounamo (Douala, Cameroon); Simplice A. Asongu (Yaoundé, Cameroon); Henri Njangang (Dschang , Cameroon); Sosson Tadadjeu (Dschang , Cameroon)
    Abstract: The main contribution of this study is the determination of an endogenous threshold of institutional quality, beyond which external debt would affect economic growth differently. The focus is on 14 countries of the African Franc zone over the period 1985-2015. Based on the panel Smooth Threshold Regression model, the results reveal that the relationship between external debt and economic growth is based on institutional quality. It is found that the level of indebtedness at which the effect of external debt on economic growth becomes negative is higher in countries with lower levels of corruption and high levels of democracy. This means that poor institutional quality prevents a country from taking full advantage of its credit opportunities. Thus, the more countries become democratic, the more debt helps finance economic growth. These results are robust to sensitivity analysis and Generalized Method of Moments estimation.
    Keywords: external debt, political institutions, economic growth
    Date: 2021–01

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