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on Payment Systems and Financial Technology |
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Issue of 2022‒02‒21
24 papers chosen by |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | This study focuses on linkages between bank accounts and supply-side mobile money drivers for mobile money innovations. It seeks to understand how bank accounts can be complemented with mobile subscription and mobile connectivity dynamics (i.e., mobile connectivity coverage and mobile connectivity performance) for mobile money innovations. The empirical evidence is based on quadratic Tobit regressions. First, there are positive net relationships from the roles of mobile subscriptions and mobile connectivity coverage in modulating bank accounts for mobile money innovations. Second, mobile connectivity performance does not significantly modulate bank accounts for mobile money innovations. Third, given the negative marginal relationships associated with the positive net relationships, thresholds for complementary policies in mobile money supply factors that are worthwhile for bank accounts to stimulate mobile money innovations are provided. The thresholds are: (i) mobile subscription rates of 87.50%, 80.50%, and 98.50% of the adult population for respectively, the mobile money accounts, the mobile used to send money, and the mobile used to receive money, and (ii) mobile connectivity coverages of 64.00%, 69.33%, and 78.00% for respectively, the mobile money accounts, the mobile used to send money, and the mobile used to receive money. |
| Keywords: | Mobile money; technology diffusion; financial inclusion; inclusive innovation |
| JEL: | D10 D14 D31 D60 O30 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:22/011&r= |
| By: | Narciz Balasoiu (Academy of Economic Studies – Faculty of International Business, Bucharest, Romania) |
| Abstract: | The block chain is seen as a new generation of the Internet, even called by some experts the New Internet. It can also be considered as an Internet of Transactions. These definitions tend to associate the block chain with the concept of the Internet of the People who use it daily and which are in turn extended to the Internet of Things (IoT) or to Internet of Value. This type of technology has multiple uses in financial and banking sector, but one of the most notorious applications associated with block chain remain the so-called cryptocurrencies. This field has grown rapidly in recent years, and the key to success and growing popularity are the seven principles: Decentralization, transparency, and security through security, stability and constancy over time, consensus, and responsibility. |
| Keywords: | Block chain, finance, cryptocurrencies, bitcoin, Fintech |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:smo:lpaper:0060&r= |
| By: | Luis Aguiar; Christian Peukert; Maximilian Schäfer; Hannes Ullrich |
| Abstract: | Data is often at the core of digital products and services, especially when related to online advertising. This has made data protection and privacy a major policy concern. When surfing the web, consumers leave digital traces that can be used to build user profiles and infer preferences. We quantify the extent to which Facebook can track web behavior outside of their own platform. The network of engagement buttons, placed on third-party websites, lets Facebook follow users as they browse the web. Tracking users outside its core platform enables Facebook to build shadow profiles. For a representative sample of US internet users, 52 percent of websites visited, accounting for 40 percent of browsing time, employ Facebook’s tracking technology. Small differences between Facebook users and non-users are largely explained by differing user activity. The extent of shadow profiling Facebook may engage in is similar on privacy-sensitive domains and across user demographics, documenting the possibility for indiscriminate tracking. |
| Keywords: | Facebook, privacy, user data, web tracking, shadow profiles |
| JEL: | D18 L4 L5 L86 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1998&r= |
| By: | Sabina Marchetti (Bank of Italy) |
| Abstract: | Deepfakes are digital forgeries. They are highly credible multimedia representations of altered or fabricated events, created using sophisticated artificial intelligence (AI) techniques. Despite the remarkable contribution of the underlying technology to innovation in several fields, deepfakes per se are a powerful weapon for disinformation and fraudulent operations. In the financial sector, the increasing importance of online platforms for payments and banking exposes consumers and retail investors to AI-enabled attacks. Moreover, at the macro level, malicious dissemination of deepfakes through information channels such as social media can sow distrust toward financial institutions, and ultimately have systemic effects. In this paper, we describe the rapidly evolving deepfake technology, with a focus on the threats it poses to the financial sector. We then propose an analytical approach and a set of policy instruments for the effective countering of malicious deepfakes. |
| Keywords: | deepfakes, artificial intelligence, disinformation, financial system |
| JEL: | O31 O32 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_668_22&r= |
| By: | Gary Clyde Hufbauer (Peterson Institute for International Economics); Megan Hogan (Peterson Institute for International Economics) |
| Abstract: | The European Union's proposed Digital Markets Act (DMA) contemplates extensive regulation of "gatekeeper" digital platforms--firms that perform a "core platform service" in the European Union (defined as online intermediation, online search, social networking, video sharing, electronic communication, cloud services, or online advertising), have a significant impact on the EU internal market, serve as an important gateway between business users and end-users, and enjoy an entrenched and durable position. Although a couple of European firms would qualify as gatekeepers, Hufbauer and Hogan say, the DMA discriminates against American technology firms by singling them out for the label of "gatekeepers." The DMA targets both US tech giants such as Google, Amazon, Facebook, Apple, and Microsoft and smaller (albeit huge) US tech firms such as Airbnb, Oracle, PayPal, and Zoom. The authors say the EU goal is to confer competitive advantage on European digital firms, breaching the EU commitment to national treatment of foreign firms, violating their intellectual property rights, and imposing high expenses on the "gatekeepers." At the same time, France is planning to enact its own steep barriers against US and other foreign cloud services. The technology giants are not uniformly beloved in the United States either, where Congress has found bipartisan support for new regulation that would restrain their power. But unlike the DMA, these proposals apply equally to US and foreign tech firms. A much stronger US response is needed to ensure that the proposed EU rules do not deter US tech firms and equally apply to EU firms that compete with them. |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb22-2&r= |
| By: | Sofia Hadibi (univ-DBKM - Université de Djilali Bounaama Khemis Miliana); Samir Berkani (UMBB - Université M'Hamed Bougara Boumerdes); Hamid Fechit (univ-DBKM - Université de Djilali Bounaama Khemis Miliana) |
| Abstract: | This research consists in analyzing the use of the digital communication strategy on social media. For this, we studied the case of the online travel and tourism agency Nreservi.com. The results showed that the agency adopts a digital communication strategy on social media and Facebook is the most used social media. |
| Abstract: | La présente recherche consiste à analyser l'utilisation de la stratégie de communication digitale sur les réseaux sociaux. Pour cela nous avons étudié le cas de l'agence de tourisme et de voyage en ligne Nreservi.com. Les résultats ont démontrés que l'agence adopte une stratégie de communication digitale sur les réseaux et que Facebook est le réseau social le plus utilisé. |
| Keywords: | e-tourism,social networks. Online travel agency,digital communication,e-tourisme,réseaux sociaux. Agence de voyage en ligne,communication digitale |
| Date: | 2021–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03455215&r= |
| By: | Andres, Raphaela; Slivko, Olga |
| Abstract: | We analyze the impact of the Network Enforcement Act, the first regulation which aims at restraining hate speech on large social media platforms. Using a difference-in- differences framework, we measure the causal impact of the German law on the prevalence of hateful content on German Twitter. We find evidence of a significant and robust decrease in the intensity and volume of hate speech in tweets tackling sensitive migration-related topics. Importantly, tweets tackling other topics as well as the tweeting style of users are not affected by the regulation, which is in line with its aim. Our results highlight that legislation for combating harmful online content can influence the prevalence of hate speech even in the presence of platform governance mechanisms. |
| Keywords: | Social Networks,User-Generated Content,Hate Speech,Policy Evaluation |
| JEL: | H41 J15 K42 L82 L86 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21103&r= |
| By: | Carlos A. Arango-Arango; Ana Carolina Ramirez-Pineda; Manuela Restrepo-Bernal |
| Abstract: | More than 60 countries in the world have already implemented instant payment systems (IPS). However, in many cases they have been operational mainly for person-to-person transactions. This study looks at the challenges IPS may face in developing economies like Colombia as they advance further into the P2B transactions space. Using a survey on Colombian merchants (IV-2020), the study explores the factors associated with merchants´ propensity to adopt instant payments and those associated with the adoption of current electronic payment alternatives. It shows that IPS will need to have a broad strategy to penetrate the P2B space, as they will have to compete with the low marginal costs and immediacy that cash already offers and the high levels of informality in the commerce sector, especially for micro businesses. Furthermore, IPS will have to meet the high expectations merchants have about instant payments enabling access to other financial services, enhancing their competitiveness, and increasing their bottom line. **** RESUMEN: Más de 60 países en el mundo han implementado sistemas de pagos inmediatos. Sin embargo, en muchos casos dichos sistemas tan solo ofrecen transferencias entre personas. Esta investigación analiza los desafíos que deben enfrentar los sistemas de pagos inmediatos en economías en desarrollo como la colombiana para profundizar sus servicios en el comercio al por menor. Con base en la encuesta a comercios realizada por el Banco de la República en el cuarto trimestre de 2020, la investigación explora los factores asociados a la disposición de los comercios a adoptar pagos inmediatos y otras alternativas electrónicas de pago. Los resultados confirman que los sistemas de pagos inmediatos necesitan de una estrategia clara para lograr consolidarse en el comercio al por menor. En particular, estos deben competir con los bajos costos marginales y la inmediatez en la disponibilidad de los fondos que ofrece el efectivo y los elevados niveles de informalidad, especialmente entre los micro comercios. Además, los servicios de pago inmediatos deberán cumplir con las altas expectativas que tienen los comercios de mejorar el acceso a los servicios financieros, incrementar su competitividad y mejorar su rentabilidad. |
| Keywords: | Instant payments, faster payments, mobile payments, cash and electronic payments, merchants, retail payments, cards, bank transfers, Pagos inmediatos, pagos móviles, pagos electrónicos, pagos en efectivo, comercios, pagos de bajo valor, pagos con tarjetas, transferencias electrónicas |
| JEL: | D23 D40 G20 G21 G28 E41 E58 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:1192&r= |
| By: | Rod Garratt; Michael Junho Lee; Antoine Martin; Joseph Torregrossa |
| Abstract: | Stablecoins, which we define as digital assets used as a medium of exchange that are purported to be backed by assets held specifically for that purpose, have grown considerably in the last two years. They rose from a market capitalization of $5.7 billion on December 1, 2019, to $155.6 billion on January 21, 2022. Moreover, a market that was once dominated by a single stablecoin—Tether (USDT)—now boasts five stablecoins with valuations over $1 billion (as of January 21, 2022; data about the supply of stablecoins can be found here). Analysts have started to pay increased attention to the stablecoin market, and the President’s Working Group (PWG) on Financial Markets released a report on stablecoins on November 1, 2021. In this post, we explain why we believe stablecoins are unlikely to be the future of payments. |
| Keywords: | digital currencies; stablecoins |
| JEL: | E5 G21 E42 |
| Date: | 2022–02–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:93680&r= |
| By: | Jeremy Srouji (Université Côte d'Azur, France; GREDEG CNRS; International Institute of Social Studies - Erasmus University Rotterdam) |
| Abstract: | The literature on currency internationalization, with its focus on the essential attributes of an international currency issuer, is largely inadequate for explaining what causes the currency of a country to be adopted and to remain as world money. This paper argues that embedded within the well-known framework of the functions of money – as a medium of exchange, unit of account and store of value – are fundamental assumptions about how Economics defines and understands money. Drawing on conventional and Post Keynesian approaches, it demonstrates that current theories of currency internationalization, and questions of international money more generally, are embedded in underlying theories of money that are very specific about the process through which currencies achieve and maintain an international position. It also finds that a better understanding of the functional approach to money can bring greater theoretical clarity to the positions of various authors on questions of international money. At the same time, it argues that shortfalls in both the conventional and Post Keynesian approaches to money are inevitably also transposed to the international level. These need to be addressed before a more comprehensive theory of currency internationalization can emerge. |
| Keywords: | international money, international reserves, US dollar, currency internationalization, cryptocurrency |
| JEL: | E12 E13 E42 E52 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2021-44&r= |
| By: | Edoardo Rainone (Bank of Italy) |
| Abstract: | Following the implementation of negative policy rates, interest rates on bank deposits reached their historic lows, with values close or equal to zero. This paper investigates the implications of such a new environment for the demand of currency. We find evidence of a structural break in the demand of currency when rates on deposits fall below 0.1 per cent. Exploiting time, bank and banknote denomination variation, as well as exogenous reforms that affected currency payments and holdings, our analysis finds that the increase of currency in circulation seems to be mostly driven by transactions instead of store-of-value demand. |
| Keywords: | financial stability, monetary policy, negative interest rates, deposits, zero lower bound, money demand |
| JEL: | E41 E42 E52 E58 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1359_22&r= |
| By: | Seifried, Mareike |
| Abstract: | An emerging stream of research from various disciplines studies online labor market (OLM) platforms as an alternative way of accomplishing work compared to traditional (offline) labor markets. Although prior work has increased our understanding of how OLM platforms function, we so far know very little about the relationship between what workers have done before entering the platform and the skill content of their online jobs. However, the question of why workers do the jobs they do in an online context and what drives their decision is fundamental to understanding how these markets function and are used by workers. Using data on 4,771 freelancers working on Upwork.com, the world's leading freelancing website, we compare the skill content of their online jobs with their last reported offline prior to platform entry. Based on prior work on occupational mobility (Gathmann & Schönberg, 2010) and human capital investments (Becker, 1962), we hypothesize and find that workers with more valuable skillsets adjust their skill portfolios less while working online, i.e. the distance between their offline and online skill portfolio is lower. We further show that being female, coming from an advanced economy and reporting having current offline employment moderates the relationship between skill value and skill distance. |
| Keywords: | Online labor markets,gig economy,labor mobility,occupational mobility,human capital,task-based approach,digital platforms,knowledge work |
| JEL: | J24 J6 J44 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21101&r= |
| By: | Dolata, Ulrich; Schrape, Jan-Felix |
| Abstract: | Today's internet is shaped largely by privately operated platforms of various kinds. This paper asks how the various commercially operated communication, market, consumption and service platforms can be grasped as a distinct organizational form of enterprise. To this end, we make a basic distinction between (1) the platform-operating companies as organizing and structuring cores whose goal is to run a profitable business, and (2) the platforms belonging to these companies as more or less extensive, rule-based and strongly technically mediated social action spaces. While platform companies are essentially organizations in an almost archetypical sense, the internet platforms they operate constitute socio-technically structured social, market, consumption or service spaces in which social actors interact on the basis of detailed and technically framed rules, albeit, at the same time, in a varied and idiosyncratic manner. The thesis of this paper is that the coordination, control and exploitation mechanisms characteristic of the platform architectures are characterized by a strong hierarchical orientation in which elements of co-optation and the orchestrated participation of users are embedded. In this hybrid constellation, the platform companies have a high degree of structure-giving, rulesetting and controlling power-in addition to exclusive access to the raw data material generated there. While this power may manifest, at times, as rigid control, direct coercion or enforceable accountability, for the majority of rule-obeying users it unfolds nearly imperceptibly and largely silently beneath the surface of a (supposed) openness that likewise characterizes the platforms as technically mediated spaces for social and economic exchange. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:stusoi:202201&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | The study assesses the how information sharing by means of mobile phones affects banking system efficiency in Africa with particular emphasis on income levels (Middle income versus Low income countries) and legal origins (English Common law versus French Civil law countries). The focus is on 53 African countries with data for the period 1996-2019 and the empirical evidence is based in Quantile regressions which enable the study to assess the nexus throughout the conditional distribution of banking system efficiency. The following findings are established: (i) mobile phone penetration promotes banking system efficiency in the 25th quantile and the median of banking system efficiency in low income countries while for middle income countries; it is significant exclusively in the bottom quantile (i.e. 10th quantile). (ii) With the exception of the highest (i.e. 90th) quantile in which the effect of the mobile phone is not significant in English Common law countries, the impact is significant throughout the conditional distribution of banking system efficiency in Common law countries. (iii) As for French Civil law countries, the nexus is only significant in the median and highest (i.e. 90th) quantile of the conditional distribution of banking system efficiency. Policy implications are discussed. |
| Keywords: | Allocation efficiency; Information asymmetry; Mobile phones |
| JEL: | G20 G29 L96 O40 O55 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:22/010&r= |
| By: | Li, Ye (Ohio State University); Li, Yi (Board of Governors of the Federal Reserve System); Sun, Huijun (Columbia Business School) |
| Abstract: | This paper documents a strong connection between payment system and credit supply. The dual role of deposits as financing instruments for banks and means of payment for bank customers implies spillover effects of bank lending. After a bank finances loans with new deposits, the deposit holders' payments cause reserves and deposits to flow from the lending bank to the payees' banks. The change in liquidity conditions for both banks and their customers gives rise to two opposing forces that generate respectively strategic complementarity and strategic substitution in banks' lending decisions. We model bank lending through a linear-quadratic game on a random graph of payment flows and structurally estimate the spillover effects using Fedwire data to quantify the probability distribution of payment-flow network. Payment network externalities reduce the average level of aggregate credit supply by 9% while amplify the volatility by 20%. We identify a small subset of banks that have a disproportionately large influence on credit supply due to their special positions in the payment-flow network. |
| JEL: | E42 E43 E44 E51 E52 G21 G28 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:ecl:ohidic:2021-22&r= |
| By: | Charlson, G. |
| Abstract: | We examine the effect social mistrust has on the propagation of misinformation on a social network. Agents communicate with each other and observe information sources, changing their opinion with some probability determined by their social trust, which can be low or high. Low social trust agents are less likely to be convinced out of their opinion by their peers and, in line with recent empirical literature, are more likely to observe misinformative information sources. A platform facilitates the creation of a homophilic network where users are more likely to connect with agents of the same level of social trust and the same social characteristics. Networks in which worldview is relatively important in determining network structure have more pronounced echo chambers, reducing the extent to which high and low social trust agents interact. Due to the asymmetric nature of these interactions, echo chambers then decrease the probability that agents believe misinformation. At the same time, they increase polarisation, as disagreeing agents interact less frequently, leading to a trade-off which has implications for the optimal intervention of a platform wishing to reduce misinformation. We characterise this intervention by delineating the most effective change in the platform's algorithm, which for peer-to-peer connections involves reducing the extent to which relatively isolated high and low social trust agents interact with one another. |
| Keywords: | communication, misinformation, network design, platforms |
| JEL: | D82 D83 D85 |
| Date: | 2022–01–14 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2204&r= |
| By: | Bohdan M. Pavlyshenko |
| Abstract: | The paper studies the linear model for Bitcoin price which includes regression features based on Bitcoin currency statistics, mining processes, Google search trends, Wikipedia pages visits. The pattern of deviation of regression model prediction from real prices is simpler comparing to price time series. It is assumed that this pattern can be predicted by an experienced expert. In such a way, using the combination of the regression model and expert correction, one can receive better results than with either regression model or expert opinion only. It is shown that Bayesian approach makes it possible to utilize the probabilistic approach using distributions with fat tails and take into account the outliers in Bitcoin price time series. |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2201.02729&r= |
| By: | Massoc, Elsa Clara; Lubda, Maximilian |
| Abstract: | In times of increased political polarization, the continuing existence of a deliberative arena where people with antagonistic views may engage with each other in non-violent ways is critical for democracy to live on. Social media are usually not conceived as such arenas. On the contrary, there has been widespread worry about their role in increasing polarization and political violence. This paper suggests a more positive impact of social media on democracy. Our analysis focuses on the subreddit "r/WallStreetBets" (r/WSB) - a finance-related forum that came under the spotlight when its users coordinated a financial attack on hedge funds during the Gamestop saga in early 2021. Based on an original method attributing partisanship scores to users, we present a network analysis of interactions between users at the opposite sides of the political spectrum on r/WSB. We then develop a content analysis of politically relevant threads in which polarized users participate. Our analyses show that r/WSB provides a rare space where users with antagonistic political leanings engage with each other, debate, and even cooperate. |
| Keywords: | democracy,investment forum,polarization,social media |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:28&r= |
| By: | Das, Satadru (Reserve Bank of India); Gadenne, Lucie (University of Warwick, Institute for Fiscal Studies and CEPR); Nandi, Tushar (Indian Institute of Science Education and Research (IISER), Kolkata); Warwick, Ross (Institute for Fiscal Studies) |
| Abstract: | This paper investigates the effect of electronic payments technology on firms' tax compliance in a large developing economy. We consider India's demonetization policy which, by limiting the availability of cash, led to a large increase in the use of electronic forms of payments. Using administrative data on firms' tax returns and variation in the strength of the demonetization shock across local areas, we find that greater use of electronic payments leads to firms reporting more sales to the tax authorities. This effect is strong enough to explain roughly half of the large (11%) increase in reported sales observed during demonetization. |
| Keywords: | tax compliance ; electronic payments ; demonetization JEL Classification: H26 ; O23 ; H25 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1393&r= |
| By: | Danilov, Anastasia; Chugunova, Marina |
| Abstract: | Using a survey with 57 German firms, we evaluate the level of digitalization of the HR management function and document perceived benefits and barriers of technology adoption from organizational and individual users’ perspectives. The results give a reason for optimism. Most of the companies report that the core HR processes are digitized. We do not observe adverse effects of the digital HRM tools on users’ job satisfaction and work stress. Still, more than half of companies do not yet use digital tools for strategic HRM decisions. Respondents appreciate the increased speed and cost-efficiency of digital HRM processes and associate it with a competitive advantage in talent acquisition. The most prominent adoption barriers are lack of qualified professionals, high costs, and uncertainty regarding the legal framework. Moreover, we test if small and medium-sized enterprises differ systematically from larger organizations in how they use digital HRM tools. |
| Keywords: | digital HRM tools, human resource management, digitalization, artificial intelligence, Germany |
| JEL: | M12 M15 M50 O33 O52 |
| Date: | 2022–01–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111530&r= |
| By: | Cameron, Anna; Khanal, Mukesh; Tedds, Lindsay M. |
| Abstract: | Canada’s short-term rental (STR) market has grown considerably in recent years, resulting in a heightened focus by local governments on adopting regulatory approaches to manage it. Indeed, since 2018, an increasing number of Canadian governments (largely cities) have introduced regulatory frameworks to both mitigate perceived negative impacts of the STR market, as well as reap some of its benefits. In light of the gap in Canada-focused research on STR regulation, this article analyzes in comparative perspective the regulatory approaches adopted in 11 Canadian jurisdictions in response to the rise of platform-mediated home sharing. We find that aspects of regulation, such as licensing and registration, are increasingly a question, not of “if,” but rather “how” and “to what extent,” with the most promising approaches being those that reflect sophisticated understandings of the range of activity that plays out in the market and the various actors, including platforms and property managers, involved. For jurisdictions looking to introduce or tweak approaches going forward, there is potential benefit in reframing market regulation as a governance issue, rather than a technical legal problem. From this standpoint, of particular promise are joint governance approaches which involve municipalities and other local jurisdictions implementing distinct rules within the context of an overarching provincial framework. |
| Keywords: | Short-term Rental, Market Failure, Regulatory Fracture, Regulation, Innovative Disruption, Community Impact |
| JEL: | H79 R19 |
| Date: | 2022–01–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111535&r= |
| By: | Stephanie M. Wilshusen |
| Abstract: | In response to the economic hardships stemming from COVID-19, many U.S. card-issuing banks offered measures to assist their customers who were financially affected by the pandemic. Unlike previous disaster assistance programs that were typically short in duration and localized, the COVID-19 pandemic affected millions of consumers across the country for a protracted period of time and required application of broad-based relief measures. These measures, along with federal and state stimulus and benefit payments, provided some stability to many consumers’ financial circumstances during the pandemic. It is important to consider how effective these measures have been at stabilizing consumer finances not just for those for whom these programs served as a bridge, but for those consumers who continue to need support after the programs have expired. This paper discusses several aspects of one relief measure implemented by banks during the pandemic: consumer credit card payment deferrals. |
| Keywords: | household finance; consumer credit; credit cards; payment deferral; COVID-19 |
| JEL: | D14 G01 G28 G51 G41 |
| Date: | 2022–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpdp:93694&r= |
| By: | Frank, Ulrich; Maier, Pierre; Bock, Alexander |
| Abstract: | In recent years, the catchword "low-code" has evolved into what can be seen as a major trend in software development platforms. A growing number of vendors respond to this trend by offering software development platforms that promise limited need for coding only and a tre- mendous boost in productivity. Both aspects have been the subject of intensive research over many years in areas such as domain-specific modeling languages, model-driven software de- velopment, or generative programming. Therefore, the obvious question is how ”low code” platforms differ from such approaches and what specific performance features they offer. Since there is no unified definition of "low-code", the only way to develop an elaborate un- derstanding of what it is - and might be - is to analyze the actual use of the term. For obvious reasons, it is not promising in this respect to rely on marketing announcements made by ven- dors. Instead, it seems more appropriate to examine "low-code" platforms. This research re- port presents a study of 10 relevant platforms, capturing and assessing common characteristics as well as specific features of individual tools. The study is guided by a method that consists of a conceptual framework, which provides a uniform structure to describe and compare "low- code" platforms, and a process model that describes the sequence of steps. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:udeicb:70&r= |
| By: | Massoc, Elsa Clara |
| Abstract: | Are we in a new "Polanyian moment"? If we are, it is essential to examine how "spontaneous" and punctual expressions of discontent at the individual level may give rise to collective discourses driving social and political change. It is also important to examine whether and how the framing of these discourses may vary across political economies. This paper contributes to this endeavor with the analysis of anti-finance discourses on Twitter in France, Germany, Italy, Spain and the UK between 2019 and 2020. This paper presents three main findings. First, the analysis shows that, more than ten years after the financial crisis, finance is still a strong catalyzer of political discontent. Second, it shows that there are important variations in the dominant framing of public anti-finance discourses on social media across European political economies. If the antagonistic "us versus them" is prominent in all the cases, the identification of who "us" and "them" are, vary significantly. Third, it shows that the presence of far-right tropes in the critique of finance varies greatly from virtually inexistent to a solid minority of statements. |
| Keywords: | finance,opinion,social media,discourse analysis |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:30&r= |