nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2022‒12‒12
53 papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  2. The Path to the EU Regulation Markets in Crypto-assets (MiCA) By Read, Oliver; Diefenbach, Carolin
  3. The Effect of Covid Pandemic on Cryptocurrency Markets; A Literature Review By Zarifhonarvar, Ali
  4. Consumer sovereignty in the digital society By Alexandre Chirat
  5. Non-Fungible Tokens By Andrea Barbon; Angelo Ranaldo
  6. The Economic Costs of Structural Separation, Line of Business Restrictions, and Common Carrier Regulation of Online Platforms and Marketplaces: A Quantitative Evaluation By Dippon, Christian M.; Hoelle, Matthew D.
  7. Towards a comparative and integrative framework for regulatory oversight of online advertising: Challenges, mitigation strategies, outcomes, and areas of intervention By Deshpande, Advait; Lechardoy, Lucie; Lupiáñez-Villanueva, Francisco
  8. Quantifying different psychological costs of user behavioral info for overcoming the 'take-it-or-leave-it' condition By Nam, Sangjun; Kwon, Youngsun
  9. CCI and Regulation of Digital Platforms and Blockchain: Will it take a Rule of Reason; Per Se or a Schizophrenic Approach? By Dalvi, Manoj; Gadkari, Ahan
  10. Purchasing Decisions in the New Normal Period: Implementation of Digital Marketing, Brand Awareness, and Viral Marketing at Shopee E-Commerce on the Use of SPayLater By Mardiana, Amira Putri; Haryanto, Budhi
  11. Early Warning Signals for Cryptocurrency Market States By Vishwas Kukreti
  12. Smart Contracts: Myths and Implications for Economics and Financial Regulation By Lehr, William
  14. Analysis of use of shared data for smart parking services in Sweden By Markendahl, Jan
  16. Effects of psychological factors on customer behavior in e-transactions By Zam, Milad; Rezasoltani, Amin; Ramezanian, Hasan; Tavakoli, Mohammadhosein
  17. DIGITAL ECONOMY MECHANISMS By journals, Savantic
  18. FinTech Lending under Austerity By Divakaruni, Anantha; Alperovych, Yan; Le Grand, François
  19. "Perceiving control over the exchange on peer-to-peer platforms: measurement and effects in the second-hand market" By Rémi Mencarelli; Renaud Lunardo; Cindy Lombart; Markus Blut; Ericka Henon
  20. Mexico: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability By International Monetary Fund
  21. Can Digital Finance Promote the Technological Innovation of Agricultural Enterprises?—Evidence from NEEQ Companies in China By Gong, Zheng
  22. Social Informatics Turns under Geo-Political Economic Dynamics: The Battle for Technological Hegemony and Soft Power in the 5G Era By Kawamata, Takahiro
  23. Bit by Bit - Colocation and the Death of Distance in Software Developer Networks By Moritz Goldbeck
  24. The Role of Technology and Mobile Governance in Today’s Society: Analyzing How Apps Are Used in Governance By Clayton, Bernard
  25. Remove Service Charge on IBFTs to Encourage Digital Transactions By Mohammad Shaaf Najib
  26. How abundant are reserves? Evidence from the wholesale payment system By Gara Afonso; Darrell Duffie; Lorenzo Rigon; Hyun Song Shin
  27. Current Perception of Epidemic between Traditional and Social Media: an Italian Case Study By Di Sia, Paolo
  28. Acceso a la tecnología y a la alfabetización mediática e informacional de las personas mayores By Rivera, Miguel
  29. Sensing Population Displacement from Ukraine Using Facebook Data: Potential Impacts and Settlement Areas By Rowe, Francisco; Neville, Ruth; González-Leonardo, Miguel
  30. Byzantine Failure against Colluding Attacks in Cloud Data By , shafiq
  31. The usage of blockchain in agri-food value chains: State of the art in Spain and an analysis from public perspective By Martínez-Castañeda, Mónica; Feijoo, Claudio
  33. New Media Technologies, Fake News, and Disinformation: Challenges for the Society By Banasiewicz, George
  34. FinRL-Meta: Market Environments and Benchmarks for Data-Driven Financial Reinforcement Learning By Xiao-Yang Liu; Ziyi Xia; Jingyang Rui; Jiechao Gao; Hongyang Yang; Ming Zhu; Christina Dan Wang; Zhaoran Wang; Jian Guo
  37. Building Resilience in Cybersecurity -- An Artificial Lab Approach By Kerstin Awiszus; Yannick Bell; Jan L\"uttringhaus; Gregor Svindland; Alexander Vo{\ss}; Stefan Weber
  38. Digital Divide Decoded: Can E-Commerce and Remote Workforce Enhance Enterprise Resilience in the COVID-19 Era? By Vo, Long Hai; Le, Thai-Ha; Park, Donghyun
  39. Learning to Share: Lessons on Data-Sharing from Beyond Social Media By Nicholas, Gabriel; Thakur, Dhanaraj
  40. Kajian Business Model Pada Yahoo By Fikriandi, Fauzan
  41. Cybersecurity in SMEs in the Baltic Sea Region By Falch, Morten; Olesen, Henning; Skouby, Knud Erik; Tadayoni, Reza; Williams, Idongesit
  42. The Unicorn Puzzle By Daria Davydova; Rüdiger Fahlenbrach; Leandro Sanz; René M. Stulz
  43. An Analysis of e-Commerce Development in Vietnam and Policy Implications for Business after COVID-19 By , Le Thanh Tung
  44. The Great Account Migration: Lessons from Behavioural Economics By Beere, Brendan; Byrne, Shane; Kelly, Jane; Pratap Singh, Anuj
  45. Financial Intermediation and the Economys By Committee, Nobel Prize
  46. Research on the adoption willingness of Internet of Things technology of Chinese large and specialized vegetable farmers based on integrated UTAUT model and TOE framework By Li, Lianying; Cheng, Ki
  48. Output Insecurity and Ownership Disputes as Barriers to Technology Diffusion By Camacho, Oscar; Garfinkel, Michelle; Syropoulos, Constantinos; Yotov, Yoto
  49. Smartphone-Based COVID-19 contact tracing apps – antipodean insights By Howell, Bronwyn E.; Potgieter, Petrus H.
  50. Das Crowdinvesting-Modell für Startups - keine Assetklasse für schwache Nerven By Petry, Markus; Ulutaş, Soner
  51. Working Paper 366 - Remittances and employment in family-owned firms: Evidence from Nigeria and Uganda By Ainembabazi John Herbert; Francis H. Kemeze
  52. La brecha estructural de inclusión financiera en México: una perspectiva territorial y del impacto de las normas sociales de género By Romero, Indira; López, Jesús A.; Hess, Sara
  53. Digital Transformation to Support Resilient Economies and Stakeholder Capitalism By Brad, Stelian

  1. By: Aysan, Ahmet Faruk; Unal, Ibrahim Musa
    Abstract: The increasing interest in Fintech, Blockchain, and Digitalization in Islamic Finance created a new area in the literature, requiring a systematic review of these academic publications. The scope of the analysis is limited to journal articles to understand the trends in the indexed journals. Results are categorized into three sections, Islamic banks’ digitalization, Blockchain and Crypto Assets research, and Islamic non-bank financial institutions’ digitalization. Islamic fintech has great potential mainly because of the overlapping norms of Shariah and fintech, making it easier to implement technological disruption into Islamic finance. Moreover, the trust shift to Islamic finance could be merged with the opportunities of fintech and increase the potential of Islamic fintech even more.
    Keywords: fintech; blockchain; digitalization; Islamic finance; shariah; Islamic banking; digital transfor-mation; banking
    JEL: G20
    Date: 2022–11–15
  2. By: Read, Oliver; Diefenbach, Carolin
    Abstract: This paper provides background to the upcoming EU regulation on Markets in Crypto-Assets (MiCA). The first step to regulate crypto-assets at EU level was taken by including virtual currencies in the revision of the Anti-Money Laundering Directive (5AMLD) which came into force 2018. Initial coin offerings fueled growth to a market with a variety of crypto-assets (payment, investment/security, utility and hybrid tokens). In principle, MiFID II should cover investment/security tokens by treating these as financial instruments. In January 2019, EBA and ESMA identified regulatory gaps at EU level. The announcement on the stablecoin project Libra in June 2019 sent shockwaves and led to defensive reaction against global stablecoins by regulators in light of significant risks and challenges posed. The EU institutions adopted strict positions against global stablecoins taken by the G7 and the G20. In September 2020, the European Commission launched the MiCA draft legislation to plug regulatory gaps concerning payment (including stablecoins) and utility tokens. Issuers, offerors and service providers of crypto-assets that are not financial instruments would be regulated under MiCA at EU level. Stricter rules should apply for stablecoins. After negotiations between the EU institutions, the final agreed MiCA text will go to plenary vote soon. The EU regulation will come into force in the EU member states in 2024. Many additional areas of action (Decentralized Finance, non-fungible tokens, EU taxonomy for sustainable activities) had to be left out from the MiCA scope for the sake of finalising the legislation.
    Keywords: Bitcoin,crypto-assets,crypto-asset service providers,cryptocurrencies,distributed ledger technology (DLT),Diem,electronic money,initial coin offering (ICO),Libra,Meta,Markets in Cryptoassets (MiCA),non-fungible token (NFT),payment tokens,security tokens,stablecoins,TerraUSD,Transfer of Funds Regulation (ToFR),utility tokens
    JEL: E42 G15 G28 O33
    Date: 2022
  3. By: Zarifhonarvar, Ali
    Abstract: The consequences of Covid-19 on the financial sector have gained so much attention. At the same time, another growing part of the financial markets is cryptocurrencies, and it comes to the question: What is the impact of Covid-19 as a shock on crypto markets? This study is the first attempt to survey the growing literature on the relationship between the Covid outbreak and crypto markets. I first review research on the implications of Covid on the crypto market in a general setting. Then I examine research on herding behavior during Covid in the crypto market and the efficiency and volatility of cryptocurrencies during the same period. I conclude by discussing the crypto market's relationship with other financial assets during Covid.
    Keywords: Covid-19,Cryptocurrency,Bitcoin,Herding Behavior
    JEL: G10 G12 G15
    Date: 2022
  4. By: Alexandre Chirat
    Abstract: Do uses of digital technologies in the framework of early 21st century capitalism promote or reduce the expression of consumer sovereignty ? This paper addresses this question through the lens of John Kenneth Galbraith’s theory of consumption. First, I recall the main stakes of his theory. Second, I highlight the main differences between traditional advertising and online behavioral advertising. Third, I explain how online behavioral advertising strengthens the “dependence effect” and “revised sequence” depicted by Galbraith within the context of the industrial society. Fourth, I discuss some normative challenges raised by digital platform corporations to individual sovereignty. Lastly, I argue that platform capitalism appear as a mature form of the “new industrial state”, one important difference being that digital platform corporations, rather than traditional industrial corporations, largely preside over the allocation of resources in the economy.
    Keywords: Consumer sovereignty – online behavioral advertising - digital economics – platform capitalism
    JEL: B2 P1 M3 L2
    Date: 2022
  5. By: Andrea Barbon (University of St. Gallen; University of St.Gallen); Angelo Ranaldo (University of St. Gallen; Swiss Finance Institute)
    Abstract: This paper explores the new world of Non-Fungible Tokens (NFT), which are unique digital assets providing proof of ownership and verification of authenticity held in the blockchain. After describing what a NFT is, we shed light on the main reasons it has value both as a financial instrument and as a new product. Second, we discuss the various types of existing NFTs, including digital artworks, play-to-earn video games, and (digital) real estate. Third, we explain how NFTs and smart contracts are created. In doing so, we discuss some technical aspects such as blockchain, non-fungible versus semi-fungible, and minting. Finally, we give an overview of existing marketplaces followed by a more general discussion of how NFTs could help improve some of market inefficiencies and could contribute to the social welfare and banking industry.
    Keywords: Non-Fungible Tokens, Blockchain, Smart Contract; Digital Assets
    Date: 2022–11
  6. By: Dippon, Christian M.; Hoelle, Matthew D.
    Abstract: Online platforms and marketplaces are services that bring consumers and producers together via the internet by providing consumers direct and instantaneous access to an extensive array of global goods and services and by enabling producers to reach consumers largely untethered by size and geographic reach. The popularity of online platforms and marketplaces attests to the societal benefits these services offer to consumers and producers alike. However, some US lawmakers and competition authorities believe that the growth of these platforms is a threat to competition. To remedy this perceived threat, some lawmakers in the House of Representatives and the Senate introduced several bills that would effectively subject certain companies to common carrier, structural separation, and line of business restrictions. The proposed bills differ in several important aspects, but they all seek to regulate online platforms and marketplaces larger than a certain size threshold. Although there is extensive media coverage and public debate on these bills, no one has addressed the actual scope and economic impact on consumers, businesses, and the overall US economy. Our analysis demonstrates that if the bills are enacted they would impose $319 billion in costs on Google, Apple, Facebook, Amazon, and Microsoft. These companies, in turn, would pass these costs through to consumers and business users via higher retail prices and reduced service offerings. Consumer effects are analyzed using a consumer survey to measure the lost consumer welfare for one illustrative service, Amazon Prime membership. We find that consumers would lose $22 billion in consumer welfare per year if Amazon would be forced to discontinue or reduce the services presently included in the Amazon Prime membership to comply with the bills. Our analysis also demonstrates that the bills impact far more companies than the primary targets-Google, Apple, Facebook, Amazon, and Microsoft. Rather, the bills would directly constrain at least 13 additional companies that operate online platforms in the short term. The proposed legislation would impact foreign companies doing business in the United States significantly less than US companies given the US-specific nature of the bills' primary size thresholds. Thus, the total economic costs of the bills stand to far exceed the numbers we calculated for the primary targets. Moreover, we find that adjusting the size threshold for inflation does not reduce the bills' economic costs. The market capitalization of the largest US publicly traded companies has historically grown much faster than inflation, which largely obviates any adjustment, and implies that over the next decade there could be well over 100 US companies that must change their strategies and business models because of these bills. The bills would not achieve the stated goals of their proponents as they would have no beneficial effect on inflation and likely deleterious effects on innovation. With regards to inflation, 96 percent of the most influential economists at leading US universities do not agree with the claim that antitrust interventions could successfully reduce US inflation over the next 12 months. The overwhelming consensus among economists is that regulatory measures in the proposed bills would be a poor substitute for fiscal and monetary policy and therefore unlikely to have any significant effect on inflation.
    Keywords: online platform regulation,competition analysis,international competitiveness,regulation
    JEL: L11 L12 L41 O31 J18 L86
    Date: 2022
  7. By: Deshpande, Advait; Lechardoy, Lucie; Lupiáñez-Villanueva, Francisco
    Abstract: As the online advertising market has grown, issues such as high volume of ads, highly personalised and targeted ads, the role of algorithmic biases, lack of transparency of ad placement, and complex financial flows in the ad tech supply chain have received increased attention in academic and popular literature. Despite concerted efforts within the industry and legislative action at national and international levels, available measures to monitor and detect these challenges are often perceived to lag behind increasing layers of intermediation and ever-increasing footprint of the online platforms. The aim of this paper is to discuss how a comparative and integrative framework for regulatory oversight of online advertising could be assembled. For this purpose, the paper draws on a literature review of peer-reviewed articles and grey literature to identify the challenges in online advertising, known mitigation strategies, and possible outcomes of the strategies. As part of the initial specification of the framework developed, the paper covers broad categories of market players, type of challenges, mitigation strategies, and intended outcomes for regulatory oversight of online advertising. Additional areas for investigation and potential improvement of the draft framework are also identified. The ideas discussed in this paper are expected to be of interest to digital economy researchers, policy researchers and policy makers, various players in the online advertising supply chain, public and private sector stakeholders monitoring and investigating the online advertising ecosystem, and anyone interested in balancing the economic gains of online advertising against the challenges it poses to the platform end-users and the wider online platform economy.
    Keywords: Online advertising,Online platforms,Platform regulation,Technology policy
    Date: 2022
  8. By: Nam, Sangjun; Kwon, Youngsun
    Abstract: Take-it-or-leave-it, in which users have to provide personal information as required by service providers, has been a dominant form of agreement between online service providers and users. The regulators recently began to prohibit dominant online platforms from collecting personal data based on the 'take-it-or-leave-it' basis because this clause is likely to harm consumer welfare without giving users choices for using the service. In order to improve regulatory efficiency, we need to devise more flexible alternative service provisions balancing privacy concerns and enhanced service based on personal preference. To accomplish this goal, we need to understand the users' attitudes related to personal behavioral data collection for both regulators and online platforms. In this context, we aim to estimate the psychological costs that users bear when they need to exchange personal data for service use. Quantifying the perceived cost of personal data collection with monetary reward was common. However, it is not easy to determine whether the perceived cost is high or not because the monetized value of personal data is not self-evident. To address this issue, we consider attention cost, one of the representative inconvenience costs of using free online services in the analysis. This study collects the data using a conjoint survey and estimates the psychological costs of personal data collection using the mixed logit model and latent-class logit model. Our results show that the respondents' perceived cost for overcoming the 'take-it-or-leave-it' condition is heterogeneous, and only one of four respondent segments (around 30% of respondents) perceived it as significant. Moreover, the results suggest that the perceived risks and benefits of personal data collection affect the psychological cost. It implies that privacy calculus theory can be a meaningful framework for understanding users' attitudes toward behavioral data collection on online platforms.
    Keywords: Personal data,Online platform,Privacy calculus theory,Information disclosure,Attention cost
    Date: 2022
  9. By: Dalvi, Manoj; Gadkari, Ahan
    Abstract: India's choice to control its markets was executed in two stages: one for each phase of the country's industrial strategy and philosophy towards resource allocation and market functioning. Between 1950 and 1991, the first phase was defined by a socialist ideology exhibited via a mixed economy and a propensity for government engagement in economic activities. During this time, policymakers were more concerned with avoiding economic power concentration than with stimulating competition. As the Indian economy modernised policymakers moved from preventing concentration of economic power as symbolised by the Monopolies and Restrictive Trade Practices Act (MRTP) of 1969 to the Competition Act 2002 ("Act"), to regulate anti-competitive agreements that have the potential to have a material adverse effect on competition in the Indian economy. In the modern Indian economy, the Competition Commission of India (CCI) has shown inconsistency in its enforcement on platform dominance; this inconsistency may now extend to blockchain as well. The purpose of this paper is to evaluate the necessity of new antitrust tools in the evolving economy of an emergent market and to push for more certainty in the CCI's enforcement of anti-competition laws in India. The increasing digitization of global and Indian markets in recent years, facilitated by the emergence of platforms such as Amazon, Apple, Google, and Facebook have raised questions about the Act's appropriateness and its applications. The CCI has received several complaints over the past few years about creative, technology-driven, two-sided marketplaces that have become a vital element of the Indian economy. In such situations, it becomes easier for certain platforms to practice deep discounting, cash-back offers and other schemes to constantly attract newer users. There is widespread agreement that CCI's reaction to these dynamic markets leaves much to be desired. Since technology has now evolved from the "platform" to "blockchain"; new challenges arise and it has also raised questions if the Act itself needs to be suitably updated to meet the challenges unique to these markets.
    Date: 2022
  10. By: Mardiana, Amira Putri; Haryanto, Budhi
    Abstract: Indonesia has one of the highest levels of e-commerce in the world, with around 97% of internet users looking for products and services to buy online. Visits to online retailers are made by him 92% of all Internet users. 94% of internet users alsо pay for prоducts and services оnline. With 94.7 million monthly visits, Shopee is the most popular online shopping destination for Indonesians. This study's goal was to assess the effects of partially or simultaneously the application of digital marketing, brand awareness and Viral Marketing in e-commerce shopee оn the use оf SPayLatter оn purchasing decisiоns during the new normal period after the COVID-19 pandemic. The sample of this research used stratified random sampling method. The sample of this research is 100 shoppe consumer respondents. In this study, the data was analyzed using multiple regressiоn with the variant-based SEM methоd, which was assisted by SmartPLS software. Data collection using Google Forms survey. The study found that the use of digital marketing, brand awareness, and viral marketing has a partial and simultaneous positive effect on purchasing decisions following the COVID-19 pandemic, but has a weak effect on purchasing decisions.
    Date: 2022–09–10
  11. By: Vishwas Kukreti
    Abstract: Being archetypal complex systems, financial markets exhibit rich set of dynamics in their interactions. In this paper, we focus on the recently evolved cryptocurrency market as an example of a complex system and analyse the evolution of cross correlation structure of cryptocurrencies in the 5 year period from 2017 to 2022. We observe characteristic correlation structures in the observation time window duration and use these specific structures to cluster the cryptocurrency market in 4 market states.
    Date: 2022–11
  12. By: Lehr, William
    Abstract: This paper seeks to situate an understanding of the long-term implications of Smart Contract (SC) technologies as a cluster of technologies that together with AI (shorthand for software applications) and 5G (shorthand for networked ICTs) will prove important for enabling a future wherein any task may be automated. Although the "any task can be automated" future is far off and AI, 5G, and SC technologies are still evolving rapidly, this paper argues for timely consideration of the policy implications for SCs. Like those other technologies and to a perhaps even greater extent, SC technologies (which include cryptocurrencies, blockchain, and smart contracts as distinct elements) have been the focus of excessive hype that has given rise in the academic and mass media press to misconceptions about what is important about SCs that this paper seeks to identify and dispel. In an effort to start to understand the challenges and likely trajectory for SC regulation, this paper focuses on FINTECH and the policy challenges that are emerging there related to SCs. The overall conclusion is that lots more needs to be done, and while it is clear that SCs will play an important role in FINTECH's future and the regulation of that future will require significant focused research attention, it is unclear how useful such research will be as a template for addressing the challenges that will emerge as SCs migrate to other sectors where the economic implications are expected to be much larger. The paper concludes with speculations about where key trends in SC technologies seem to be going.
    Keywords: Blockchain,5G,Smart Contracts,Digital Markets,Cryptocurrencies,Regulation,FINTECH
    JEL: D86 K12 L14 O3 D51 D52 D4 G2 P00 P48
    Date: 2022
  13. By: Arifin, Maulana Wafa Tajul
    Abstract: In ancient times cellphones were very simple, cellphones in ancient times were usually used only for telephones, sending messages, and playing on the radio. But nowadays with mobile phones, we can do a lot of things. For example: make Vidio calls remotely, access the internet, access social media, and so on. In ancient times, mobile phone brands were just that-that's all like Nokia, Sonny Ericsson, Evercoss, and others. But now the brands of mobile phones are very diverse. Even now there are android, blackberry, and IOS. The mobile phone brand that is viewed with a high caste at this time is the iPhone. Nowadays, often people who use the iPhone will be considered rich people, have a glamorous life, and are viewed as having a more high caste. Even though its use is the same as other mobile phone brands. This event gave rise to social stratification. The purpose of this study is to find out why the iPhone is the benchmark of social class among adolescents and to find out what are the causes of social stratification among adolescents. This research method is a qualitative research method. In addition to observations and interviews, this study also conducts data collection and literature studies, literature studies, which are methods used to trace historical data or review literature and reports related to research titles. The novelty of this study is the novelty methodology. In research, it was found that the iPhone is currently used for a prestige contest. Whoever wears the iPhone will be considered cooler in their life and whoever wears the iPhone can join the circle of their friendship.
    Date: 2022–06–27
  14. By: Markendahl, Jan
    Abstract: The use of open and shared data in smart cities and public organizations have gained a lot of attention the last years. In Sweden, there are a number of projects looking into the use of open and shared data in the public sector. One application area of shared data is municipality driven information services on areas or streets with available parking spots. The input for this type of services are ticket machines, parking houses and spaces, and smart phone applications. Besides different types of data and formats, the input data is usually provided by a multitude of different type of actors. Looking back, we can see that mobile phone based solutions for parking services have been used for a decade. These solutions were originally a complement to ticket machines where you did pay with cash or credit cards. Today not only the payment is digital but also the ticket handling is fully digital, the paper ticket is replaced by data records in data bases and receipts are send by be-mails or SMS. This development with digital tickets and parking sessions have enabled an emerging type of information services where car drivers can get information on the availability of free parking spaces in specific zones or streets. However, in Sweden it turns out that these parking information services do not take off on a large scale based on a common framework and exchange of shared data. There are some examples where the municipality manages to provide a reasonably good overall picture, but currently most of these information services provide an "incomplete" map and there is no established way of cooperation between actors in the parking industry. In this paper, we present a set of mechanisms, drivers and problems to share parking information among actors. The main research contribution is to identify patterns of cooperation among different actors and to identify main obstacles for sharing data. The analysis is based on interviews with different types of actors; mobile public and private parking operators and providers of mobile parking apps.
    Date: 2022
  15. By: Nazilah, Muslikhatun
    Abstract: Shopee is a growing marketplace in Indonesia. Shopee is currently used by business owners to promote their products. In Pemalang itself, many businessmen have used Shopee as a sales promotion medium, namely the Necis62 store which produces various adult and children's clothing with competitive quality. Necis62 promotes its products by opening an offline store at Pasar Kandang Comal. Along with the development of increasingly advanced and complex technology continuously. Necis62 is required to conduct and track technological developments. One of them is by conducting promotional activities through E-Commerce Shopee. Shopee plays a big role for the Necis62 store by participating in the free shipping program and extra cashback can attract consumers, this is evidenced by the number of online sales being more than offline sales. This research uses descriptive qualitative research. Data collection methods used are interviews, observation, and documentation. Based on this explanation, the solution designed is to create and implement the Shopee marketplace as an appropriate online marketing media application related to layout, content, and copywriting. Through the design and implementation of digital marketing. Necis62 is now able to effectively carry out operational activities and can sell its products online properly.
    Date: 2022–06–26
  16. By: Zam, Milad; Rezasoltani, Amin; Ramezanian, Hasan; Tavakoli, Mohammadhosein
    Abstract: Considering the significance of customer behavior in buying and selling goods and services and with an emphasis on our daily experiences in the market for understanding the concepts and theories in this regard, in this study, we aim to investigate the customer behavior in order to analyze its effective and relevant factors. The perception of acquisition, utilization, rejection of the product and the familiarity with the customer behavior helps the company improve its marketing strategies. Customer behavior is affected by his/her reflections and perceptions. Customer behavior includes his/her ideas and the product or service. Considering the increasing number of Internet users and digital sale points, the effective factors in online shopping, the interaction with the e-purchasers and the creation of a safe environment for the users, important points in customer behavior, and effective factors in creating the mental structure of the customer, the digital environment and effective factors in e-commerce environments are investigated.
    Date: 2022–08–03
  17. By: journals, Savantic
    Abstract: This article discusses in detail the most important mechanisms of virtual institutionalization, i.e., market, entrepreneurship, price mechanism, service, innovation, blockchain technologies, etc.
    Date: 2022–06–30
  18. By: Divakaruni, Anantha; Alperovych, Yan; Le Grand, François
    Abstract: We document public welfare spending as an important growth driver of FinTech lending. Examining the massive austerity-led cuts to local welfare spending initiated by the UK government in 2010, we show that the gradual uneven rollback of the local welfare state since then is strongly associated with a rise in demand for peer-to-peer (P2P) consumer loans among affected areas, primarily in areas facing more banking and digital exclusion. P2P loans issued in austerity-affected areas are more expensive compared to those issued in unaffected areas, consistent with the P2P platform’s risk pricing sensitivity to higher default rates in affected areas. Overall, our findings show that P2P lending, as an alternative means to household finance, can help smooth cuts in welfare transfers particularly among households in economically deprived areas.
    Date: 2022–07–21
  19. By: Rémi Mencarelli (Institut d'Administration des Entreprises (IAE) - Savoie Mont-Blanc); Renaud Lunardo (Kedge BS - Kedge Business School); Cindy Lombart (Audencia Business School); Markus Blut (Durham University); Ericka Henon
    Abstract: While the emergence of peer-to-peer (P2P) platforms has revolutionized the way people exchange goods, these platforms face the need to provide appealing products offered by independent providers. However, those providers have to deal with anonymous buyers, potentially hindering their perception of control over the exchange and their subsequent willingness to use the platform. Our research addresses this issue of providers' control. Because prior research uses either environment-centric or individual-centric measures of control, no accurate measure of perceived control exists. This research aims to contribute by providing a scale that-in line with control theories-differentiates among the perceptions of control that derive from individual (i.e., skills-related) and those that emerge from the environment (i.e., security-related, autonomy-related). The results of four empirical studies performed in the secondhand market provide strong empirical support for the validity of our control scale, and its ability to explain the provider's experience on the P2P platform.
    Keywords: Peer-to-peer platforms,provider,perceived control,online
    Date: 2022
  20. By: International Monetary Fund
    Abstract: Mexico’s financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, internet and mobile banking users in Mexico have increased substantially, but cyber incidents have also surged in recent years. The tight interdependencies within its financial system, and beyond, make Mexico vulnerable to evolving cyber threats. Thus, the Financial System Stability Council (CESF) has recognized cyber as a risk with potential to impact financial stability.
    Keywords: information security; financial system Stability Council; cybersecurity risk supervision; Banco de México; supervision of participant; simulation exercise; payment system oversight function; Cyber risk; Financial sector; Financial sector stability; Infrastructure; PFM information systems; Global
    Date: 2022–11–10
  21. By: Gong, Zheng
    Keywords: Agricultural Finance, Research and Development/Tech Change/Emerging Technologies
    Date: 2021
  22. By: Kawamata, Takahiro
    Abstract: Currently, technological competition over 5G is turning into a struggle not only for economic hegemony but also for political hegemony related to national security, while guiding, dividing, monitoring, and controlling by "information" that appears in the network society. The aspect of is deepening. A glimpse of that step from the path dependence of the technology trajectory leads to the 2nd & 3rd generation of digital mobile technology. Having the establishment of dominant positions in the second and third generations' mobile phone market with the European standard GSM and the global standard W-CDMA, NOKIA takes Apple lead in conversion to smartphones in the transition to the fourth generation Forgiveness, in line with Google's Android OS equipped Samsung's catch-up, it was decided to lose its position in the mobile terminal market ("NOKIA shock"). The transformation to the fourth generation is different from the market competition that takes advantage of the "scale economy" backed by the dominant design of handsets seen in previous generation changes, and the development of the app market. The terminal itself has become a mere input/output device of the platform application in the competition in the "economy of scope" with the multi-functions of the service. Here, Samsung, which integrates the element technology of the terminal device, becomes a competitive factor as to how the functionality of the application can be exhibited, and Apple, Inc., which holds the app approving right from the device design and has controllability in fragmentation of the global market progressed by utilizing EMS (Electronics Manufacturing Service). On the other hand, in the Asian market, in which the development of the mobile communication backbone has progressed rapidly, emerging mobile handset manufacturers are emerging in China, which has a strong domestic market. The foremost tip was Huawei, which was trying to occupy the global market for the fifth generation. However, it came here and the war between the United States and China was cut off. It has not only been an imbalance issue of trade (balance of payments) but has spread to an international issue that extends to the issue of intellectual property rights related to national security and technology development ("Huawei Exclusion"). (...) This paper examines the industrial technology segment strategies of companies in the social acceptance of technology within a global geopolitical and economic framework, with a view to today's 5G developments, based on the technological trajectory to date.
    Date: 2022
  23. By: Moritz Goldbeck
    Abstract: Digital tools potentially enable remote collaboration. Analyzing how some 191 thousand software developers in the United States collaborate on the largest online open source code repository platform, I find 79.8% of users clustering in only ten economic areas. Conditional on economic-area characteristics, colocated users collaborate about nine times as much as non-colocated users. Apart from this colocation effect, distance is not significantly related to collaboration among software developers. Comparison to social networks shows the colocation effect is weaker for software developers and relative connectedness probability remains at a much higher (stable) level with increasing distance. Software developer and social networks show no significant regional overlap.
    Keywords: Geography, digitization, online, open-source, high-skilled, collaboration
    JEL: L84 O18 O30 R32
    Date: 2022
  24. By: Clayton, Bernard
    Abstract: In recent decades, democratic countries that are part of the globalized world have been striving to empower their citizens, and M-Governance has been viewed as a tool that will facilitate that process in a way that will be useful to them. Democracy is based on the belief that citizens should be able to access government services online at any time of the day, as well as being empowered by being able to do so. In this process, there are several pertinent issues that need to be addressed, including the privacy of citizen data and the sharing of that data across countries, as well as equal access to electronic services throughout the world. With the help of a critical discourse analysis, we explore the perception of mobile governance as a catalyst for empowering citizens in the global advancement towards electronic democracy on the basis of a critical discourse analysis. In developing countries where it is not possible for every citizen to access mobile governance, what role does mobile governance play in facilitating democracy? The deployment of m-governance could also assist the democratic process in a developing nation where each citizen's personal information is collected and used for security purposes to identify "potential extreme violence." As far as m-governance and democratic principles are concerned, they are unlikely to progress together or enable one another. It has also been suggested that democracy, or the ability to enable it, is the key to progress and stability in a country. In order to truly empower citizens, it may be necessary to consider a new concept of governance, one that utilizes ICTs and m-governance to reach every citizen in an adequate manner, without interfering with their rights to be themselves, but without violating their human rights in the interest of enabling democracy.
    Keywords: Technology and society, impact of mobile apps on society, impact of mobile technology on governance , mobile apps and governance, m-governance, e-governance
    JEL: H11 O32 O33
    Date: 2022–09–05
  25. By: Mohammad Shaaf Najib (Pakistan Institute of Development Economics, Islamabad)
    Abstract: The State Bank of Pakistan (SBP) announced on June 16, 2021, that it has now allowed banks to charge a transaction fee of 0.1 percent of the transaction or PKR 200, whichever is lower on Inter-Bank Funds Transfers (IBFTs). SBP has made compulsory free-of-cost IBFTs of up to PKR 25,000 per month per account.
    Keywords: Service Charge, IBFTs, Digital Transactions,
    Date: 2021
  26. By: Gara Afonso; Darrell Duffie; Lorenzo Rigon; Hyun Song Shin
    Abstract: Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with abundant reserve balances, we show that outgoing payments remain highly sensitive to incoming payments. By providing a window on liquidity constraints revealed by payment behavior, our results shed light on thresholds for the adequacy of reserve balances. Our findings are timely, given the ongoing shrinking of central bank balance sheets around the world in response to inflation.
    Keywords: real-time gross settlement (RTGS) systems, quantitative tightening, balance sheet management, reserve balances
    JEL: E42 E44 E52 E58 G21
    Date: 2022–11
  27. By: Di Sia, Paolo ("Primordial Dynamic Space" Research)
    Abstract: Aim. More than two years after the beginning of the global epidemic period, most governments have adopted questionable strategies, aimed at the progressive reduction of the people freedom and pushing in a non-transparent way on the forced use of genic drugs, improperly called vaccines. The purpose of this work concerns the different way in which news relating to the epidemic reached citizens from traditional media (main TV channels and main national newspapers) and from social media, in particular from Telegram. Methods. The paper considers the situation perceived in Italy up to the first months of 2022 by analyzing the news appearing on mainstream TV channels and how they are described by national newspapers, as opposed to what can be deduced from some social media platforms who are still enough free from censorship. Results. The analysis underlines that there is a clear discrepancy between traditional and social media; the official narration of the traditional media is not only questionable, but does not give rise to the possibility of a free discussion on the hottest issues of this epidemic. Only Telegram appears to be the most censorship free channel among the studied traditional/social media in this paper. Conclusions. The attention placed on the official narrative of Covid-19, on the use of the methodology still in force in Italy for fighting the epidemic, on the strong nonsanitary limitation of individual freedom and on a possible underlying plan about what is globally happening leads to the conclusion that in Italy there is an attempt to give an ambiguous, equivocal and inconsistent version of the facts, contradicted by experimental data and scientific papers appearing more and more numerous in qualified international journals.
    Date: 2022–08–14
  28. By: Rivera, Miguel
    Date: 2022–04–13
  29. By: Rowe, Francisco (University of Liverpool); Neville, Ruth; González-Leonardo, Miguel
    Abstract: The escalation of conflict in Ukraine has triggered the largest refugee crisis in Europe since WWII. As of 17 August 2022, over 6.6 million people have fled Ukraine. Large-scale efforts have been made to collect data and measure the scale of forced population displacements, and identify the major receiving countries of these population flows. Current evidence has thus focused on providing a country level representation of the unfolding refugee crisis. Less is known about the subnational patterns of population displacement within Ukraine, and potential subnational settlement areas of the continuous flow of Ukrainian refugees in major receiving countries. Highly granular geographical data in real time are critical to these ends to ensure the appropriate delivery of humanitarian assistance where it is most needed. Drawing on digital trace data from Meta-Facebook, this paper aims to identify and assess the potential settlement areas and impacts of population displacements on the demographic and economic structures of sub-national communities within and outside Ukraine. We reveal large population losses in eastern, southern and northern Ukraine, particularly Khersonska (59%), Kharkivska (55%) and Kyiv (45%), and gains in western areas, specially in Livivska (16%). We also find reductions in female and young populations across the country, and increases in male and older populations in central and western regions. We identify likely settlement areas in some countries (Poland, Czechia, Slovakia, Hungary, Italy, Germany and Spain), noting that Ukrainian refugees are less likely to remain in countries which have recorded large refugee influxes but lack of local social networks, such as Romania and Turkey. We also reveal the potential impact of refugees moving to areas with old population structures and low unemployment. Yet, these impacts appear to differ across countries.
    Date: 2022–08–30
  30. By: , shafiq
    Abstract: Cloud computing is the next stage in evolution of the internet, which provides large amounts of computing and storage to customers provisioned as a service over the internet. However, cloud computing faces so many security challenges due to the possible compromise or byzantine failures. In this paper, we focus on Ensuring data storage security in cloud computing, which is an important aspect of Quality of Service (QoS). We propose an effective and flexible distribution verification protocol to address data storage security in cloud computing. In this protocol, we rely on erasure code for the availability, reliability of data and utilize token precomputation using Sobol Sequence to verify the integrity of erasure coded data rather than Pseudorandom Data in existing systems. Unlike prior works, our scheme provides more security to user data stored in cloud computing. The performance analysis shows that our scheme is more secure than existing systems against Byzantine failure, unauthorized data modification attacks, and even cloud server colluding attacks.
    Date: 2022–06–29
  31. By: Martínez-Castañeda, Mónica; Feijoo, Claudio
    Abstract: On November 2021, the European Parliament ratified the Common Agricultural Policy (CAP) reform that will be applied from 2023. Among other issues, the (re)structuring of the sector will be promoted throughout a strengthening of the position of producer organizations in the value chain. If met, the objectives of the CAP will imply a change in the production model simultaneously requiring a sustainable environment while increasing efficiency for the farms and their associated companies to remain profitable. In Spain, in 2019 the adoption of new technologies for the digitization of this productive sector was already presented as part of the solution targeting the structural problems of Spanish agri-food companies: lack of competitiveness and innovation, lack of automation, as well as to alleviate regional disparities. Since then, the situation has been aggravated by the low rate of investment (both public and private) dedicated to research and development, as well as the scarcity and inadequacy of technological capabilities, especially by agri-food SMEs. At the same time, within this lackluster scenario, some of the technologies key to the Spanish agri-food sector, such as those related with blockchain and used for food control and traceability have experienced a significant progress. In fact, the usage of blockchain within the supply chain management is almost doubling year-on-year. Within this context, this paper investigates which is the level of development of blockchain technology in the agri-food sector in Spain and how it is supported from public policies using a methodology that blends interviews with key representatives of the value chain with an examination of available, mostly grey, literature. From the analysis, the paper concludes that blockchain deployment has entered a stage of early maturity in supply chain tracking. However, its adoption in traceability in this same value chain displays considerable challenges with a relatively high number of pilot and test projects being deployed in the last years, but still lacking a sound analysis of the results achieved. Among the challenges, the paper highlights the appropriateness of data registered in blockchain and the selection and set up of scalable -mostly de facto- standards. Automation of data capture and combination of blockchain with other technologies such as RFID and AI also required further developments. From the public perspective, beyond economic incentives, the reusage and integration of the same data used in blockchain into the European public registries for agri-food control could be a significant contribution to set up scalable "de facto" standards and, from here, contribute to the adoption of this technology.
    Date: 2022
  32. By: ramadhani, Wahyu
    Abstract: Islam as the true religion and adheres to the Qur’an so that every problem that exists in this world can always be resolved in the realm of the Koran and Hadith. 1The development of science and technology now makes many things work so that the Qur’an comes as a translator so that it can contrast what is good and what is false. In the development of technology, there is a gambling activity where gambling is clearly prohibited in the Qur’an2 This article was made so that we can find out how to practice online gambling as well as to find out what the laws are that ensnare the practice of online gambling. In this article, I use the field research method to find out the practice in the field.
    Date: 2022–06–28
  33. By: Banasiewicz, George
    Abstract: It is important to note that the term fake news was used for the first time in the 1880s when sensational newspaper stories dominated the news. Even though the term does not have a single definition, it has a broad meaning in spite of the fact that it does not have a fixed meaning. False information can refer to any type of information that has been given that is not true. As well as that, there have been instances in which prominent individuals have used it as a means of describing any negative news they have received. In addition, disinformation entails the dissemination of false information with the intention of causing harm to individuals or organizations. The dissemination of false information, especially during elections, is usually done by hostile foreign actors, who are motivated by the desire to cause harm through the dissemination of false information. There are satirical articles that appear to be authentic, even though they are considered to be fake news as a whole. Aside from the sensationalistic or clickbait headlines, there are also articles which rely on no supporting evidence and have sensationalist or clickbait headlines. False news comes in many forms, which is why researchers have been recommending to use the term information disorder as a neutral and informative term to describe the situation since false news comes in so many forms. The purpose of this paper is to examine the regulatory aspects associated with fake news and the use of new media technologies in the media world. It is also intended to explore how and why governmental policy approaches that are drafted by government agencies reflect the notion of convergence in the policies that are drafted by the agencies themselves in terms of the approaches they draft. As far as international policy on telecommunications is concerned, there is no doubt that it is concerned with the underlying issue of identifying an agenda that will be used in order to combat fake news, which is clearly an issue that is of great importance. To the field of telecommunications policy, this is one of the most important questions that need to be answered. Using an exploratory case study approach, this paper will use an exploratory case study approach to evaluate fake news and new media technologies policy globally.
    Keywords: Fake news, new technologies and fake news, disinformation and regulatory framework, media and false news
    JEL: D83 O32 O33
    Date: 2022–08–16
  34. By: Xiao-Yang Liu; Ziyi Xia; Jingyang Rui; Jiechao Gao; Hongyang Yang; Ming Zhu; Christina Dan Wang; Zhaoran Wang; Jian Guo
    Abstract: Finance is a particularly difficult playground for deep reinforcement learning. However, establishing high-quality market environments and benchmarks for financial reinforcement learning is challenging due to three major factors, namely, low signal-to-noise ratio of financial data, survivorship bias of historical data, and model overfitting in the backtesting stage. In this paper, we present an openly accessible FinRL-Meta library that has been actively maintained by the AI4Finance community. First, following a DataOps paradigm, we will provide hundreds of market environments through an automatic pipeline that collects dynamic datasets from real-world markets and processes them into gym-style market environments. Second, we reproduce popular papers as stepping stones for users to design new trading strategies. We also deploy the library on cloud platforms so that users can visualize their own results and assess the relative performance via community-wise competitions. Third, FinRL-Meta provides tens of Jupyter/Python demos organized into a curriculum and a documentation website to serve the rapidly growing community. FinRL-Meta is available at: /FinRL-Meta
    Date: 2022–11
  35. By: journals, Savantic
    Abstract: This article discusses the study of the practice and methodology of the use of digital technologies by the stock exchange in the management of economic sectors.
    Date: 2022–06–30
  36. By: journals, Savantic
    Abstract: This article talks about the main features of the digital economy presented in the theories of various scientists and researchers, the groups and stages of the development of the theories of the digital economy, the institutional-structural parts and mechanisms of the digital economy.
    Date: 2022–06–30
  37. By: Kerstin Awiszus; Yannick Bell; Jan L\"uttringhaus; Gregor Svindland; Alexander Vo{\ss}; Stefan Weber
    Abstract: Based on classical contagion models we introduce an artificial cyber lab: the digital twin of a complex cyber system in which possible cyber resilience measures may be implemented and tested. Using the lab, in numerical case studies, we identify two classes of measures to control systemic cyber risks: security- and topology-based interventions. We discuss the implications of our findings on selected real-world cybersecurity measures currently applied in the insurance and regulation practice or under discussion for future cyber risk control. To this end, we provide a brief overview of the current cybersecurity regulation and emphasize the role of insurance companies as private regulators. Moreover, from an insurance point of view, we provide first attempts to design systemic cyber risk obligations and to measure the systemic risk contribution of individual policyholders.
    Date: 2022–11
  38. By: Vo, Long Hai (University of Western Australia); Le, Thai-Ha (VinFuture Foundation); Park, Donghyun (Asian Development Bank)
    Abstract: We examine the adverse impact of coronavirus disease (COVID-19) on the performance of more than 12,000 firms in 32 countries along several dimensions; namely, revenue, production, and labor outcomes. We find that the majority of firms experienced permanent or temporary closures, decreased sales and working hours, reduced production capacity, and worker layoffs. However, the impact was heterogeneous across countries and industries. To explain the diverse firm performance, we identify key factors that significantly contribute to firm resilience during the COVID-19 pandemic, especially access to digital infrastructure. After controlling for firm characteristics, macroeconomic conditions, and pandemic prevalence, we found that firms that have access to digital infrastructure performed better than those that do not. The key channel is an enhanced capacity to adopt electronic commerce business models and employ a larger share of the remote workforce, which boosts resilience during the pandemic when social distancing measures are mandated.
    Keywords: organizational reform; digital infrastructure; technology transformation; working from home; labor productivity
    JEL: H12 L25 M11
    Date: 2022–08–16
  39. By: Nicholas, Gabriel; Thakur, Dhanaraj
    Abstract: What role has social media played in society? Did it influence the rise of Trumpism in the U.S. and the passage of Brexit in the UK? What about the way authoritarians exercise power in India or China? Has social media undermined teenage mental health? What about its role in building social and community capital, promoting economic development, and so on? To answer these and other important policy-related questions, researchers such as academics, journalists and others need access to data from social media companies. However, this data is generally not available to researchers outside of social media companies and, where it is available, it is often insufficient, meaning that we are left with incomplete answers. The problem is complex but not intractable. In this report, we look to other industries where companies share data with researchers while also addressing privacy and other concerns. In doing so, our analysis contributes to current public and corporate discussions about how to safely and effectively share social media data with researchers. We review experiences based on the governance of clinical trials, electricity smart meters, and environmental impact data.
    Date: 2022–09–08
  40. By: Fikriandi, Fauzan
    Abstract: Bisnis pencarian digital Yahoo pada tahun 2000-an mengalami kenaikan (rise). Namun seiring berjalannya waktu, industri digital ini mengalami penurunan (fall). Studi ini bertujuan untuk mengetahui alasan penurunan (fall) dan kenaikan (rise) pada bisnis teknologi Yahoo. Studi ini menggunakan studi kasus jamak pada bisnis Yahoo yang bergerak di bidang industry digital dengan analisis business model canvas, business pattern, business environment & value proposition canvas. Bisnis Yahoo pernah tren pertumbuhan dan sukses karena memiliki value proposition memiliki tampilan yang user friendly untuk di pakai para penggunannya. Namun, bisnis Yahoo mengalami penurunan karena key activities masih menggunakan layanan yang seperti awal. Studi merekomendasikan key activities memberikan Network service, Innovating its search algorithms, dan platform & technology innovation.
    Date: 2022–07–02
  41. By: Falch, Morten; Olesen, Henning; Skouby, Knud Erik; Tadayoni, Reza; Williams, Idongesit
    Abstract: In this paper we will explore and characterise the challenges and problems for SMEs in relation to cybersecurity. Firstly, we present an overview of the major cyber threats and attacks and the types of countermeasures that can be applied to prevent and detect cyber-attacks in organisations - with a particular focus on SMEs. Next, we will discuss and analyse what SMEs have been doing so far, based on published surveys and our own research, and how SMEs can prioritize their limited resources to address the challenges from cybersecurity. Finally, we will discuss how various policy initiatives can contribute to enhance cybersecurity in SMEs. Cybersecurity has become a serious challenge for businesses around the world. Distributed Denial of Service (DDOS), ransomware and other kinds of cyberattacks are happening more and more frequently, and for businesses they can lead to severe consequences, e.g., interruption of work processes and customer services, loss and compromising of data, violation of data protection and privacy laws, a lot of time wasted, and large costs. The ongoing process of digital transformation is affecting all businesses and organisations, large and small, and this puts further focus on the challenges related to cybersecurity. World Economic Forum has in 2019 recognized cybersecurity to be among the top 10 global risks (Heidt, Gerlach, & Buxmann, 2019). The EU has published a common strategy on cybersecurity (POLICY, 2020), and several major initiatives are being launched by the EU to increase awareness and protect critical infrastructure, e.g., the NIS2 (Network and Information Security 2) Directive (NIS2 Directive, 2020). In Denmark, research performed by PwC shows that business leaders see cybercrime as the most important challenge, more important than the pandemic and the climate change (Danish Business Authority, 2021). (...)
    Date: 2022
  42. By: Daria Davydova (Ecole Polytechnique Fédérale de Lausanne); Rüdiger Fahlenbrach (Ecole Polytechnique Fédérale de Lausanne; Swiss Finance Institute; European Corporate Governance Institute (ECGI)); Leandro Sanz (Ohio State University (OSU) - Department of Finance); René M. Stulz (Ohio State University (OSU) - Department of Finance; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI))
    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.
    Keywords: Unicorns, Scale and Scope, Venture Capital, Private vs. Public, Organizational Capital
    JEL: G24 G32 G34
    Date: 2022–10
  43. By: , Le Thanh Tung
    Abstract: The paper aims to clarify the development of e-commerce in Vietnam, an emerging economy in Southeast Asia. The survey data for the analysis was carried out by the Vietnam e-Commerce and Digital Economy Agency included 4466 enterprises. The study period is two years, from 2019 to 2020. Employing the thematic analysis approach, the study results reveal that e-commerce has been popularly applied in many business activities. E-commerce has helped businesses stabilize supply chains to cope with strict social distancing measures to fight the epidemic. Besides, a large number of companies confirm that e-commerce is necessary for faster business recovery in the post-COVID-19 pandemic era. The result also confirms that e-commerce continues to play an important role in helping enterprises advance to a new normal status in business in the next years. The study has some contributions when highlighting the critical role of e-commerce not only during the outbreak of the pandemic, but also regarding business recovery in the coming time.
    Date: 2022–09–15
  44. By: Beere, Brendan (Central Bank of Ireland); Byrne, Shane (Central Bank of Ireland); Kelly, Jane (Central Bank of Ireland); Pratap Singh, Anuj (Central Bank of Ireland)
    Abstract: The forced migration of over 1 million current and deposit accounts from two exiting banks in Ireland represents a significant challenge for consumers and the Irish retail banking system. In this Note, we examine potential barriers to timely consumer engagement from a behavioural economics perspective, which should be considered by the retail banks in their engagement with customers to encourage and support them effectively through the process. Evidence shows that consumer inertia is pervasive and deeply entrenched across financial product markets, even where the financial incentive to switch providers appears to be overwhelming. It is also clear that particular groups can be more at risk from the costs of inaction. This includes consumers with pre-existing sources of vulnerability, such as lower income and education, as well as customers with a long history with one bank, or who are distrustful of financial institutions. Some of these groups also appear to be more inert based on recent Irish survey data. As part of their package of measures to support affected consumers, we outline some approaches that financial institutions can use to try to encourage consumer engagement - framing customer notifications to convey urgency, setting out clearly the steps a customer needs to follow to take action, and making the consumer experience as frictionless as possible, but emphasise that there is no ‘silver bullet’ to entirely overcome the risk of consumer inaction. The forced migration of such a large volume of customer accounts is unprecedented in the Irish market. Critically, consumers are not choosing to switch, they are being forced to do so and this could create a significant challenge for consumers if not effectively managed by the exiting and remaining banks. As such, it is incumbent on financial institutions (including banks, direct debt originators etc.) to do all they can to support their consumers through the process, drawing on all available research and resources.
    Date: 2022–10
  45. By: Committee, Nobel Prize (Nobel Prize Committee)
    Abstract: The 2022 Sveriges Riksbank Prize in Economic Sciences in Honor of Alfred Nobel rewards foundational research on the role of banks in the economy, particularly during financial crises. Financial intermediaries such as traditional banks and other bank-like institutions facilitate loans between lenders and borrowers, and thereby play a key role for the allocation of capital. They enable households to get a mortgage to buy a home, farms to get a loan to buy a harvesting machine, and firms to get a loan to build a new factory.
    Keywords: Banking; financial crisis
    JEL: E53 G21 G28
    Date: 2022–10–10
  46. By: Li, Lianying; Cheng, Ki
    Keywords: Research and Development/Tech Change/Emerging Technologies, Crop Production/Industries
    Date: 2021
  47. By: Mduduzi Biyase (College of Business and Economics, University of Johannesburg); Mathias Manguzvane (College of Business and Economics, University of Johannesburg); Thomas Udiman (Southwest Forestry University)
    Abstract: We take another look at the relationship between remittances and economic growth in South Africa, using recent data and a fairly lengthy time period of approximately 50 years for South Africa running from 1970 to 2019. We use the autoregressive distributed lag (ARDL) bounds testing approach to assess the cointegration among remittances, economic growth, including control variables in the presence of structural breaks. We find evidence to suggest that the structural change in economic growth occurred in 2008 during the global financial crisis, while the break point for remittances received emerged in 1997. After taking into consideration the presence of structural breaks, our study confirmed a cointegration relationship between remittances received and economic growth in South Africa. Specifically, the ARDL results present a negative and significant estimates of remittances on economic growth in the short and long-run, consistent with previous studies. All the specification tests confirm the statistical robustness of the ARDL bounds testing method.
    Keywords: ARDL; economic growth; remittances; WDI
    JEL: C32 F24
    Date: 2022
  48. By: Camacho, Oscar (Drexel University); Garfinkel, Michelle (University of California, Irvine); Syropoulos, Constantinos (Drexel University); Yotov, Yoto (Drexel University)
    Abstract: This paper examines both the desirability and feasibility of technology transfers in a setting where institutions governing the security of output or income are imperfect. Based on a guns-versus-butter model involving two countries (a technology leader and a technology laggard), our analysis characterizes how global efficiency and the countries' preferences over transfers depend on the nature of technology, as well as on the initial technological distance between them and the degree of output security. In the case of a general-purpose technology the leader might refuse a transfer, whereas in the case of a sector-specific technology the laggard might have such an incentive. Notably, for both types of technology, our analysis reveals the possible emergence of a "low-technology trap," wherein a technology transfer to the laggard is more likely to be blocked precisely when the laggard's initial technology is sufficiently inferior to its rival. We explore how the degree of output security and the laggard's capacity to absorb state-of-the-art technology affect the range of technological distances that generate such traps for each type of technology.
    Keywords: Output insecurity; arming policies; power; technology transfers; sanctions
    JEL: D30 D74 F51 O33
    Date: 2022–10–10
  49. By: Howell, Bronwyn E.; Potgieter, Petrus H.
    Abstract: The COVID-19 pandemic has elicited a plethora of responses from health authorities. Even as vaccines have become more readily available, contact tracing has retained a central role (Fetzer & Graeber 2021; Ferguson et al. 2020; Pierucci & Walter 2020). Huge resources have been applied to expand testing and tracing capabilities for this disease, including smartphone applications aimed at identifying and managing contacts with infected person (Howell & Potgieter 2021; Li & Guo 2020). Yet, despite these nontrivial investments, the body of academic literature evaluating the effects of the smartphone-based applications effects - either in respect of the extent of their use or their effect on infection transmission rates - remains scant. In this paper we build on and extend prior analysis of data up to November 2021 (Howell & Potgieter 2022) of uptake and usage of New Zealand's QR code-based application New Zealand COVID Tracer (NZCT). Because of the unique circumstances in New Zealand, which has been one of the last countries in the world to experience entrenched widespread community transmission of COVID-19, we are able to explore the effects of a number of different independent variables on the uptake and use of the application, including changes in the level of community transmission as a proxy for the risk of infection and various policy interventions, including mandatory requirements to use the application on entering virtually every business or community premises nationwide from 7 September 2021 - regardless of the level of either lockdown or infection risk in different parts of the country. Rather than focusing on the effects of the application on infection rates, our paper focuses on the nexus between policy settings, pandemic state and application performance, using a framework derived from multidisciplinary international literature. This framework • incorporates data and changes in policy settings between December 2021 and (around) May 2022 for New Zealand; and • includes an international comparison with regard to - conformity to privacy and security norms, - fitness for purpose and - feasibility and effectiveness in a longitudinal study of the usage and effects of smartphone-based COVID-19 contact tracing applications. We find that, consistent with previous evaluations, NZCT has likely had negligible effect upon the rate of infection transmission in New Zealand, due to the comparatively low number of scans made by each active user on any given day. Rather, the application has proved to have possibly been an impediment to effective public health management of the pandemic as actual infection rates have increased, due to the large number of "false positive" locations identified leading to bottlenecks in testing facilities. While theoretically contact tracing has a role to play within an elimination strategy, both contact tracing and location-based applications such as NZCT supporting it cannot scale up effectively when infection rates increase. Somewhat paradoxically, as the infection risk to individuals increases, the public health benefits and ability to process application information reduce. Yet, benefits still may remain for individual decision making from Bluetoothenabled proximity indicator functions and the management strategy shifts to accommodating the infection. This suggests that the design and use of smartphone-based contact tracing applications should change as the characteristics of the virus and local infection patterns change. New Zealand offers a live experiment where the application did not change as these other factors changed, leaving an ill-suited application in mandatory use long after it was of any practical use. End users rapidly realised this ineffectiveness, when mandatory use was made optional, scanning usage collapsed, even though residual value remained in the Bluetooth proximity capacities. While our empirical analysis focuses on New Zealand and NZCT, the framework developed for inquiry and our broader findings are generalisable for use in evaluating other smartphone-based contact tracing applications and policies in other pandemic contexts.
    Date: 2022
  50. By: Petry, Markus; Ulutaş, Soner
    Abstract: Crowdinvesting bietet Privatinvestoren die Möglichkeit, sich auch mit relativ geringen Geldbeträgen an Startups zu beteiligen. Jedoch haben die Anleger durch eine Vielzahl teils öffentlichkeitswirksamer Pleiten einen Totalverlust des eingesetzten Kapitals erlitten. Die Ausfallraten deutscher Startup-Schwarmfinanzierungen liegen um die 30%. Diese können noch nicht durch die durchaus signifikanten Renditen einiger weniger erfolgreicher Unternehmen kompensiert werden. Die Probleme liegen in der Risikoklassifizierung durch die Plattformen, in adversen Selektionseffekten und Moral Hazard.
    Keywords: Crowdinvesting,platforms,default rate,rate of return
    JEL: C81 G11 G14 G32
    Date: 2021
  51. By: Ainembabazi John Herbert (African Development Bank); Francis H. Kemeze (African Development Bank)
    Abstract: The link between remittance transfers and job creation in recipient communities offers a kind of private-sector led economic growth. This link has been largely ignored in migration research. Using nationally representative panel household data collected from Nigeria and Uganda, we investigate the relationship between job creation in familyowned firms and remittances. We measure remittances as a share of household income in order to capture income and substitution effects. We find that employment of family members into family-owned firms is high in households receiving small amounts of remittances relative to their household income. As the share of remittance transfers in household income increases, the likelihood of hiring family members decreases as it increases for hired workers. The threshold point appears to occur when remittance transfers contribute more than a half of household income. The implication of our findings is that remittance transfers induce an income effect by increasing reservation wage of family members which reduces their likelihood of working in family business, which in turn opens up employment opportunities for non-family individuals. Our findings point to a sign of hidden potential of remittances to spur job creation in migrants’ communities if policies to increase the size of remittance transfers are put in place.
    Keywords: Remittances, Family-owned firmes, employment, economic growth JEL classification: D13, F24, O12, J22
    Date: 2022–07–08
  52. By: Romero, Indira; López, Jesús A.; Hess, Sara
    Abstract: En las últimas décadas se han registrado avances en todo el mundo en materia de inclusión financiera, pero continúa existiendo una brecha de género. En este estudio, se analiza el menor nivel de inclusión financiera de la mujer en México como una brecha estructural, dada su persistencia y profundidad. Además, se ahonda en el análisis de las brechas entre mujeres y hombres, y se comparan las experiencias de las mujeres que viven en los medios rurales y de las que habitan en zonas urbanas, incorporando el enfoque de las normas de género. Para ello, se lleva a cabo un análisis estadístico y econométrico, así como un trabajo de campo. Los resultados de la primera etapa apuntan a la existencia de ciertas características —como el género, el estado civil, la edad y los ingresos— que se relacionan positivamente con un indicador de inclusión financiera elaborado para este fin. Los resultados de la segunda etapa muestran que la mujer tiene una menor participación en el mercado laboral, así como una mayor carga en las tareas de cuidado del hogar, y que el estar casada limita su realización de actividades fuera del hogar.
    Date: 2022–10–14
  53. By: Brad, Stelian
    Abstract: In a world that is shaped by globalization and global value chains we must identify smarter ways to handle complexity and to build more adapted organizations to nonlinear behaviors of the environments where they operate. We highlight in this paper the role of digital transformation to assist the creation of more resilient economies in front of various crises and how this can facilitate the creation of better-balanced economic models.
    Date: 2022–07–18

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 For comments please write to the director of NEP, Marco Novarese at <>. 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.