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on Payment Systems and Financial Technology |
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Issue of 2022‒10‒24
37 papers chosen by |
| By: | Batiz-Lazo, Bernardo; Martínez-Rodríguez, Susana |
| Abstract: | This article analyzes a previously unexplored register of Spanish banks’ marketing material to document changes in the access of large numbers of women to the retail banking sector. In 1949 the Franco dictatorship deployed a Censorship Bureau to control and supervise all retail bank marketing. Initially, this office was part of the Finance Ministry but in 1962 it was relocated to the central bank. Examination of the surviving printed material allows us to map a shift in banks' strategies towards large-scale consumer banking and, indeed, the beginning of a new period that some have labelled ‘financialization’ and the extent to which it precedes or follows that of ‘bankarization’. We identify three ‘events’ or moments in this shift, in which women appear first as figureheads, second, the first steps to attract women as customers, and third, the direct recruitment of female customers. This work contributes to the history of marketing and the business history of banking, but also sheds light on the less explored beginnings of the financialization of everyday life. |
| Keywords: | banks, financialization, gender, retail finance, Spain, marital licence |
| JEL: | J12 J16 M3 N24 N84 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:114629&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Financial Regulation & Supervision Finance and Financial Sector Development - Microfinance |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35699&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Financial Structures Governance - E-Government Information and Communication Technologies - ICT Applications Information and Communication Technologies - ICT Policy and Strategies |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35708&r= |
| By: | Jeremie Banet; Lucie Lebeau |
| Abstract: | An overlapping-generations model with income heterogeneity is developed to analyze the impact of introducing a Central Bank Digital Currency (CBDC) on financial inclusion, and its potential adverse effect on bank funding. We highlight the role of two design parameters: the fixed cost of CBDC usage and the interest rate it pays, and derive principles for maximum inclusion and for mitigating the inclusion-intermediation trade-off. Agents’ choice of money instrument is endogenously driven by income heterogeneity. Pre-CBDC, wealthier agents adopt deposits, while poorer agents adopt cash and remain unbanked. CBDCs with low fixed costs (and low interest rates) are adopted by cash holders and directly increase inclusion. CBDCs with high fixed costs (and high interest rates) are adopted by deposit holders and increase inclusion by raising deposit rates. The former allows for more favorable inclusion-intermediation trade-offs. We calibrate the model to match the U.S. income distribution and aggregate share of unbanked households. A CBDC 50% cheaper (30% more expensive) than bank deposits decreases financial exclusion by 93% (71%) without impacting intermediation. In comparison, making the deposit market perfectly competitive would only decrease exclusion by 45%. |
| Keywords: | central bank digital currency; financial inclusion; payments; monetary policy |
| JEL: | E42 E51 E58 G21 |
| Date: | 2022–09–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:feddwp:94847&r= |
| By: | Jesús Fernández-Villaverde; Daniel Sanches |
| Abstract: | The gold standard emerged as the international monetary system by the end of the 19th century. We formally study its properties in a micro-founded model and find that the scarcity of the world gold stock not only results in a suboptimal output of goods that are purchased with money but also subjects the domestic economy of a country to external shocks. The creation of inside money in the form of private credit instruments adds to the money supply, usually resulting in a Pareto improvement, but opens the door to the international transmission of banking crises. These properties of the gold standard can explain the limited adherence by peripheral countries because of the potential risks to their economies. We argue that the gold standard can be sustainable at the core but not at the periphery. |
| JEL: | E42 E58 G21 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30457&r= |
| By: | Power, Michael |
| Abstract: | This essay is a conversation between Shoshana Zuboff’s theory of surveillance capitalism, Mikkel Flyverbom’s conceptualization of the hyper-visibility afforded by digital architectures, and my own ‘analog’ theory of accounting dynamics in the ‘audit society’. Drawing upon trends in accounting practice and research I develop a number of inflection points which define theoretical tensions between the concepts of audit society and surveillance capitalism. These tensions suggest that theoretical innovation is required in the face of: the accelerating constitution of organizations by platforms and their processes – ‘platformization’; the constitution of human agents as data-driven subjects of these data architectures – ‘cyborgization’; and the reconstruction of the social sciences by a pervasive data positivism in which accounting becomes ‘accountics’. The exploration of these three inflection points reveals the deep operational logic of surveillance capitalism as an ‘economy of traces’ and traceability. Zuboff’s challenge of a political dystopia governed by technology giants and Flyverbom’s image of a society ‘overlit’ by digital architectures necessitate a re-specification of the audit society dynamics that I have previously theorized. The re-specification that I propose in this essay is a form of a critical ‘traceology’ which takes as its focus the ongoing production of all manner of traces and how they make up organizations, people and forms of knowledge. |
| Keywords: | accountics; accounting; algorithm; audit society; cyborg; data architecures; digitalization; platforms; surveillance capitalism; security; traces; traceology; Sage deal |
| JEL: | M40 |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:112167&r= |
| By: | Mengistu Bessir Achew; Alemayehu A. Ambel; Helen L. Gradstein; Asmelash Haile Tsegay; Imtiaz Ul Haq; Minita M. Varghese; Manex Bule Yonis |
| Keywords: | Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - Finance and Development Finance and Financial Sector Development - Financial Literacy Finance and Financial Sector Development - Financial Structures Gender - Gender and Economics Poverty Reduction - Inequality |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36030&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - Finance and Development Finance and Financial Sector Development - Financial Literacy Finance and Financial Sector Development - Financial Regulation & Supervision Public Sector Development - Regulatory Regimes |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36213&r= |
| By: | Zelda Brutti; Luis Rojas |
| Abstract: | We propose an original theoretical framework that models early investment decisions of digital platform startups and use it to study how merger and acquisition policy affects consumer welfare by shaping such decisions. We formalize the investment options faced by digital platforms into a dual margin: investment in ‘customer engagement technology’, directed towards expanding the user base and in ‘intermediation technology’, directed towards lowering operational costs. Sinergies through technological transfer and increased investment incentives in customer engagement explain consumer welfare improvements in the case of M&As occurring between platforms with disjoint user bases. On the other hand, lower competition erodes consumer welfare in the case of allowing M&As between platforms with overlapping user bases. We conclude that M&A policy guidance should depend on the relationship between the incumbent’s and startup’s target users and on the ability of the startup to catch up with the incumbent. |
| Keywords: | digital platforms, mergers and acquisitions, investment |
| JEL: | L4 L81 O3 D25 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:bge:wpaper:1304&r= |
| By: | Yaya, OlaOluwa A; Lukman, Adewale F.; Vo, Xuan Vinh |
| Abstract: | The paper investigated persistence, returns and volatility spill overs from the Bitcoin market to Gold and Silver markets using daily datasets from 2 January 2018 to 31 July 2020. We applied the fractional persistence framework to the price series, returns and volatility proxy series. The results showed that price persistence with Bitcoin posed the highest volatility, while Silver posed the lowest volatility. The results of multivariate GARCH modelling, using the CCC-VARMA-GARCH model and other lower variants indicated the impossibility of returns spill over between Bitcoin and Gold (or Silver) market, while there existed volatility spill overs and these were bi-directional in form of shocks and volatility transmissions. Appropriate portfolio management and hedging strategies rendered towards the end of the paper required more gold and silver investments in the portfolio of Bitcoin to fully have the diversification advantage and reduce risk to the minimum without reducing the portfolio return expectancy. |
| Keywords: | Bitcoin; Commodity markets; CCC-VARMA-GARCH model; Volatility spill overs; Portfolio management |
| JEL: | C22 |
| Date: | 2022–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:114521&r= |
| By: | Michiel Bijlsma; Carin van der Cruijsen; Jester Koldijk |
| Abstract: | Trust in banks is key, especially in turbulent times. Using unique daily payment diary data for a representative panel of Dutch consumers, which has been enriched with questions on trust in banks' payment services, we examine the determinants of trust as well as to what extent the COVID-crisis has affected trust. We have the following main findings. First, narrow-scope trust (trust in consumers' own bank payment services) is in general higher than broad-scope trust (trust in banks' payment services in general). Second, COVID-19 measures have affected trust in banks' payment services. The first lockdown and measures taken by banks - such as increasing contactless payment limits - increased narrow-scope trust and broad-scope trust. The second lockdown decreased both notions of trust. The crisis measures impacted the trust of the elderly the strongest. Third, personal characteristics are significantly related to trust in banks' payment services. We find that both types of trust are increasing with digital literacy and the ease of getting by with income. Also, people who hold an account with a large bank have higher broad-scope trust, while customers of small banks have higher narrow-scope trust. Men have lower broad-scope trust, while there is no difference between men and women for narrow-scope trust. People with high income have higher broad-scope trust, while there is no effect on narrow-scope trust. |
| Keywords: | trust in banks; COVID-19; crises measures; payments; payment diary data |
| JEL: | D12 E42 G21 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:dnb:dnbwpp:720&r= |
| By: | Panos Varangis; Juan Buchenau; Toshiaki Ono; Rachel Sberro-Kessler; Asuka Okumura |
| Keywords: | Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Finance and Development Gender - Gender and Development Gender - Gender and Rural Development Poverty Reduction - Inequality Rural Development - Agricultural Growth and Rural Development Rural Development - Rural Microfinance and SMEs |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35471&r= |
| By: | Jake Hess; Leora Klapper; Kathleen Beegle |
| Keywords: | Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Microfinance Information and Communication Technologies - Digital Divide Information and Communication Technologies - Telecommunications Infrastructure Finance and Financial Sector Development - Financial Intermediation |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35870&r= |
| By: | Lucero Burga; Noa Gimelli; Sofya Muradyan; Anja Robakowski; Margaret Miller; Marlon Rawlins; Gwen Snyder |
| Keywords: | Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Finance and Development Gender - Gender Informatics Gender - Gender and Economics Information and Communication Technologies - Information Technology |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:35993&r= |
| By: | Alain‐désiré Nimubona; Jean‐christophe Pereau (BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper proposes and examines the economic efficiency of novel payment schemes for the provision of wetland ecosystem services. By definition, payments for ecosystem services typically involve voluntary transactions between the beneficiaries and providers of ecosystem services. We develop a theoretical model that addresses the role that a third party—such as a social planner or government agency, acting in the interest of society—can play to ensure the optimal provision of ecosystem services. We consider different regulatory frameworks combining payments for ecosystem services with a subsidy that the third party grants to the beneficiaries or providers of ecosystem services. We compare the outcomes of the different policy mixes characterized by different levels of involvement of the third party. Of particular interest is the comparison between the outcomes of payments for ecosystem services subsidy arrangements in which the third party plays decentralized and centralized roles. Our results show, among other things, that the third party is indifferent between a negotiated payment for ecosystem services combined with a subsidy scheme and the constrained first-best payments for ecosystem services subsidy scheme, in the presence of transaction and administrative costs. However, beneficiaries and providers may have conflicting preferences over the two payments for ecosystem services scheme |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03773091&r= |
| By: | Abrar Rahman; Victor Shi; Matthew Ding; Elliot Choi |
| Abstract: | Synthetic assets are decentralized finance (DeFi) analogues of derivatives in the traditional finance (TradFi) world - financial arrangements which derive value from and are directly pegged to fluctuations in the value of an underlying asset (ex: futures and options). Synthetic assets occupy a unique niche, serving to facilitate currency exchange, giving traders a means to speculate on the value of crypto assets without directly holding them, and powering more complex financial tools such as yield optimizers and portfolio management suites. Unfortunately, the academic literature on this topic is highly disparate and struggles to keep up with rapid changes in the space. We present the first Systematization of Knowledge (SoK) in this area, focusing on presenting the key mechanisms, protocols, and issues in an accessible fashion to highlight risks for participants as well as areas of research interest. This paper takes a broad perspective in establishing a general framework for synthetic assets, from the ideological origins of crypto to legal barriers for firms in this space, encapsulating the basic mechanisms underpinning derivatives markets as well as presenting data-driven analyses of major protocols. |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2209.09958&r= |
| By: | Tii N. Nchofoung (University of Dschang, Cameroon); Simplice A. Asongu (Yaoundé, Cameroon); Vanessa S. Tchamyou (Yaoundé, Cameroon) |
| Abstract: | At the 2010 G20 Summit, the use of formal financial services was recognized as one of the main pillars of the global development agenda. At the same time, the fifth goal of the Sustainable development agenda outlined the importance of gender inclusion for sustainable development. Empirical research on the effect of gender inclusion on inclusive finance has however been limited to micro level studies. This study aims to verify the effect of gender political inclusion on financial inclusion on a sample of 37 African countries from 2004-2020. The empirical methodology involves the Ordinary Least Squares (OLS), the Tobit regression and the System Generalized Method of Moments (GMM) methodologies. The results from these methods show that gender political inclusion is enhancing on financial inclusion in Africa, and this finding is robust across alternative specifications of gender inclusion and inclusive finance. Besides, governance exhibits a positive synergy effect with gender political inclusion on inclusive finance. Policy implications are discussed. |
| Keywords: | Gender; political inclusion; inclusive finance; Africa |
| JEL: | G20 I32 O55 P16 P43 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:22/063&r= |
| By: | Hermann Ndoya (University of Dschang, Cameroon); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | The aim of this paper is to analyse the impact of digital divide on income inequality in sub-Saharan Africa over the period 2004-2016. In applying a finite mixture model (FMM) to a sample of 35 sub-Saharan African (SSA) countries, this study posits that digital divide affects income inequality differently. Our findings show that the effect of digital divide on income inequality varies across two distinct groups of countries, which differ according to their level of globalization. In addition, the study shows that, most globalized countries are more inclined to be in the group where the effect of digital divide on income inequality is negative. The results are consistent to several robustness checks, including alternative measures of income inequality and additional control variables. The study complements that extant literature by assessing linkages between the digital divide, globalization and income inequality in sub-Saharan African countries contingent on cross-country heterogeneity. |
| Keywords: | Digital Divide, Income Inequality, Globalization, Finite Mixture model |
| JEL: | C14 O15 O33 O55 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:22/064&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - Finance and Development Finance and Financial Sector Development - Financial Regulation & Supervision Finance and Financial Sector Development - Financial Structures Finance and Financial Sector Development - Payment Systems & Infrastructure |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36261&r= |
| By: | Le, Anh H. |
| Abstract: | Blockchain technology has opened up the possibility of digital currency, smart contracts and much more applications including the launch of central bank digital currencies (CBDC). However, literature about the effect of CBDC with the presence of cryptocurrency for an emerging market economy seems to be left behind. In this paper, we introduce a New Keynesian - Dynamic Stochastic General Equilibrium (NK-DSGE) model to examine the implications of CBDC and cryptocurrency in an open economy for emerging markets. In our model, cryptocurrency is implemented as a form of deposit in banks where bankers can also receive deposits from abroad. Lastly, CBDC is introduced as a payment and saving instrument. We find that cryptocurrency has a crucial role in banking sectors and a significant effect on the dynamic of foreign debt which is deeply important for emerging markets. We also conduct optimal monetary policy under different scenarios. Hence, we uncover that a flexible rate in CBDC can affect the responses of the monetary rate and can reinforce the conventional monetary policy to achieve the central bank's targets. |
| Keywords: | Central bank digital currency, Cryptocurrency, Open-economy, Financial frictions, Optimal monetary policy |
| JEL: | E50 F30 F31 G15 G18 G23 |
| Date: | 2022–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:114734&r= |
| By: | Steven Cassimon; Alessandro Maravalle; Alberto González Pandiella; Lou Turroques |
| Abstract: | Individuals’ access to finance is particularly low in Mexico. Widening access to finance would boost growth and inclusion. This paper uses microdata from the National Survey for Financial Inclusion to assess the drivers of and the barriers to people’s financial inclusion in Mexico. Results show that working in the formal sector, the level of wealth and income, educational attainment, and age are the socio-economic characteristics that most affect the likelihood of holding any formal financial product. The relative importance of these characteristics, however, varies across financial products. Economic barriers to individuals’ financial inclusion are strongly associated with widespread informality and a low level of education and income. These results suggest that financial education programmes and credit registries considering a wider set of data to assess informal workers' credit worthiness would be promising avenues to help more Mexicans access financial services. |
| Keywords: | banks, credit registry, financial education, financial inclusion, informality |
| JEL: | D18 G2 G41 G51 G52 G53 O32 |
| Date: | 2022–10–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1728-en&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Finance and Development Finance and Financial Sector Development - Financial Regulation & Supervision Finance and Financial Sector Development - Financial Structures Finance and Financial Sector Development - Payment Systems & Infrastructure |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36260&r= |
| By: | Michel Alexandre; Felipe Jordão Xavier; Thiago Christiano Silva; Francisco A. Rodrigues |
| Abstract: | In this paper, we assess the nestedness in the Brazilian financial system. We rely on data from two Brazilian financial networks: the bank-firm credit network and the interbank network. We computed the nestedness of the networks, as well as the Individual Nestedness Contribution (INC) for each node. The analysis of the determinants of the INC shows lenders – in both networks – have their INC mainly determined by the degree, while the INC of borrowers has not a clear main determinant. Moreover, we found nodes with a higher INC would cause more damage to the network if they were hit by a shock, but are not necessarily those more vulnerable to shocks on the network. |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:bcb:wpaper:566&r= |
| By: | Claire Greene; Joanna Stavins |
| Abstract: | Using transaction data from a US consumer payments diary, we revisit the credit card debt puzzle—a scenario in which consumers revolve credit card debt while also keeping liquid assets as bank account deposits. This scenario is very common: 42 percent of consumers in our sample were borrower-savers in 2019 (those who carry $100 or more in credit card debt and $100 or more in liquid assets). We explain the puzzle by showing that consumers need their liquid assets to pay monthly bills and other necessary expenses, including mortgage or rent. More than 80 percent of bills by value were paid out of bank accounts and could not be charged to credit cards, so bank account balances were needed to cover those basic expenses. On average, borrower-savers' credit card debt exceeded their liquid assets. The average borrower-saver carried almost $6,400 in unpaid credit card debt and had $5,400 in liquid assets, including checking and savings accounts, cash, and general-purpose prepaid cards. Only 40 percent of borrower-savers had liquid assets greater than their unpaid credit card balance. In addition, borrower-savers' monthly expenses (bills and purchases) averaged 77 percent of their liquid assets, not leaving enough to repay their credit card debt. On average, the value of their liquid assets could cover only about 60 percent of their unpaid debt plus monthly bills. In almost every category of assets or debts, both housing- and nonhousing-related, borrower-savers were significantly worse off financially than savers. Thus, the differences between borrower-savers and savers are much broader than just their credit card debt and bank account balances; the differences extend to mortgage debt and home equity. Even when we control for income and demographics in a regression, we find that carrying a mortgage or other debt (such as auto or educational loans) is associated with a higher probability of revolving on a credit card, suggesting that various types of household debt are complements rather than substitutes. During the COVID-19 pandemic in 2020, consumers' unpaid credit card debt decreased, and their liquid assets increased, so the fraction of borrower-savers dropped to 35 percent of the sample. |
| Keywords: | credit card debt; liquid assets; consumer payments |
| JEL: | D12 D14 E42 |
| Date: | 2022–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedawp:94790&r= |
| By: | Tomaso Duso; Alexander Schiersch |
| Abstract: | The advent of cloud computing promises to improve the way firms utilize IT solutions. Firms are expected to replace large and inflexible fixed-cost investments in IT with more targeted variable spending in cloud solutions. In addition, cloud usage is expected to increase the productivity of firms, as it allows them to quickly customize the IT they require to their specific needs. We assess these assertions using data on a representative sample of firms provided by the German statistical offices for the years 2014 and 2016, which allows to observe who are the cloud users. Our analysis explicitly accounts for the self-selection into cloud adoption within an endogenous treatment regression framework. Broadband availability at the municipality level is used as an exogenous shifter for cloud usage. We show that, while cloud adoption does not impact IT investment in any sectors, it does significantly improve labor productivity for firms in manufacturing and in information and communication services. |
| Keywords: | cloud computing, investment, productivity, IT, substitution, firm performance |
| JEL: | D24 D25 L60 L80 O14 O33 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9944&r= |
| By: | Manuela Fritz; Michael Grimm; Ingmar Weber; Elad Yom-Tov; Benedictus Praditya |
| Abstract: | We assess whether social media – in particular Facebook – can serve as an efficient and cost-effective instrument to increase type 2 diabetes awareness and encourage risk screening activities in Indonesia, where – as in the rest of Southeast Asia – the prevalence of the disease and with it the rates of undiagnosed cases have dramatically increased in the last decade. We use Facebook’s advertisement function to randomly distribute graphical ads related to the risk and consequences of diabetes to Facebook users above the age of 35 in Jakarta and Yogyakarta. The ads differ in their message (“theme†) and graphical design, but equally invite viewers to visit an information website on which they can participate in a diabetes self-screening activity. Depending on their determined risk score, participants receive a recommendation to contact their GP and ask for an in-depth screening. We find that the ad themes that we label “information†and “shock†outperform all other themes in terms of creating link clicks and completed screening questionnaires. A follow-up survey six weeks after the online screening suggests that approximately 28% of respondents that were found to have a high risk, plan to schedule (or already have scheduled) an appointment for a professional screening. The complementary cost-effectiveness analysis shows that such an online public health campaign can be very cost-effective with a cost of approximately US$9 per newly diagnosed person with type 2 diabetes. |
| Keywords: | health, diabetes, Facebook, screening, cost-effectiveness, Indonesia. |
| JEL: | I10 I12 I18 D83 D91 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:bav:wpaper:221_fritzgrimmweberyomtovpraditya&r= |
| By: | Nurul Labanihuda Abdull Rahman (Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-2-Name: Nur Syakinah Abdul Nasir Author-2-Workplace-Name: Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-3-Name: Hasyeilla Abd Mutalib Author-3-Workplace-Name: Faculty of Business and Management, Universiti Teknologi MARA, Malaysia Author-4-Name: "Rabeatul Husna Abdull Rahman" Author-4-Workplace-Name: "School of Human Resources Development and Psychology, Universiti Teknologi Malaysia, 81310 Skudai, Johor Bahru, Johor, Malaysia " 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: | " Purpose - Academic research on online food delivery has mainly addressed its economic and social implications. Due to technological advancement, online food delivery services have grown in popularity in Malaysia. The Internet and mobile technology make it easy to use mobile devices to access online food delivery services. Methodology - This study aimed to analyse the bibliometric characteristics of worldwide research trends, publication growth, publishing outputs by nations, themes of interest, and author keyword co-occurrences. This article presents a bibliometric analysis of online food delivery services, which was conducted using the VOS viewer software and data retrieved from the Scopus database. The Scopus database yielded around 893 papers published between 1995 and 2022. Findings - The findings highlighted that medicine accounted for most of the papers, followed by business, management, accounting, computer science, and social sciences. The ""COVID-19 epidemic"" appears the most frequently in the publications, followed by ""e-commerce."" The results highlighted the co-occurrences of author keywords, ""covid-19 pandemic,"" has 103 linkages. Novelty - This supports the claims made in the earlier studies that the COVID-19 pandemic had affected consumer choices for online food delivery services. It can be inferred that future studies may use the findings to explore problems with online meal delivery services. Type of Paper - Empirical" |
| Keywords: | Bibliometric Analysis; Scopus Database; VOS Viewer; Online Food Delivery; E-Commerce |
| JEL: | M31 M39 |
| Date: | 2022–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr303&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - Financial Regulation & Supervision Finance and Financial Sector Development - Payment Systems & Infrastructure Private Sector Development - Corporate Governance Finance and Financial Sector Development - Non Bank Financial Institutions |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36210&r= |
| By: | Jacques Fontanel (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble) |
| Abstract: | Conçues comme une alternative aux monnaies encadrées par des banques centrales et aux marchés traditionnels, les cryptomonnaies s'invitent désormais dans les stratégies d'entreprises, les réseaux bancaires et les pouvoirs régaliens des Etats. Les cryptomonnaies se sont développées lors de la crise financière mondiale de 2008-9 et la méfiance généralisée à l'encontre de la monnaie fiduciaire des banques centrales. Elles constituent un instrument puissant de spéculation, elles sont très actives dans les rançongiciels, elles sont indépendantes de l'establishment financier. Cependant, les cryptomonnaies posent de nombreux problèmes concernant notamment son utilisation excessive par le banditisme, en faveur du financement du terrorisme ou du blanchiment de l'argent. Leur action a été redoutée comme un moyen pour un pays d'échapper aux sanctions internationales. Dans le cadre de la guerre en Ukraine, la Russie, qui hésite beaucoup sur le statut à conférer aux cryptomonnaies, n'est pas en mesure de l'utiliser avec efficience pour éviter les sanctions internationales. |
| Abstract: | Conceived as an alternative to currencies framed by central banks and traditional markets, crypto-currencies are now invading corporate strategies, banking networks and the regalian powers of states. Crypto-currencies developed during the global financial crisis of 2008-9 and the widespread distrust of central bank fiat money. They are a powerful instrument of speculation, they are very active in ransomware, they are independent of the financial establishment. However, crypto-currencies pose many problems, including its excessive use by banditry, in favor of terrorist financing or money laundering. Their action has been feared as a way for a country to escape international sanctions. In the context of the war in Ukraine, Russia, which is very hesitant about the status to be given to cryptocurrencies, is not able to use it efficiently to avoid international sanctions. |
| Keywords: | economic warfare,financial speculation,crime,Cryptocurrency,Cryptomonnaie,bitcoin,guerre économique,spéculation financière,criminalité |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03774006&r= |
| By: | Danny Klinenberg (University of California, Santa Barbara) |
| Abstract: | Social media has become an outlet for extremists to fundraise and organize on, potentially leading to deadly consequences. While governments deliberate on how to regulate this challenge, some social media companies have removed creators of offensive content—deplatforming. I estimate the effects of deplatforming on revenue and viewership, using variation in the timing of removals across two video-streaming companies- YouTube, and its far-right competitor, Bitchute. I construct a novel dataset including Bitcoin wallets linking YouTube and Bitchute accounts for 79 far-right content creators, including propagandists for violent domestic extremist movements. Being deplatformed on YouTube results in a 30% increase in weekly Bitcoin revenue and a 50% increase in viewership on Bitchute. This increase in Bitchute activity accounts for about 65% of the estimated foregone revenue and 5.9% of viewership lost from YouTube, implying a negative net effect of deplatforming. |
| JEL: | L86 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:pri:esocpu:31&r= |
| By: | Jason Milionis; Dean Hirsch; Andy Arditi; Pranav Garimidi |
| Abstract: | Lately, Non-Fungible Tokens (NFTs), i.e., uniquely discernible assets on a blockchain, have skyrocketed in popularity by addressing a broad audience. However, the typical NFT auctioning procedures are conducted in various, ad hoc ways, while mostly ignoring the context that the blockchain provides. One of the main targets of this work is to shed light on the vastly unexplored design space of NFT Auction Mechanisms, especially in those characteristics that fundamentally differ from traditional and more contemporaneous forms of auctions. We focus on the case that bidders have a valuation for the auctioned NFT, i.e., what we term the single-item NFT auction case. In this setting, we formally define an NFT Auction Mechanism, give the properties that we would ideally like a perfect mechanism to satisfy (broadly known as incentive compatibility and collusion resistance) and prove that it is impossible to have such a perfect mechanism. Even though we cannot have an all-powerful protocol like that, we move on to consider relaxed notions of those properties that we may desire the protocol to satisfy, as a trade-off between implementability and economic guarantees. Specifically, we define the notion of an equilibrium-truthful auction, where neither the seller nor the bidders can improve their utility by acting non-truthfully, so long as the counter-party acts truthfully. We also define asymptotically second-price auctions, in which the seller does not lose asymptotically any revenue in comparison to the theoretically-optimal (static) second-price sealed-bid auction, in the case that the bidders' valuations are drawn independently from some distribution. We showcase why these two are very desirable properties for an auction mechanism to enjoy, and construct the first known NFT Auction Mechanism which provably possesses such formal guarantees. |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2209.11293&r= |
| By: | Jonathan Chiu; Charles M. Kahn; Thorsten Koeppl |
| Abstract: | In this article, we use a simple stylized model of collateralized lending to analyze the value proposition and limitations of decentralized finance (DeFi). DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs associated with intermediated lending and improve financial inclusion. Limitations are the volatility of the crypto collateral and stablecoins used for settlement, the possible incompleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limitations could improve the value of DeFi. |
| Keywords: | Digital currencies and fintech; Payment clearing and settlement systems |
| JEL: | G2 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:22-43&r= |
| By: | Guglielmo Maria Caporale; José Javier de Dios Mazariegos; Luis A. Gil-Alana |
| Abstract: | This paper applies fractional integration and cointegration methods to examine respectively the univariate properties of the four main cryptocurrencies in terms of market capitalization (BTC, ETH, USDT, BNB) and of four US stock market indices (S&P500, NASDAQ, Dow Jones and MSCI for emerging markets) as well as the possible existence of long-run linkages between them. Daily data from 9 November 2017 to 28 June 2002 are used for the analysis. The results provide evidence of market efficiency in the case of the cryptocurrencies but not of the stock market indices considered. They also indicate that in most cases there are no long-run equilibrium relationships linking the assets in question, which implies that cryptocurrencies can be a useful tool for investors to diversify and hedge when required in the case of the US markets. |
| Keywords: | stock market prices, cryptocurrencies, persistence, fractional integration and cointegration |
| JEL: | C22 C58 G11 G15 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9950&r= |
| By: | World Bank |
| Keywords: | Information and Communication Technologies - Digital Divide Information and Communication Technologies - ICT Policy and Strategies Information and Communication Technologies - Information Technology Information and Communication Technologies - Telecommunications Infrastructure Infrastructure Economics and Finance - Infrastructure Economics Poverty Reduction - Achieving Shared Growth Social Protections and Labor - Skills Development and Labor Force Training |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36018&r= |
| By: | Pablo Azar; Garth Baughman; Francesca Carapella; Jacob Gerszten; Arazi Lubis; JP Perez-Sangimino; David E. Rappoport; Chiara Scotti; Nathan Swem; Alexandros Vardoulakis; Aurite Werman |
| Abstract: | The value of assets in the digital ecosystem has grown rapidly amid periods of high volatility. Does the digital financial system create new potential challenges to financial stability? This paper explores this question using the Federal Reserve’s framework for analyzing vulnerabilities in the traditional financial system. The digital asset ecosystem has recently proven itself to be highly fragile. However, adverse digital asset market shocks have had limited spillovers to the traditional financial system. Currently, the digital asset ecosystem does not provide significant financial services outside the ecosystem, and it exhibits limited interconnections with the traditional financial system. The paper describes emerging vulnerabilities that could present risks to financial stability in the future if the digital asset ecosystem becomes more systemic, including run risks among large stablecoins, valuation pressures in crypto-assets, fragilities of DeFi platforms, growing interconnectedness, and a general lack of regulation. |
| Keywords: | digital assets; stablecoins; DeFi; financial stability; financial vulnerabilities; systemic risk |
| JEL: | G20 G21 G28 |
| Date: | 2022–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:94863&r= |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - E-Finance and E-Security Finance and Financial Sector Development - Finance and Development Finance and Financial Sector Development - Financial Intermediation Finance and Financial Sector Development - Financial Structures Finance and Financial Sector Development - Payment Systems & Infrastructure |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:36000&r= |
| By: | Gruszka, Katarzyna; Pillinger, Anna; Gerold, Stefanie; Theine, Hendrik |
| Abstract: | The division of paid and unpaid work fostered by the industrial revolution resulted in the devaluation of domestic work, including cleaning. Taking place behind closed doors renders this kind of work largely invisible. The arrival of platforms in this sector provides a novel possibility to explore the (de)valuation of household cleaning. Building on the literature on platform labor, we identify three “sites of valuation” and explore these in the case of the major platform operating in this field in Germany: Helpling. By means of the walkthrough method, we collect data from i) the Helpling webpage and infrastructure; ii) client reviews; and iii) cleaner profiles, and analyze the material with a grounded theory approach. We outline what these sites allow us to see about “good cleaning” or “good cleaners”, thereby unfolding how the infrastructure and the worker-client relationship are co-constructed. We argue that the digital infrastructure of platforms makes aspects of valuation of household cleaning visible, some of which have otherwise been hidden behind closed doors, such as affective labor, trust, or safety. The emerging picture leaves little prospect for digital platforms to foster actual valuation and appreciation of historically devalued domestic work such as cleaning. This would require, for example, improved working conditions – which would entail a fundamentally different business model underlying platform companies and altered regulatory frameworks. We stress here that it would also require active contribution of platforms to redefine the appreciation for and the recognition of cleaning (and other domestic work) in social-cultural terms. |
| Keywords: | platform labor; household cleaning; domestic work; netnography; walkthrough method; algorithmic management |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus045:25897886&r= |