nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2022‒11‒28
34 papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  1. An Analysis of the Effects of Service Quality on Society of Mobile Technology Applications Used by Banks By Goyal, Krishna
  2. Can Bitcoin Mining Increase Renewable Electricity Capacity? By August Bruno; Paige Weber; Andrew J. Yates
  3. Monetary Policy in a World of Cryptocurrencies By Pierpaolo Benigno
  4. Money and Banking with Reserves and CBDC By Dirk Niepelt
  5. Digital Platform Strategy: A Theory Primer with Selected Conceptual Add-ons By Bruche, Gert
  6. Mobile Phone Innovation and Doing Business in Sub-Saharan Africa By Simplice A. Asongu
  7. An Event Study of the Ethereum Transition to Proof-of-Stake By Elie Kapengut; Bruce Mizrach
  8. Cryptocurrency, Sanctions and Agricultural Prices: An empirical study on the negative implications of sanctions and how decentralized technologies affect the agriculture futures market in developing countries By Agni Rajinikanth
  9. Efficient copyright filters for online hosting platforms By Alessandro De Chiara; Ester Manna; Antoni Rubí-Puig; Adrian Segura-Moreiras
  10. Digital enablers of the global economy: Background paper for the CDEP Ministerial meeting By OECD
  11. Competition in digital markets By Samranchit, Peerawat
  12. Predicting Non-Fungible Token (NFT) Collections: A Contextual Generative Approach By Wesley Joon-Wie Tann; Akhil Vuputuri; Ee-Chien Chang
  13. The Case for Convenience: How CBDC Design Choices Impact Monetary Policy Pass-Through By Rodney J Garratt; Jiaheng Yu; Haoxiang Zhu
  14. Modelling the Bitcoin prices and the media attention to Bitcoin via the jump-type processes By Ekaterina Morozova; Vladimir Panov
  15. Crowding Out the Truth? A Simple Model of Misinformation, Polarization and Meaningful Social Interactions By Fabrizio Germano; Vicenç Gómez; Francesco Sobbrio
  16. The Demand for Programmable Payments By Charles M. Kahn; Maarten R.C. van Oordt
  17. Realizing Programmability in Payment and Settlement Systems By Masashi Hojo; Junichiro Hatogai
  18. In Pursuit of Fairness? Infrastructure Investment in Digital Markets By Tobias Kretschmer
  19. Fair cost sharing: big tech vs telcos By Bruno Jullien; Matthieu Bouvard
  20. Multiparty Democracy in Decentralized Autonomous Organization (DAO): Evidence from MakerDAO By Xiaotong Sun; Xi Chen; Charalampos Stasinakis; Georgios Sermpinis
  21. Fintechs and the financial inclusion gender gap in Sub-Saharan African countries By Aurelien K. Yeyouomo; Simplice A. Asongu
  22. The Diffusion of Digital Technologies and its Consequences in the Labor Market By Grimm, Felix; Gathmann, Christina
  23. Digital Twin-Driven Approach for Smart City Logistics: The Case of Freight Parking Management By Yu Liu; Pauline Folz; Shenle Pan; Fano Ramparany; Sébastien Bolle; Eric Ballot; Thierry Coupaye
  24. How emotions influence individual’s content contribution? A perspective of individual and group interaction By Zhu, Jianping; Tang, Xinyin; Yang, Yang; He, Minna
  25. Can Social Media Rhetoric Incite Hate Incidents? Evidence from Trump's "Chinese Virus" Tweets By Andy Cao; Jason M. Lindo; Jiee Zhong
  26. The Critical Role of Social Leaders in the Spread of Social Movements against Gender-Based Violence on Twitter By Britta Rude
  27. Thresholds of external flows in financial development for environmental sustainability in sub-Saharan Africa By Simplice A. Asongu; Barbara D. Mensah
  28. Supply Chain Characteristics as Predictors of Cyber Risk: A Machine-Learning Assessment By Kevin Hu; Retsef Levi; Raphael Yahalom; El Ghali Zerhouni
  29. The Impact of Large-Scale Social Media Advertising Campaigns on COVID-19 Vaccination: Evidence from Two Randomized Controlled Trials By Lisa Y. Ho; Emily Breza; Marcella Alsan; Abhijit Banerjee; Arun G. Chandrasekhar; Fatima Cody Stanford; Renato Fior; Paul Goldsmith-Pinkham; Kelly Holland; Emily Hoppe; Louis-Maël Jean; Lucy Ogbu-Nwobodo; Benjamin A. Olken; Carlos Torres; Pierre-Luc Vautrey; Erica Warner; Esther Duflo
  30. Oligopsony Power and Factor-Biased Technology Adoption By Michael Rubens
  31. "As Time Goes by": Econometric Estimation of the Prosecco Life Cycle By Laura Onofri; Vasco Boatto
  32. Which Factors Matter Most? Can Startup Valuation be Micro-Targeted? By Max Berre
  33. The Unicorn Puzzle By Daria Davydova; Rüdiger Fahlenbrach; Leandro Sanz; René M. Stulz
  34. Analyzing the commentator network within the French YouTube environment By Kurt Maxwell Kusterer; Sylvain Mignot; Annick Vignes

  1. By: Goyal, Krishna
    Abstract: The banking industry has undergone significant changes over the past few decades as a result of changes in consumer demand as well as technological advancements, particularly in the area of computer and online technology, as well as increased competition from banks and other financial institutions. Banks today are increasingly reliant on technological advancements and techniques to be able to provide their customers with the services they need. As a result of the proliferation of mobile applications, many banks are now providing their services through different mobile applications, taking the place of traditional brick-and-mortar banks. Technology advancements in the banking industry, particularly those relating to mobile applications, have been a major source of competitiveness among banks and financial institutions. The use of technology has opened up the ways for banks to reduce their costs, increase productivity, and build efficient customer relationships. In developed and developing countries alike, most banks providing mobile banking services are using mobile apps banking as a means of meeting their customers' needs and providing services. It is important for banks to pay more attention to the service parameters related to mobile services in order to maintain a positive relationship between them and their customers in terms of customer trust.
    Keywords: Banking, Competitiveness, Mobile Banking, Financial Transactions, Remittance, Telecom Operators, Mobile Banking apps, Mobile Technology
    JEL: O32 O35 O4 O43
    Date: 2022–10–16
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:115366&r=pay
  2. By: August Bruno; Paige Weber; Andrew J. Yates
    Abstract: Proponents of Bitcoin argue that demand for electricity from Bitcoin miners can lead to an increase in renewable electricity capacity. We rigorously evaluate this claim by estimating a Bitcoin electricity demand curve and include this demand curve in a long-run model of the Texas electricity market. We find that while Bitcoin mining can indeed increase renewable capacity, it also increases carbon emissions. When Bitcoin miners provide grid management services in the form of demand response, their emissions impact is largely mitigated.
    Keywords: cryptocurrency, electricity markets, renewable energy, Bitcoin
    JEL: Q49 Q42 Q41
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ces:ceswps:_9973&r=pay
  3. By: Pierpaolo Benigno
    Abstract: Can currency competition affect central banks' control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government currency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which government currency loses medium-of-exchange property are ruled out. This benefit comes at the cost of relinquishing control over the inflation rate.
    Date: 2022–09
    URL: http://d.repec.org/n?u=RePEc:ube:dpvwib:dp2211&r=pay
  4. By: Dirk Niepelt
    Abstract: We analyze retail central bank digital currency (CBDC) in a two-tier monetary system with bank deposit market power and externalities from liquidity transformation. Resource costs of liquidity provision determine the optimal monetary architecture and modified Friedman (1969) rules the optimal monetary policy. Optimal interest rates on reserves and CBDC differ. A calibration for the U.S. suggests a weak case for CBDC in the baseline but a much clearer case when too-big-to-fail banks, tax distortions or instrument restrictions are present. Depending on central bank choices CBDC raises U.S. bank funding costs by up to 1.5 percent of GDP
    Keywords: Central bank digital currency, reserves, two-tier system, bank, liquidity, equivalence
    JEL: E42 E43 E51 E52 G21 G28
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:ube:dpvwib:dp2212&r=pay
  5. By: Bruche, Gert
    Abstract: This primer is intended to serve as a background text for a 'platform chapter' in Bachelor or Master level courses on Strategic Management. While the 'traditional firm' can be described as a value-adding chain (Pipeline), platform businesses 'invert' production and consumption to the outside and in essence 'manufacture' transactions. The constitutive drivers of the platform competition and the platform economy are network effects which come in different types and varying geographic reach. There is a very wide variety of different types of platform businesses, however on a fundamental level it makes sense to distinguish transaction (exchange) and innovation (maker) platforms. 'Platform strategy analysis' is still at an early stage, it is focused on 'single platforms', and it is still a 'moving target'. The large dominant players like Google, Amazon, Microsoft, Apple and others expand and defend their dominant positions through complex 'multi-platform strategies'. Early-stage platform Start-ups on the other hand must overcome the 'chicken-or-egg' problem with various strategies and tactics. In the internationalization strategy of platforms two archetypes, country-by-country (or multidomestic) and global (globally integrated) strategies, prevail in platform markets. There is a need for platform regulation by governments and the EU in five different domains: antitrust policy, publishing (hate speech, fake news), data ownership/privacy, labour market, tax avoidance.
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:zbw:bpswps:1&r=pay
  6. By: Simplice A. Asongu (Yaounde, Cameroon)
    Abstract: This study assesses how knowledge diffusion modulates the effect of the mobile phone on entrepreneurship or doing business in Sub-Saharan Africa. The empirical evidence is based on Generalised Method of Moments in which mobile phones are interacted with three knowledge diffusion variables, namely: education, internet penetration and scientific output. Ten variables of entrepreneurship are used. The following three main findings are established. First, the net effects from interacting mobile phones with the internet and scientific publications are negative whereas the corresponding net impact from the interaction between mobile phones and education is positive on the cost of doing business. Second, the mobile phone interacts with education (the internet) to have a positive (negative) net effect on the time needed to construct a warehouse whereas, the corresponding interaction with the internet yields a net negative effect on the time to enforce a contract. Third, there is a positive net effect from the interaction of mobile phones with education on the time to start a business. Given the construction of the education variable, the positive net effects from education are consistent with corresponding negative net effects from the other knowledge diffusion variables.
    Keywords: Entrepreneurship; the Mobile Phone; Knowledge Diffusion; Sub-Saharan Africa
    JEL: L59 L98 O10 O30 O55
    Date: 2022–01
    URL: http://d.repec.org/n?u=RePEc:exs:wpaper:22/081&r=pay
  7. By: Elie Kapengut; Bruce Mizrach
    Abstract: On September 15, 2022, the Ethereum network adopted a proof-of-stake (PoS) consensus mechanism. We study the impact on the network and competing platforms in a short event window around the Beacon chain merge. We find that the transition to PoS has reduced energy consumption by 99.98%. Miners have not transformed into validators, and total block reward income has fallen by 95.6%. The validator network's Herfindahl index is 1,159, 8.6% lower than the miners' prior to the merge. Ethereum supply growth has fallen nearly 95%. Transaction fees for Ether have nearly doubled and token transaction fees have increased 23.7%. The time between consecutive blocks is now steady at 12 seconds, a speed increase of 18.9%. Fewer transactions are being included in each block though, so the transactions per second have actually fallen by 58.2%. On Polygon, Matic fees rose 21.7% and token fees 31.7%. Polygon also slows, processing 12.7% fewer transactions per second. Solana's fees and speed are unaffected by the merge. Stablecoin transfer volumes rise on all three networks. Polygon has the largest gain for USD Coin, 230%, and the Mainnet the largest for Tether, 86%.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.13655&r=pay
  8. By: Agni Rajinikanth
    Abstract: The 2022 Russia Ukraine War has led to many sanctions being placed on Russia and Ukraine. The paper will discuss the impact the 2022 Russian Sanctions have on agricultural food prices and hunger. The paper also uses Instrumental Variable Analysis to find how Cryptocurrency and Bitcoin can be used to hedge against the impact of sanctions. The 6 different countries analyzed in this study including Bangladesh, El Salvador, Iran, Nigeria, Philippines, and South Africa, all of which are heavy importers of wheat and corn. The paper shows that although Bitcoin may be volatile compared to other local currencies, it might be a good investment to safeguard assets since it is not correlated with commodity prices.Furthermore, the study demonstrates that transaction volume has a strong relationship with prices.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.10087&r=pay
  9. By: Alessandro De Chiara (Universitat de Barcelona and BEAT); Ester Manna (Universitat de Barcelona and BEAT); Antoni Rubí-Puig (Universitat Pompeu Fabra); Adrian Segura-Moreiras (Universitat Pompeu Fabra)
    Abstract: In this paper, we build a theoretical model in which an online hosting platform can develop a copyright filter to screen content that contributors wish to upload. The technology is imprecise, since non-infringing material may be incorrectly filtered out. Once the content is hosted on the platform, a right-holder may send a take-down notice if its own automated notice system, also imprecise, finds it to be copyright infringing. We investigate the efficient design of regulation and liability and we find that (i) the right-holder should be given incentives to evaluate fair use when submitting a notice and (ii) the current safe-harbor protection granted to platforms that promptly remove content following a take-down notice should be lifted. Such dual system would achieve efficient copyright enforcement without excluding fair-use material.
    Keywords: Copyright filters, liability rules, online hosting platforms, notice and take-down system.
    JEL: K2 L51
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ewp:wpaper:433web&r=pay
  10. By: OECD
    Abstract: Digital technologies have transformed the global economy. This paper discusses three underlying digital enablers of the economy and the challenges they pose for policy makers: (1) Online platforms, which support global transactions and interactions but are also disrupting existing consumer and competition policy frameworks; (2) Cross-border data flows, which facilitate global trade and co-operation but also amplify policy concerns that have motivated countries to place conditions on these data flows; and (3) Digital security, which should be prioritised to embed trust into the digital economy, but has often remained an afterthought owing to knowledge asymmetries across the market. Given that these challenges are all international in nature, a global response is needed to address them. The OECD is well-suited to foster international co-operation on these digital enablers and support countries’ ambitions for global digital policy frameworks.
    Date: 2022–11–15
    URL: http://d.repec.org/n?u=RePEc:oec:stiaab:337-en&r=pay
  11. By: Samranchit, Peerawat (Tilburg University, School of Economics and Management)
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:tiu:tiutis:d5780174-6b42-4492-8a2e-e6603eb0435a&r=pay
  12. By: Wesley Joon-Wie Tann; Akhil Vuputuri; Ee-Chien Chang
    Abstract: Non-fungible tokens (NFTs) are digital assets stored on a blockchain representing real-world objects such as art or collectibles. It is a multibillion-dollar market, where the number of NFT collections increased over 100% in 2022; there are currently more than 80K collections on the Ethereum blockchain. Each collection, containing numerous tokens of a particular theme, has its unique characteristics. In this paper, we take a contextual generative approach that learns these diverse characteristics of NFT collections and generates the potential market value predictions of newly minted ones. We model NFTs as a series of transactions. First, meaningful contexts capturing the characteristics of various collections are derived using unsupervised learning. Next, our generative approach leverages these contexts to learn better characterizations of established NFT collections with differing market capitalization values. Finally, given a new collection in an early stage, the approach generates future transaction series for this emerging collection. Comprehensive experiments demonstrate that our approach closely predicts the potential value of NFT collections.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.15493&r=pay
  13. By: Rodney J Garratt; Jiaheng Yu; Haoxiang Zhu
    Abstract: Banks of different sizes respond differently to interest on reserve (IOR) policy. For low IOR rates, large banks are non-responsive to IOR rate changes, leading to weak pass-though of IOR rate changes to deposit rates. In these circumstances, a central bank digital currency (CBDC) may be used to provide competitive pressure to drive up deposit rates and improve monetary policy transmission. We explore the implications of two design features: interest rate and convenience value. Increasing the CBDC interest rate past a point where it becomes a binding floor, increases deposit rates but leads to a wider divergence of market shares in both deposit and lending markets and can reduce the responsiveness of deposit rates to changes in the IOR rate. In contrast, increasing convenience, from sufficiently high levels, increases deposit rates, causes market shares to converge and can increase the responsiveness of deposit rates to changes in the IOR rate.
    Keywords: central bank digital currency, interest on reserves, payment convenience, deposit rates, bank lending.
    JEL: E42 G21 G28 L11 L15
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:bis:biswps:1046&r=pay
  14. By: Ekaterina Morozova; Vladimir Panov
    Abstract: In this paper, we present a new bivariate model for the joint description of the Bitcoin prices and the media attention to Bitcoin. Our model is based on the class of the L\'evy processes and is able to realistically reproduce the jump-type dynamics of the considered time series. We focus on the low-frequency setup, which is for the L\'evy - based models essentially more difficult than the high-frequency case. We design a semiparametric estimation procedure for the statistical inference on the parameters and the L\'evy measures of the considered processes. We show that the dynamics of the market attention can be effectively modelled by the L\'evy processes with finite L\'evy measures, and propose a data-driven procedure for the description of the Bitcoin prices.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.13824&r=pay
  15. By: Fabrizio Germano; Vicenç Gómez; Francesco Sobbrio
    Abstract: This paper provides a simple theoretical framework to evaluate the effect of key parameters of ranking algorithms, namely popularity and personalization parameters, on measures of platform engagement, misinformation and polarization. The results show that an increase in the weight assigned to online social interactions (e.g., likes and shares) and to personalized content may increase engagement on the social media platform, while at the same time increasing misinformation and/or polarization. By exploiting Facebook’s 2018 “Meaningful Social Interactions” algorithmic ranking update, we also provide direct empirical support for some of the main predictions of the model.
    Keywords: algorithmic gatekeeper, ranking algorithms, popularity ranking, personalized ranking, meaningful social interactions, engagement, polarization, misinformation
    JEL: D72 D83 L82 L86
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ces:ceswps:_10011&r=pay
  16. By: Charles M. Kahn (University of Illinois); Maarten R.C. van Oordt (Vrije Universiteit Amsterdam)
    Abstract: his paper studies the desirability of programmable payments where transfers are automatically executed conditional upon preset objective criteria. We do so by studying optimal payment arrangements in a framework that captures a wide range of economic relationships between two parties. Our framework stacks the cards in favor of programmable payments by considering an environment without legal recourse. The results show that the optimal payment arrangements for long-term economic relationships consist predominantly of simple direct payments. Direct payments increase the surplus by avoiding the liquidity cost of locking-up funds from the moment where the payer commits the funds in a programmable payment until the moment where the conditions are satisfied to release those funds to the payee. Programmable payments will be desirable, and may in fact be the only viable payment arrangement, in situations where economic relationships are of a short duration. Our results identifies a limit to the growth in the demand for payments as their cost decreases: While the number of feasible trading relationships will increase, existing trading relationships will optimally rely on fewer payments.
    Keywords: Bill Payments, Blockchain, CBDC, Smart Contracts, Payment Economics
    JEL: E40 E42 E58
    Date: 2022–11–13
    URL: http://d.repec.org/n?u=RePEc:tin:wpaper:20220076&r=pay
  17. By: Masashi Hojo; Junichiro Hatogai (Bank of Japan)
    Abstract: Programmability in payment and settlement systems refers to the ability of computer programs to control and automate system behavior when funds and securities circulate. If payment and settlement systems are equipped with a high level of programmability, it could enable the provision of highly convenient services in which funds are automatically transferred in response to trade and transactions without requiring users to perform complicated tasks. Programmability is a concept that is often discussed while tying in with technologies related to crypto-assets. However, if we focus on the feature that various entities can write programs and automatically move funds and assets, we can see that even existing payment and settlement systems have improved their programmability as they continue to upgrade their functions. In considering future payment and settlement systems, it is important to advance technological research while exploring approaches to enhance programmability, thereby working to realize payment and settlement methods appropriate for a digital society.
    Date: 2022–11–11
    URL: http://d.repec.org/n?u=RePEc:boj:bojrev:rev22e08&r=pay
  18. By: Tobias Kretschmer
    Abstract: Recent and ongoing investments into telecommunications infrastructure have facilitated the repeated waves of digitization, both in personal and professional life. I address the question of which actors should contribute to investment costs into telecoms infrastructure and how. One widely discussed proposal (made, for example, by ETNO, the European Telecom Network Operations’ Association) is to mandate a few select large firms that offer complementary applications and services through the telecom infrastructure to compensate infrastructure providers by way of a lump sum. I discuss and evaluate this proposal from the perspectives of incentives, risk sharing, fairness, and implementability. Given the undisputed positive external effects of infrastructure investments on different actors in the internet ecosystem, I outline two theoretical first-best solutions and argue that the current proposal from ETNO is far from realizing the potential benefits of these options.
    Keywords: telecommunications infrastructure, investment, OTTs
    JEL: L40 L86 L96
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ces:ceswps:_10013&r=pay
  19. By: Bruno Jullien (TSE-R - 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); Matthieu Bouvard (TSE-R - 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, UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées)
    Abstract: We study a cost-sharing mechanism where a content provider contributes to covering the costs incurred by a network operator when delivering content to consumers. The costshare not only boosts the content provider's incentives to moderate trac but also aects the price composition for consumers buying access and content. We show the overall eect on consumer welfare depends on the content provider's ability to monetize users. When that ability is high, introducing a cost-share can lead to lower overall prices and higher consumer welfare. We study the robustness of this result to long-term investments in cost reduction by the operator and to heterogeneity in consumers' taste for content. In extensions with multiple contents and multiple operators, contractual externalities arise that suggest a role for regulation.
    Date: 2022–10–28
    URL: http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03832908&r=pay
  20. By: Xiaotong Sun; Xi Chen; Charalampos Stasinakis; Georgios Sermpinis
    Abstract: Decentralized Autonomous Organization (DAO) provides a decentralized governance solution through blockchain, where decision-making process relies on on-chain voting and follows majority rule. This paper focuses on the most influential DAO, namely MakerDAO, and we find voters fall into different 'voting parties' after applying clustering algorithm to voting history. The significant voting power controlled by voting parties is a signal of governance centralization in DAO, and voting parties have complicated influence on Maker protocol, which is governed by MakerDAO. This paper presents empirical evidence of multiparty democracy in DAO and further contributes to the contemporary debate on whether decentralized governance is possible.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.11203&r=pay
  21. By: Aurelien K. Yeyouomo (University of Yaoundé 2, SOA, P.O. Box 1365); Simplice A. Asongu (Yaoundé, Cameroon)
    Abstract: This study addresses the issue of financial innovation in developing countries, focusing specifically on the role fintechs have in closing the gender gap of financial inclusion in Sub-Saharan Africa (SSA) over the period 2011-2017. The empirical evidence is based on the multilevel tobit regression model fitted to panel data. The results of this study show that fintechs reduce the financial inclusion gender gap by mitigating the gender gap in access to and use of financial services. Furthermore, they cast doubt on the ability of fintechs development to bridge this gap on its own, and hint on the joint importance of targeted policy initiatives aimed at directly closing the gender gap to this end. These findings have important economic policy implications and provide evidence of improved economic conditions for women in terms of financial inclusion leading to a narrowing of the gender gap.
    Keywords: Fintechs development, financial inclusion gender gap, Tobit, SSA
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:exs:wpaper:22/083&r=pay
  22. By: Grimm, Felix; Gathmann, Christina
    JEL: J2
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:zbw:vfsc22:264087&r=pay
  23. By: Yu Liu (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Pauline Folz (Orange Labs); Shenle Pan (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Fano Ramparany (Orange Labs); Sébastien Bolle (Orange Labs); Eric Ballot (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique); Thierry Coupaye (Orange Labs)
    Abstract: According to the United Nations' prediction, the world is expected to have 43 megacities that host more than 10 million inhabitants by 2030. City logistics for freight distribution is a challenging and crucial problem for these cities. Recent disruptive approaches such as Smart City provide us a new perspective to investigate the problem as well as for decision making. It creates a pervasive and mobile computing environment that allows the city itself to be overlaid with sensing and actuation, embedded with "smart things" to develop an "ambient intelligence." By choosing this angle, this work investigates the problem of freight parking management for last-mile delivery in smart city, called Smart City Logistics Parking (SCLP). A use case is conceptualized and modeled via a bottom-up approach. The bottom-layer aims to represent the structure of the SCLP, i.e., the physical elements constituting the SCLP physical infrastructure into a digital representation, a.k.a a Digital Twin of the SCLP. Property Graph modeling is applied at this step as a meta-model to formulate the object relationships with properties. The upper-layer makes use of associated ontologies to add semantics to the structural description of the SCLP. The built model is then implemented into a Digital Twin experimental platform, namely Thing in the Future (Thing'in in short) from Orange Labs. The modeling work presented in this paper encourages future works on simulation of the decision-making processes based on the Digital Twin platform.
    Date: 2021–09–05
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-03388874&r=pay
  24. By: Zhu, Jianping; Tang, Xinyin; Yang, Yang; He, Minna
    Abstract: The popularity of social media makes more and more marketers carry out practices through social medias. However, the rapid change and diversity of individual emotions in social media make marketers need to pay attention to the influence of emotions on the performance of marketing. We draw on social contagion theory, as well individual personality to investigate how individual and group emotional characteristics, namely emotional tendency and conflict, influence their content contribution. Based on a panel data from Sina Weibo, we used a panel vector regression to examine these issues empirically. The findings reveal that: both individual and group emotional characteristics have the impact on individual content contribution. Moreover, group emotional characteristics have the moderating effects on the process of individual emotional tendency influencing their content contribution. The study extends the marketing literature by exploring the moderating effects of group emotions. We also provide suggestions for the future research.
    Date: 2022–10–29
    URL: http://d.repec.org/n?u=RePEc:osf:socarx:p3wb8&r=pay
  25. By: Andy Cao; Jason M. Lindo; Jiee Zhong
    Abstract: We investigate whether Donald Trump's "Chinese Virus" tweets contributed to the rise of anti-Asian incidents. We find that the number of incidents spiked following Trump’s initial “Chinese Virus” tweets and the subsequent dramatic rise in internet search activity for the phrase. Difference-in-differences and event-study analyses leveraging spatial variation indicate that this spike in anti-Asian incidents was significantly more pronounced in counties that supported Donald Trump in the 2016 presidential election relative to those that supported Hillary Clinton. We estimate that anti-Asian incidents spiked by 4000 percent in Trump-supporting counties, over and above the spike observed in Clinton-supporting counties.
    JEL: H0 I18 J15 K0
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:30588&r=pay
  26. By: Britta Rude
    Abstract: This paper asks how social movements against gender-based violence (GBV) spread on Twitter. To this end, I construct a novel dataset measuring 10 large social movements against GBV on Twitter. I show that these movements start suddenly and fade out quickly and that there is considerable variation at the sub-national level in the US. Twitter users are more likely to share content created by other users instead of creating original content. Text mining the text of tweets reveals that polarization is low and that most users express fear and sadness. Neither polarized nor emotional content does generate more traction in form of likes, retweets, replies or quotes. I develop a novel instrumental variable strategy and show that Twitter users with an established network play a major role in the spread of tweets. An analysis of users’ profile pictures and names reveals low social inclusiveness of these movements. Users are on average female, young, and White. Tweets posted by non-white users generate less traction. Moreover, women are more prone to reference content by women, while the reverse applies to men.
    Keywords: Economics of gender, non-labor discrimination, demographic economics, public policy, social choice, clubs, committees, associations, economic sociology
    JEL: J16 J18 D71 Z13
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ces:ifowps:_383&r=pay
  27. By: Simplice A. Asongu (Yaounde, Cameroon); Barbara D. Mensah (University of Professional Studies, Accra, Ghana)
    Abstract: The study complements extant literature by assessing linkages between financial development, external flows and CO2 emissions in 27 sub-Saharan African countries for the period 2002 to 2018. The empirical evidence is based on interactive quantile regressions and external flows consist of remittances, foreign aid, trade openness and foreign investment. The findings establish minimum thresholds of external flows that are needed for the corresponding external flows to interact with financial development in view of promoting environmental sustainability by means of reducing CO2 emissions.
    Keywords: foreign aid, remittances, foreign direct investment, official development assistance, trade, CO2 emissions, quantile regressions
    JEL: C52 O38 O40 O55 P37
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:agd:wpaper:22/082&r=pay
  28. By: Kevin Hu (Massachusetts Institute of Technology); Retsef Levi (Massachusetts Institute of Technology); Raphael Yahalom (Massachusetts Institute of Technology); El Ghali Zerhouni (Massachusetts Institute of Technology)
    Abstract: This paper provides the first large-scale data-driven analysis to evaluate the predictive power of different attributes for assessing risk of cyberattack data breaches. Furthermore, motivated by rapid increase in third party enabled cyberattacks, the paper provides the first quantitative empirical evidence that digital supply-chain attributes are significant predictors of enterprise cyber risk. The paper leverages outside-in cyber risk scores that aim to capture the quality of the enterprise internal cybersecurity management, but augment these with supply chain features that are inspired by observed third party cyberattack scenarios, as well as concepts from network science research. The main quantitative result of the paper is to show that supply chain network features add significant detection power to predicting enterprise cyber risk, relative to merely using enterprise-only attributes. Particularly, compared to a base model that relies only on internal enterprise features, the supply chain network features improve the out-of-sample AUC by 2.3\%. Given that each cyber data breach is a low probability high impact risk event, these improvements in the prediction power have significant value. Additionally, the model highlights several cybersecurity risk drivers related to third party cyberattack and breach mechanisms and provides important insights as to what interventions might be effective to mitigate these risks.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.15785&r=pay
  29. By: Lisa Y. Ho; Emily Breza; Marcella Alsan; Abhijit Banerjee; Arun G. Chandrasekhar; Fatima Cody Stanford; Renato Fior; Paul Goldsmith-Pinkham; Kelly Holland; Emily Hoppe; Louis-Maël Jean; Lucy Ogbu-Nwobodo; Benjamin A. Olken; Carlos Torres; Pierre-Luc Vautrey; Erica Warner; Esther Duflo
    Abstract: COVID-19 vaccines are widely available in wealthy countries, yet many people remain unvaccinated. Understanding the effectiveness -- or lack thereof -- of popular vaccination campaign strategies is therefore critical. In this paper, we report results from two studies that tested strategies central to current vaccination outreach: (1) direct communication by health professionals addressing questions about vaccination and (2) efforts to motivate individuals to promote vaccination within their social networks. Near the peak of the Omicron wave, doctor- and nurse-produced videos were disseminated to 17.8 million Facebook users in the US and 11.5 million in France. In both countries, we cannot reject the null of no effect of any of the interventions on any of the outcome variables (first doses - US and France, second doses and boosters - US). We can reject very small effects on first doses during the interventions in both countries (0.16pp - US, 0.021pp - France). In contrast with similar campaigns earlier in the pandemic to encourage health-preserving behaviors, messaging at this stage of the pandemic -- whether aimed at the unvaccinated or those tasked with encouraging others -- did not change vaccination decisions.
    JEL: C93 D83 I12 L86 O33
    Date: 2022–11
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:30618&r=pay
  30. By: Michael Rubens
    Abstract: I show that buyer power of firms could either increase or decrease their technology adoption, depending on the direction of technical change and on which input markets are imperfectly competitive. I examine this relationship empirically in a setting that features both concentrated labor markets and a large technology shock: the introduction of mechanical cutters in the 19th century Illinois coal mining industry. Using a model of production and labor supply which is estimated with mine-level data, I find that oligopsony power over skilled miners reduced the usage of cutting machines, an unskill-biased technology. However, it would have increased the usage of counterfactual skill-biased and Hicks-neutral technologies.
    JEL: J42 L11 L13 N52
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:30586&r=pay
  31. By: Laura Onofri; Vasco Boatto
    Abstract: This paper presents an empirical model that estimates the Prosecco life cycle. We use OLS and 3SLS to estimate the life cycle of Prosecco (1) worldwide, (2) as a system of equations in selected countries and (3) as a system of equations in comparison with Cava and Champagne. Our results reveal that Prosecco is approaching maturity worldwide, different from Cava and Champagne, which have already achieved that phase. The Prosecco life cycle is in the growing phase in Germany, China and Japan, in the maturity phase in France, the United Kingdom and the U.S. and in the declining phase in Russia.
    Keywords: Product life cycle, Prosecco CDO, life cycle empirical specification, 3SLS, OLS
    JEL: L1 C2 C51 C54
    Date: 2022–09–13
    URL: http://d.repec.org/n?u=RePEc:eei:rpaper:eeri_rp_2022_13&r=pay
  32. By: Max Berre
    Abstract: While startup valuations are influenced by revenues, risks, age, and macroeconomic conditions, specific causality is traditionally a black box. Because valuations are not disclosed, roles played by other factors (industry, geography, and intellectual property) can often only be guessed at. VC valuation research indicates the importance of establishing a factor-hierarchy to better understand startup valuations and their dynamics, suggesting the wisdom of hiring data-scientists for this purpose. Bespoke understanding can be established via construction of hierarchical prediction models based on decision trees and random forests. These have the advantage of understanding which factors matter most. In combination with OLS, the also tell us the circumstances of when specific causalities apply. This study explores the deterministic role of categorical variables on the valuation of start-ups (i.e. the joint-combination geographic, urban, and sectoral denomination-variables), in order to be able to build a generalized valuation scorecard approach. Using a dataset of 1,091 venture-capital investments, containing 1,044 unique EU and EEA, this study examines microeconomic, sectoral, and local-level impacts on startup valuation. In principle, the study relies on Fixedeffects and Joint-fixed-effects regressions as well as the analysis and exploration of divergent micropopulations and fault-lines by means of non-parametric approaches combining econometric and machinelearning techniques.
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:arx:papers:2210.14518&r=pay
  33. By: Daria Davydova; Rüdiger Fahlenbrach; Leandro Sanz; René M. Stulz
    Abstract: From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as network effects and the internet. Unicorn status enables startups to access new sources of capital. With this capital, they can invest more in organizational intangible assets with less expropriation risk than if they were public. As a result, they are more likely to capture the economies of scale that make their business model valuable.
    JEL: G24 G32 G34
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:30604&r=pay
  34. By: Kurt Maxwell Kusterer (LISIS - Laboratoire Interdisciplinaire Sciences, Innovations, Sociétés - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Université Gustave Eiffel); Sylvain Mignot (UCL - Université catholique de Lille); Annick Vignes (CAMS - Centre d'Analyse et de Mathématique sociales - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)
    Abstract: YouTube is the largest video hosting platform. The site has emerged in 2005 and has achieved a continuous pattern of growth since its conception (Burgess & Green 2018). A high number of creators, viewers, subscribers and commentators act in this specific ecosystem which generates a huge amount of money. In this article, YouTube is considered as a bilateral network between the videos and the commentators. Analyzing a detailed data set focused on French YouTubers, we consider each comment as a link between a commentator and a video. The main objective of this paper is to understand the determinants of the creation of these links. This is to say, what can explain the choice of an agent to comment a specific video instead of another one, taking into account characteristics of commentators, videos, topics, channels as well as recommendations. This work is different from the classic NLP studies, using text mining techniques to analyze the contents of the comments and the kind of information they diffuse.
    Keywords: Youtube ecosystem,Behavioral analysis,Network analysis of Web links
    Date: 2022–11–08
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-03799185&r=pay

This nep-pay issue is ©2022 by Bernardo Bátiz-Lazo. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at http://nep.repec.org. For comments please write to the director of NEP, Marco Novarese at <director@nep.repec.org>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.