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on Payment Systems and Financial Technology |
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Issue of 2022‒05‒30
twenty papers chosen by |
| By: | Alissa Gorelova; Bena Lands; Maria teNyenhuis |
| Abstract: | Could Canadian banks continue to meet their regulatory liquidity requirements after the introduction of a cash-like retail central bank digital currency (CBDC)? We conduct a hypothetical exercise to estimate how a CBDC could affect bank liquidity by increasing the run-off rates of transactional retail deposits under four increasingly severe scenarios. |
| Keywords: | Central bank research; Digital currencies and fintech; Econometric and statistical methods; Financial institutions; Financial stability |
| JEL: | E4 G2 G21 O3 O33 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocsan:22-5&r= |
| By: | Michael Darlin; Leandros Tassiulas |
| Abstract: | The rise of Decentralized Finance ("DeFi") on the Ethereum blockchain has enabled the creation of lending platforms, which serve as marketplaces to lend and borrow digital currencies. We first categorize the activity of lending platforms within a standard regulatory framework. We then employ a novel grouping and classification algorithm to calculate the percentage of fund flows into DeFi lending platforms that can be attributed to debt created elsewhere in the system ("debt-financed collateral"). Based on our results, we conclude that the wide-spread use of stablecoins as debt-financed collateral increases financial stability risks in the DeFi ecosystem. |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2204.11107&r= |
| By: | Florentina Șoiman (CASC - Calcul Algébrique et Symbolique, Sécurité, Systèmes Complexes, Codes et Cryptologie - LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes); Jean-Guillaume Dumas (CASC - Calcul Algébrique et Symbolique, Sécurité, Systèmes Complexes, Codes et Cryptologie - LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Sonia Jimenez-Garces (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes) |
| Abstract: | Decentralized Finance (DeFi) is a nascent set of financial services, using tokens, smart contracts, and blockchain technology as financial instruments. We investigate four possible drivers of DeFi returns: exposure to cryptocurrency market, the network effect, the investor's attention, and the valuation ratio. As DeFi tokens are distinct from classical cryptocurrencies, we design a new dedicated market index, denoted DeFiX. First, we show that DeFi tokens returns are driven by the investor's attention on technical terms such as "decentralized finance" or "DeFi", and are exposed to their own network variables and cryptocurrency market. We construct a valuation ratio for the DeFi market by dividing the Total Value Locked (TVL) by the Market Capitalization (MC). Our findings do not support the TVL/MC predictive power assumption. Overall, our empirical study shows that the impact of the cryptocurrency market on DeFi returns is stronger than any other considered driver and provides superior explanatory power. |
| Abstract: | La finance décentralisée (DeFi) est un ensemble naissant de services financiers, utilisant les jetons, les contrats intelligents et la technologie blockchain comme instruments financiers. Nous étudions quatre moteurs possibles des rendements de DeFi : l'exposition au marché des crypto-monnaies, l'effet de réseau, l'attention de l'investisseur et le ratio de valorisation. Les jetons DeFi étant distincts des crypto-monnaies classiques, nous concevons un nouvel indice de marché dédié, dénommé DeFiX. Tout d'abord, nous montrons que les rendements des jetons DeFi sont déterminés par l'attention de l'investisseur sur des termes techniques tels que "finance décentralisée" ou "DeFi", et sont exposés à leurs propres variables de réseau et au marché des crypto-monnaies. Nous construisons un ratio de valorisation pour le marché DeFi en divisant la valeur totale bloquée (TVL) par la capitalisation boursière (MC). Nos résultats ne confirment pas l'hypothèse du pouvoir prédictif de la TVL/MC. Dans l'ensemble, notre étude empirique montre que l'impact du marché des crypto-monnaies sur les rendements du DeFi est plus fort que tout autre facteur considéré et fournit un pouvoir explicatif supérieur. |
| Keywords: | Blockchain,financial return,asset pricing,index,DeFi token |
| Date: | 2022–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03625891&r= |
| By: | Alhonita Yatie (BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper studies the impact of fear, uncertainty and market volatility caused by the Ukraine-Russia war on crypto-assets returns (Bitcoin and Ethereum) and Gold returns. We use the searches on Wikipedia trends as proxies of uncertainty and fear and two volatility indices: S&P500 VIX and the Russian VIX (RVIX). The results show that Bitcoin, Ethereum and Gold failed as safe havens during this war. |
| Keywords: | War,Russia,Ukraine,crypto-assets,Gold,Safe haven |
| Date: | 2022–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03625196&r= |
| By: | Renato Gomes (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CNRS - Centre National de la Recherche Scientifique); Andrea Mantovani (TBS - Toulouse Business School) |
| Abstract: | Online intermediaries greatly expand consumer information, but also raise sellers' marginal costs by charging high commissions. To prevent disintermediation, some platforms adopted price parity and anti-steering provisions, which restrict sellers' ability to use alternative sales channels. Whether to uphold, reform, or ban these provisions has been at the center of the policy debate, but, so far, little consensus has emerged. As an alternative, this paper studies how to cap platforms' commissions. The utilitarian cap reflects the Pigouvian precept according to which the platform should charge net fees no greater than the informational externality it exerts on other market participants. |
| Keywords: | Extreme value theory,Commission caps,Regulation,Price parity,Platforms |
| Date: | 2022–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03629525&r= |
| By: | Bruno Jullien (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CNRS - Centre National de la Recherche Scientifique); Alessandro Pavan (Northwestern University [Evanston]); Marc Rysman (BU - Boston University [Boston]) |
| Abstract: | The chapter has 9 sections, covering the theory of two-sided markets and related empirical work. Section 1 introduces the reader to the literature. Section 2 covers the case of markets dominated by a single monopolistic rm. Section 3 discusses the theoretical literature on competition for the market, focusing on pricing strategies that rms may follow to prevent entry. Section 4 discusses pricing in markets in which multiple platforms are active and serve both sides. Section 5 presents alternative models of platform competition. Section 6 discusses richer matching protocols whereby platforms pricediscriminate by granting access only to a subset of the participating agents from the other side and discusses the related literature on matching design. Section 7 discusses identication in empirical work. Section 8 discusses estimation in empirical work. Finally, Section 9 concludes. |
| Keywords: | Matching,Network effects,Pricing,Platform,Two-sided market |
| Date: | 2022–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03629451&r= |
| By: | Babak Naysary (Monash University, School of Business, Selangor, Malaysia); Mehdi Malekzadeh (Service Rocket Inc., Kuala Lumpur, Malaysia); Ruth Tacneng (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges); Amine Tarazi (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges) |
| Abstract: | This multidisciplinary study aims to overcome the shortcomings of traditional data collection methods used in the literature to investigate drivers of e-wallet adoption. We apply big data analytics to gather and analyze real-world data from users' sentiments and opinions available on online platforms. We use a text analytics approach to identify and categorize principal themes of concern affecting user adoption. After, we use the Analytical Hierarchy Process (AHP) technique to weigh and rank these themes and subsequently construct a structural framework for choosing the optimal e-wallet alternative in the market. Our results identify 10 clusters of e-wallet adoption drivers that can be categorized into three groups. The first group includes factors such as usefulness, ease of use, trust, risk security, and associated costs, confirming existing findings in the literature. The second group reinforces the importance of more implicit factors which existing theories fail to integrate, such as customer service, user interface, and promotional rewards. And finally, the last group comprises interoperability, highlighting the importance of e-wallet connectivity and how conveniently it performs transactions with other platforms, systems, and applications. Based on the results of clustering and the AHP model, we provide several managerial recommendations that can guide decision-making and eventually optimize the performance of e-wallets. Our study makes significant contribution by adopting a holistic, multi-criteria framework to evaluate ewallet adoption comprehensively. |
| Keywords: | E-wallet adoption,big data analytics,AHP,mobile payment,text mining |
| Date: | 2022–04–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03632834&r= |
| By: | Milo Bianchi (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, TSM - Toulouse School of Management Research - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées); Matthieu Bouvard (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, TSM - Toulouse School of Management Research - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées); Renato Gomes (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CNRS - Centre National de la Recherche Scientifique); Andrew Rhodes (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Vatsala Shreeti (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We connect various streams of academic literature to shed light on how the degree of interoperability in mobile payments affects market outcomes and welfare. We organize our discussion around four dimensions of interoperability. First, we consider mobile network interoperability (whether clients of one telecom can access another telecom's payment services) in connection with the IO literature on tying. Second, we discuss platform level interoperability (the ability to send money offnetwork) in light of the literature on compatibility. We also build on the behavioral IO literature to suggest how the effects of interoperability may be very heterogeneous across various types of firms and consumers, or even backfire. Third, we consider interoperability in the cash-in-cash-out agent network, in light of the literature on co-investment in network industries, and of more specific studies on ATMs' interoperability. Fourth, we discuss how the literature in banking and on data ownership can be used to understand interoperability of data. We conclude with some broader remarks on policy implications and on possible directions for future research. |
| Keywords: | Mobile Payments,Interoperability,Financial Inclusion,Competition,Policy. |
| Date: | 2022–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03629513&r= |
| By: | Jakub Drahokoupil |
| Abstract: | Aim of this paper is to use Machine Learning algorithm called XGBoost developed by Tianqi Chen and Carlos Guestrin in 2016 to predict future development of the Bitcoin (BTC) price and build an algorithmic trading strategy based on the predictions from the model. For the final algorithmic strategy, six XGBoost models are estimated in total, estimating following n-th day BTC Close predictions: 1,2,5,10,20,30. Bayesian optimization techniques are used twice during the development of the trading strategy. First, when appropriate hyperparameters of the XGBoost model are selected. Second, for the optimization of each model prediction weight, in order to obtain the most profitable trading strategy. The paper shows, that even though the XGBoost model has several limitations, it can fairly accurately predict future development of the BTC price, even for further predictions. The paper aims specifically for the potential of algorithmic trading during the COVID-19 period, where BTC cryptocurrency suffered extremely volatile period, reaching its new all-time highest prices as well as 50% losses during few consecutive months. The applied trading strategy shows promising results, as it beats the B&H strategy both from the perspective of total profit, Sharpe ratio or Sortino ratio. |
| Keywords: | XGBoost, Bayesian Optimization, Bitcoin, Algorithmic trading |
| JEL: | C11 C39 C61 G11 |
| Date: | 2022–03–24 |
| URL: | http://d.repec.org/n?u=RePEc:prg:jnlwps:v:4:y:2022:id:4.006&r= |
| By: | Diana Farrell; Lindsay E. Relihan; Marvin W. Ward Jr.; Chris W. Wheat |
| Abstract: | We document a number of striking features about the initial impact of the pandemic on local commerce across 16 US cities. There are two novel contributions from this analysis: exploration of neighborhood-level effects and shifts between offline and online purchasing channels. In our analysis we use approximately 450 million credit card transactions per month from a rolling sample of 11 million anonymized customers between October 2019 and March 2020. Across the16 cities we profile, consumers decreased spend on the set of goods and services we define as "local commerce" by 12.8% between March 2019 and March 2020. Growth in all 16 cities was negative. Consumers shifted a substantial share of local commerce spend online, such that year-over-year growth in online spend was small, but positive, at 1.5%. With respect to grocery and pharmacy purchases, online spend grew at least three times as fast as offline spend. Overall spend declines were uniform across neighborhoods of differing median household income, though lower-income neighborhoods experienced the highest proportion of extreme negative declines. We also find evidence that many low-income neighborhoods are increasing spend on online grocery slower than others, but increasing their use of online restaurants the fastest. Consumers in low-income neighborhoods also tend to live farther from the grocery stores at which they shop. Compared to their counterparts in higher-income neighborhoods, consumers in low-income neighborhoods have not been more likely to shop at grocery stores closer to where they live since the onset of the pandemic. |
| Date: | 2020–06–11 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepops:50&r= |
| By: | Luca Braghieri; Ro'ee Levy; Alexey Makarin |
| Abstract: | The diffusion of social media coincided with a worsening of mental health conditions among adolescents and young adults in the United States, giving rise to speculation that social media might be detrimental to mental health. In this paper, we provide quasi-experimental estimates of the impact of social media on mental health by leveraging a unique natural experiment: the staggered introduction of Facebook across U.S. colleges. Our analysis couples data on student mental health around the years of Facebook’s expansion with a generalized difference-in-differences empirical strategy. We find that the roll-out of Facebook at a college increased symptoms of poor mental health, especially depression. We also find that, among students predicted to be most susceptible to mental illness, the introduction of Facebook led to increased utilization of mental healthcare services. Lastly, we find that, after the introduction of Facebook, students were more likely to report experiencing impairments to academic performance resulting from poor mental health. Additional evidence on mechanisms suggests that the results are due to Facebook fostering unfavorable social comparisons. |
| JEL: | D12 D72 D90 I10 L82 L86 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9723&r= |
| By: | John E. Marthinsen; Steven R. Gordon |
| Abstract: | Explaining changes in bitcoin's price and predicting its future have been the foci of many research studies. In contrast, far less attention has been paid to the relationship between bitcoin's mining costs and its price. One popular notion is the cost of bitcoin creation provides a support level below which this cryptocurrency's price should never fall because if it did, mining would become unprofitable and threaten the maintenance of bitcoin's public ledger. Other research has used mining costs to explain or forecast bitcoin's price movements. Competing econometric analyses have debunked this idea, showing that changes in mining costs follow changes in bitcoin's price rather than preceding them, but the reason for this behavior remains unexplained in these analyses. This research aims to employ economic theory to explain why econometric studies have failed to predict bitcoin prices and why mining costs follow movements in bitcoin prices rather than precede them. We do so by explaining the chain of causality connecting a bitcoin's price to its mining costs. |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2204.13102&r= |
| By: | Bhaskar Choudhuri (EM - emlyon business school); Praveen Ranjan Srivastava; Shivam Gupta (EM - emlyon business school); Ajay Kumar (EM - emlyon business school); Surajit Bag |
| Abstract: | Government of India's ‘Digital India' initiative intends to build robust digital ecosystem that fosters innovation & entrepreneurship enabling better citizen service & citizen empowerment. Digitization in India involves geo-demographic & socio-economic dependency, choice of smart technologies undergoing rapid innovation, strategic roll-out planning & flawless implementation as prerequisite of technology diffusion & benefit realization. This study identifies technical & non-technical determinants of smart digital framework roll out that can accelerate digital diffusion in urban public services in India. This study follows inductive exploratory method, combining grounded theory & text mining for primary data analysis. Study reveals digitization is an ecosystem of private & public enterprises and citizen participation, identifies integrated use analytics & IoT can enable connected smart city, whereas technology cost, digital literacy & sustainable innovation as non-technological determinant towards resilient urban digital infrastructure in India. |
| Date: | 2021–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03628404&r= |
| By: | Sihao Hu; Zhen Zhang; Shengliang Lu; Bingsheng He; Zhao Li |
| Abstract: | As the pump-and-dump schemes (P&Ds) proliferate in the cryptocurrency market, it becomes imperative to detect such fraudulent activities in advance, to inform potentially susceptible investors before they become victims. In this paper, we focus on the target coin prediction task, i.e., to predict the pump probability of all coins listed in the target exchange before a pump. We conduct a comprehensive study of the latest P&Ds, investigate 709 events organized in Telegram channels from Jan. 2019 to Jan. 2022, and unearth some abnormal yet interesting patterns of P&Ds. Empirical analysis demonstrates that pumped coins exhibit intra-channel homogeneity and inter-channel heterogeneity, which inspires us to develop a novel sequence-based neural network named SNN. Specifically, SNN encodes each channel's pump history as a sequence representation via a positional attention mechanism, which filters useful information and alleviates the noise introduced when the sequence length is long. We also identify and address the coin-side cold-start problem in a practical setting. Extensive experiments show a lift of 1.6% AUC and 41.0% Hit Ratio@3 brought by our method, making it well-suited for real-world application. As a side contribution, we release the source code of our entire data science pipeline on GitHub, along with the dataset tailored for studying the latest P&Ds. |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2204.12929&r= |
| By: | Anneke Kosse; Zhentong Lu |
| Abstract: | In this paper, we study how the impact of a cyber-attack that paralyzes one or multiple banks’ ability to send payments would transmit to other banks through the Canadian wholesale payments system. Based on historical payment data, we simulate a wide range of scenarios and evaluate the total payment disruption in the system. We find that depending on the type and number of banks under attack, the time of the attack and the design of the payments system, the attack can quickly become systemic and result in a significant loss of liquidity in the system. For instance, a three-hour attack on one bank can in the worst case impair the payments capacity of seven other banks within less than an hour and eventually disrupt 25% of the daily payments value. We also demonstrate that the system-wide impact of an attack can be significantly reduced by contingency plans that enable attacked banks to still send high-value payments. Given the interconnectedness of banks, we conclude that the cyber-resilience of a wholesale payment system strongly depends on the cyber-resilience of its participants and underline the importance of strong sectoral collaboration and coordination. |
| Keywords: | Payment clearing and settlement systems; Financial institutions; Financial stability |
| JEL: | C49 E47 G21 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:22-23&r= |
| By: | Mathieu Lesueur-Cazé (CREM - Centre de recherche en économie et management - CNRS - Centre National de la Recherche Scientifique - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - UNICAEN - Université de Caen Normandie - NU - Normandie Université); Laurent Bironneau (CREM - Centre de recherche en économie et management - CNRS - Centre National de la Recherche Scientifique - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - UNICAEN - Université de Caen Normandie - NU - Normandie Université); Gulliver Lux (UQAM - Université du Québec à Montréal = University of Québec in Montréal); Thierry Morvan (CREM - Centre de recherche en économie et management - CNRS - Centre National de la Recherche Scientifique - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - UNICAEN - Université de Caen Normandie - NU - Normandie Université) |
| Abstract: | Dans un environnement se caractérisant par des mutations numériques profondes, objets connectées, big data, plateformes, etc., la blockchain laisse entrevoir un potentiel de changements dans le pilotage des chaines logistiques. Se pose donc la question des potentialités d'une telle technologie innovante sur la logistique et plus globalement le Supply Chain Management (SCM) et ses principes de pilotage des flux et des processus. Cet article se propose donc de faire un point prospectif sur les usages de cette technologie pour la logistique et le SCM en mobilisant le modèle du SCM proposé par Mentzer et al. (2001). Plus précisément, ce modèle nous a offert la possibilité d'étudier les conséquences de la blockchain sur les six axes définis par Mentzer et al. (2001) : les flux « produits », les flux « services », la gestion de l'information, la gestion des ressources financières, la gestion des stocks et la coordination intra et inter-entreprises. Nos résultats mettent en avant (i) la nécessaire interopérabilité des blockchains en vue d'une traçabilité complète, (ii) les questions de pouvoir qu'impliquent l'interconnexion des flux de service et (iii) la modification des frontières de l'entreprise dans une vision plus large d'entreprise étendue. |
| Date: | 2022–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03653734&r= |
| By: | Otmane Akhannich (UIT - Université Ibn Tofaïl); Fatiha Benamar (UIT - Université Ibn Tofaïl); Imad Ait Lhassan (UAE - Université Abdelmalek Essaâdi); Oumayma Bedraoui (USMBA - Université Sidi Mohamed Ben Abdellah) |
| Abstract: | Technology has been evolving for a long time, but the acceleration of progress has become very significant in recent years. Indeed, with the rise in the use of new technologies, organizations in general and public administrations in particular are required to adapt to these new trends, through the implementation of a digital strategy allowing the transformation of traditional and inefficient procedures, towards the digitization of tasks and the digitization of all administrative procedures, which reduces transport costs and the speed of execution of tasks. This article revolves around the concept of digital transformation and e-government during the Covid-19 pandemic. It represents a literature review as well as an empirical study on e-administration, which is considered today as a fundamental tool for the economic and social development of countries. To this end, to properly conduct our study, we distributed 107 questionnaires to a carefully selected sample, based on their relationship with the tax administration. In terms of the results obtained, it was found that the electronic services offered by the tax administration allow partial satisfaction of the users questioned. However, two main aspects still need to be improved, in particular the quality of the exchange of information and the processing of complaints by the tax administration. |
| Abstract: | La technologie évolue depuis longtemps, mais l'accélération des progrès est devenue très significative depuis ces dernières années. En effet, avec la montée de l'utilisation des nouvelles technologies, les organisations en général et les administrations publiques en particulier sont tenues de s'adapter par rapport à ces nouvelles tendances, à travers la mise en place d'une stratégie digitale permettant la transformation des procédures traditionnelles et inefficaces, vers la numérisation des tâches et la digitalisation de toutes les procédures administratives, ce qui permet de réduire les coûts de transport et la rapidité d'exécution des tâches. Cet article s'articule autour du concept de la transformation digitale et l'administration électronique durant la pandémie de Covid-19. Il représente une revue de littérature ainsi qu'une étude empirique sur l'e-administration qui est considérée aujourd'hui comme un outil fondamental pour le développement économique et social des pays. À cet effet, pour bien mener notre étude, nous avons distribué 107 questionnaires auprès d'un échantillon sélectionné avec soin, sur la base de leur relation avec l'administration fiscale, en l'occurrence les personnes morales, physiques et les particuliers. En termes des résultats obtenus, nous avons constaté que les services électroniques proposés par la direction générale des Impôts permettent une satisfaction partielle des usagers interrogés. Toutefois, il reste à améliorer deux aspects principaux, notamment la qualité de l'échange des informations et le traitement des réclamations par la direction générale des Impôts. |
| Keywords: | User satisfaction,E-services,Performance,Moroccan tax administration,Digital transformation,Satisfaction des usagers,Services électroniques,Administration fiscale marocaine,Transformation digitale |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03649237&r= |
| By: | Volckart, Oliver |
| Abstract: | The paper starts out from the insight that success or failure of the common currency, on which the diet of the Holy Roman Empire agreed in 1559, cannot be assessed against how modern currencies are functioning. Rather, the benchmark is provided by historical criteria, primarily by the aims of the political authorities that joined the union. The analysis finds that there were two overriding aims: 1) preventing high-ranking economic agents from exploiting their social standing in order to push up prices and rents, and 2) removing the conditions that allowed Gresham’s Law to undermine monetary stability. The participants in the union tried to reach the first aim by retaining regional small change in addition to the Empire-wide larger units. While there is limited evidence for the common currency preventing the functioning of Gresham’s Law within the Empire up to the immediate run-up to the Thirty Years War (1618-48), it failed to prevent inflation and the inflow of foreign coinage. However, in neither respect the post1559 Empire differed from other contemporary polities. On balance, therefore, the Empire’s common currency can be considered a success. |
| JEL: | E42 E52 N13 |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:wpaper:115007&r= |
| By: | Theuri, Joseph; Olukuru, John |
| Abstract: | The importance and adoption of Artificial Intelligence schemes in supporting business operations in risk management and spurring revenue growth continues to gain traction globally. While this has been exacerbated by the disruptions caused by COVID-19 pandemic on the traditional sources of information, its utilization remains low particularly across many countries. In advanced economies however, as AI gains popularity in banking, financial institutions (FIs) are building on their existing solutions to transform customer experiences to solve increasingly complex challenges and expectations. This paper illustrates the potential of employing AI in banking to reduce costs, including through opportunities it offers to banks to leverage algorithms on the front end to smooth customer identification and authentication, mimic live employees through chatbots and voice assistants, deepen customer relationships, and provide personalized insights and recommendations.Further, AI can also be used by banks within middle-office functions to assess risks, detect and prevent payments fraud, improve processes for anti-money laundering (AML) and perform know-your-customer (KYC) regulatory checks.The main output involves an interactive dashboard illustrating application of the descriptive and predictive analytics at a click for a given business unit of a bank. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kbawps:61&r= |
| By: | Kigabo-Rusuhuzwa, Thomas (University of Rwanda); Heshmati, Almas (Jönköping University, Sogang University) |
| Abstract: | This paper investigates the East African Community (EAC) partner states' readiness for a common currency. It uses recent data to assess the impact of policy coordination in the region during the last seven years of East African Monetary Union's protocol implementation. Despite some similarities in the structures of EAC economies, EAC member states remain susceptible to asymmetric shocks. Inflation is in the process of converging in EAC, but the speed of convergence is slow. Time is needed for preparing and for harmonizing policy before adopting the common currency. Adopting a common currency will lead to considerable costs for EAC countries. |
| Keywords: | East African Community, monetary union, common currency, policy harmonization, convergence, regional integration |
| JEL: | E42 F33 N17 O23 |
| Date: | 2022–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15210&r= |