nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2023‒03‒06
29 papers chosen by
Bernardo Bátiz-Lazo
Northumbria University

  1. Thoughts on the Crypto Ecosystem, a speech at the Global Interdependence Center Conference: Digital Money, Decentralized Finance, and the Puzzle of Crypto, La Jolla, California, February 10, 2023 By Christopher J. Waller
  2. Factor models of cryptocurrency profitability By Elena V. Sinelnikova-Muryleva,; Maria N. Kuznetsova; Kirill D. Shilov
  3. Is There a Bitcoin–Macro Disconnect? By Gianluca Benigno; Carlo Rosa
  4. Bitcoin Mining Meets Wall Street: A Study of Publicly Traded Crypto Mining Companies By Hanna Halaburda; David Yermack
  5. Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence By Lin William Cong; Xiang Hui; Catherine Tucker; Luofeng Zhou
  6. A quantification of how much crypto-miners are driving up the wholesale cost of energy in Texas By Jangho Lee; Lily Wu; Andrew E. Dessler
  7. Blockchain for Timely Transfer of Intellectual Property By Dongling Cai; Yi Qian; Ning Nan
  9. Central Bank Digital Currencies: A Review of Operating Models and Design Issues By Van Roosebeke, Bert; Defina, Ryan
  10. The Use of Fintech in Enhancing the Supervision of Internet-only Banks in Chinese Taipei By Wenwen Yeh
  11. Financial technology and human development in Africa: The moderating impact of energy poverty By Rilwan Sakariyahu; Fatima Oyebola Etudaiye-Muhtar; Rodiat Lawal; Olayinka Oyekola
  12. Monitoring network changes in social media By Chen, Cathy Yi-hsuan; Okhrin, Yarema; Wang, Tengyao
  13. Practices and initiatives for the development of cross-border e-commerce in Latin America and the Caribbean and its impact in the post-pandemic era By Díaz de Astarloa, Bernardo
  14. Which Firms Gain from Digital Advertising? Evidence from a Field Experiment By Weijia Dai; Hyunjin Kim; Michael Luca
  15. La regulación ex ante de la competencia en la era digital By Da Silva, Filipe
  16. The collapse of the gold standard in Africa: money and colonialism in the interwar period By Gardner, Leigh
  17. Enjeux et promesses des stablecoins décentralisés By Louis Bertucci; Sébastien Choukroun; Julien Prat
  18. Defying distance? The provision of services in the digital age By Dahlstrand Rudin, Amanda
  19. Digital Concrete: Productivity in Infrastructure Construction By Diane Coyle; Rehema Msulwa
  20. By Nedjla Lemerini; Abdellatif Habi
  21. Video games: from a technical to a cultural industry By Pierre-Jean Benghozi; Philippe Chantepie
  22. Improving broadband quality and affordability in the Caribbean: Policies to advance digital inclusion in the subregion. Policy Brief By -
  23. Impacto del COVID-19 en la digitalización de América Latina By Jung, Juan; Katz, Raúl
  24. Educational Game on Cryptocurrency Investment: Using Microeconomic Decision Making to Understand Macroeconomic Principles By Jiasheng Zhu; Luyao Zhang
  25. Idiosyncratic Dynamic Capabilities and Institutional Blockchain-driven Land Information Management in Developing Countries By Nonso Ewurum; Kenechi Ifeanacho; Okwuchi Juliet Akalemeaku; Ezinne Onyekwelu
  26. Application of Pretrained Language Models in Modern Financial Research By Lee, Heungmin
  27. By Bouacheria Kebir; Salhi Tarik
  28. Heterogeneous Adjustments of Labor Markets to Automation Technologies By Fabien Petit; Florencia Jaccoud; Tommaso Ciarli
  29. Business Training with a Better-Informed Lender: Theory and Evidence from Microcredit in France By Renaud Bourlès; Anastasia Cozarenco; Dominique Henriet; Xavier Joutard

  1. By: Christopher J. Waller
    Date: 2023–02–10
  2. By: Elena V. Sinelnikova-Muryleva, (The Russian Presidential Academy Of National Economy And Public Administration); Maria N. Kuznetsova (The Russian Presidential Academy Of National Economy And Public Administration); Kirill D. Shilov (The Russian Presidential Academy Of National Economy And Public Administration)
    Abstract: More than 12 years have passed since the debut of Bitcoin, the first cryptocurrency, but there is still no clear understanding of the essence of cryptocurrencies. At the same time, in recent years, interest in cryptocurrencies has continued to grow, and this financial instrument is becoming more and more attractive to individuals. Therefore, an issue of essence of cryptocurrencies is relevant. The main subject of the study is the profitability of cryptocurrencies. The main aim of this work is to identify the determinants of cryptocurrency returns. To achieve this goal, such tasks as the creation of factors reflecting the characteristics of the cryptocurrency market and the use of multifactor Fama-French models for the analysis of cryptocurrency returns were performed. Based on the collected daily data on capitalization, trading volumes and the price of more than 5, 000 cryptocurrencies for the period from 01.04.2014 to 21.06.2021, standard factors based on capitalization indicators, trading volumes and the third momentum were built. The main estimation method is econometric modeling using the least squares method. The obtained results of an empirical study indicate a positive relationship between the profitability of groups of cryptocurrencies and the difference in the yields of the upper and lower 30% of cryptocurrencies according to the third moment. The difference in the yields of the lower and upper 30% of cryptocurrencies by market capitalization has a negative impact on the profitability of groups of cryptocurrencies. The main conclusion of the study is that before the beginning of high volatility period, cryptocurrencies could be considered as an asset for the diversification of market risk, but subsequently the cryptocurrency market began to move co-directionally to the stock market. The scientific novelty of the work stems from presenting an assessment of the impact of modeled factors on various groups (portfolios) of cryptocurrencies over certain periods of time. The study recommends to conduct further analysis of the profitability factors of cryptocurrencies on more homogeneous samples.
    Keywords: cryptocurrencies, profitability factors, pricing models, time series, profitability, market capitalization, financial models, CAPM, Fama-French.
  3. By: Gianluca Benigno; Carlo Rosa
    Abstract: Cryptocurrencies’ market capitalization has grown rapidly in recent years. This blog post analyzes the role of macro factors as possible drivers of cryptocurrency prices. We take a high-frequency perspective, and we focus on Bitcoin since its market capitalization dwarfs that of all other cryptocurrencies combined. The key finding is that, unlike other asset classes, Bitcoin has not responded significantly to U.S. macro and monetary policy news. This disconnect is puzzling, as unexpected changes in discount rates should, in principle, affect the price of Bitcoin.
    Keywords: cryptocurrency; Bitcoin; macro news; bubbles
    JEL: E2 E52
    Date: 2023–02–08
  4. By: Hanna Halaburda; David Yermack
    Abstract: This paper studies the operations and financial valuations of 13 cryptocurrency mining companies that are listed on the NASDAQ stock exchange and have facilities in North America. We find that miners using Texas wind power are offline more than other miners, in a more erratic pattern, while receiving significant revenue augmentations from “curtailment” payments by electric utilities. Despite having relatively low activity levels, these Texas miners are more profitable than those using more stable sources of energy such as hyrdo power or solar power, as reflected in significantly higher enterprise values. We find a negative and significant beta between crypto mining stocks and an index of electric utilities, suggesting that ownership of a crypto mining company might provide a useful channel for risk management in the electric power industry.
    JEL: G23 L23 L94
    Date: 2023–02
  5. By: Lin William Cong; Xiang Hui; Catherine Tucker; Luofeng Zhou
    Abstract: Blockchain-based smart contracts can potentially replace certain traditional contracts through decentralized enforcement and reduced transaction costs. However, scalability is a key bottleneck hindering their broader application and adoption, often leading to concentrated or exclusive networks. To avoid falling short of the original promise of the technology, firms actively explore "layer-2" methods for scaling. We provide some initial evidence on the economic implications of a layer-2 scaling solution, which moves information aggregation from on-chain to off-chain peer-to-peer networks. A parallel-system experiment allows clean identification because we observe the same unit in the treatment and control systems at the same time. We find that this scaling solution reduces operating costs by 76%, and importantly, leads to decentralization with lower market concentration and more participation, which in turn improves data accuracy. The findings provide initial evidence of how blockchain and smart contracting technologies evolve towards achieving decentralized and scalable trust.
    JEL: D20 L86 O33
    Date: 2023–02
  6. By: Jangho Lee; Lily Wu; Andrew E. Dessler
    Abstract: The use of energy by cryptocurrency mining comes not just with an environmental cost but also an economic one through increases in electricity prices for other consumers. Here we investigate the increase in wholesale price on Texas ERCOT grid due to energy consumption from cryptocurrency mining. For every GW of cryptocurrency mining load on the grid, we find that the wholesale price of electricity on the ERCOT grid increases by 2 per Cent. Given that todays cryptocurrency mining load on the ERCOT grid is around 1 GW, it suggests that wholesale prices have already risen this amount. There are 27 GW of mining load waiting to be hooked up to the ERCOT grid. If cryptocurrency mining increases rapidly, the price of energy in Texas could skyrocket.
    Date: 2023–02
  7. By: Dongling Cai; Yi Qian; Ning Nan
    Abstract: This article adopts a marketing perspective to examine how blockchain technology can facilitate innovation by streamlining the licensing process of intellectual property (IP). It notes that in the traditional world, there can be a tension between inventors and developers when it comes to licensing IP before a patent is granted. Developers need more information about the IP in order to estimate its value, while inventors are hesitant to disclose too much information for fear that developers will use it to develop and commercialize the IP without licensing it. The authors argue that blockchain's ability to create a transparent and secure record of the inventing process can alleviate these concerns. On the one hand, blockchain's traceability helps protect IP from infringement, encouraging inventors to disclose more information about their high-value IP. On the other hand, developers have more incentive to license IP rather than infringe on it because of the risk of punishment. The authors also suggest that the size of the community maintaining the blockchain is a crucial factor in ensuring the validity of the blockchain. They suggest that a community that is too large or too small would not be able to reach equilibrium. These findings provide insights into how blockchain can be used to improve the economics of IP.
    JEL: O3 O31 O33 O36 O39
    Date: 2023–02
  8. By: Purnamasari, Noor Afni
    Abstract: The airport is not only a supporting facility for air transportation for aircraft to land and take off, but the airport is also a symbol and gateway to an area and even a regional icon that is very proud of the region. Exposure or exposure on social media is a grant of popularity by someone who has great influence such as an influencer. Usually done by creating content and then uploading it to social media such as Instagram, or other social media platforms and exposure is also known as advertising space. This research uses a quantitative descriptive method. The number of samples in this study were 100 respondents. data collection technique was to give questionnaires to respondents, interviews and documentation. In proving and analyzing this, the validity and reliability tests, simple linear regression tests, and the coefficient of determination are used. Based on the hypothesis Based on the hypothesis and analysis carried out in this study, namely regarding the effect of Instagram social media exposure on service user interest, it can be seen for the variable Instagram social media exposure for a constant value of 31.940 and for the dependent variable air transportation service user interest for a regression coefficient of 0.603, which means that every 1% increase in the value of the dependent variable, the value of the independent variable increases by 0.603, which means that Instagram social media exposure affects the interest of air transportation service users. Based on the results of the determination coefficient test, it can be concluded that social media exposure instagram has a significant influence on the interest of air transportation service users by 41%.
    Date: 2023–01–30
  9. By: Van Roosebeke, Bert; Defina, Ryan
    Abstract: The topic of Central Bank Digital Currencies (CBDC) is highly relevant to deposit insurers. As an increasing number of central banks further their research and planning efforts in CBDC, IADI members are encouraged to intensify their understanding of the potential impact of the introduction of a CBDC in their own as well as in other jurisdictions. To assess the potential impact of a CBDC, a sound understanding of operating models and design features is crucial. These will affect factors of key interest to deposit insurers, such as the degree of replacement of bank deposits by CBDC. Also, the implications of choices regarding operating models and design features extend to the division of labour between central and commercial banks and the degree of privacy attached to CBDC usage. The paper offers a review of key issues relevant to deposit insurers regarding operating models and design features for CBDC, and links these to early global policy standards. Whilst not recommending a particular CBDC design, deposit insurers are encouraged to develop a deeper understanding of the principles presented and how the different policy options may affect the provision of deposit insurance.
    Keywords: deposit insurance; bank resolution; CBDC
    JEL: G21 G33
    Date: 2022–12–15
  10. By: Wenwen Yeh (Central Deposit Insurance Corporation)
    Abstract: The Central Deposit Insurance Corporation (CDIC) has introduced a reporting method for internet-only banks platform to conduct real-time monitoring and generate visualized analytical reports. The tool is based on an application programming interface (API). In alignment with the international Suptech development and acting in accordance with the policy of the Chinese Taipei Financial Supervisory Commission, CDIC established the Internet-only Banking Supervisory System (IBSS). This is an API-based platform, to which internet-only banks must file certain reports periodically and abnormal event notifications in real-time. This new monitoring and supervision fashion is in line with the IADI Core Principle 13 on 'Early Detection and Timely Intervention', which calls for a framework in which deposit insurers and financial authorities can detect potential threats in an early stage and intervene timely. The IBSS triggers an instant message alert to the CDIC and other financial safety net members upon an abnormal event to raise vigilance. In addition, the data collected through IBSS are made available to the relevant financial safety net members for use in supervision and risk monitoring.
    Keywords: deposit insurance, bank resolution
    JEL: G21 G33
    Date: 2023–01
  11. By: Rilwan Sakariyahu (Business School, Edinburgh Napier University); Fatima Oyebola Etudaiye-Muhtar (Ilorin Business School, University of Ilorin); Rodiat Lawal (School of Finance and Management, SOAS University of London); Olayinka Oyekola (Department of Economics, University of Exeter)
    Abstract: Several studies in the academic literature have identified the critical role of financial technology (fintech) in improving socio-economic conditions of nations, measured by human development index (HDI). However, despite the efforts to increase HDI using fintech, the ranking of African countries on the index table remains low. Given that access to electricity is imperative for fintech, and fundamental to human development, we provide novel evidence by investigating the degree to which the prevailing energy poverty in Africa affects the success of fintech on human development on the continent. Employing a number of econometric techniques which include linear (OLS, Prais-Winsten), instrumental-variable (GMM) and non-linear (M-M Quantile) regression models, our empirical framework is robust to heteroscedasticity, endogeneity, and cross-sectional dependence among countries. Our results show that fintech has a significant positive impact on human development and the impact remains consistent irrespective of the estimation methods employed. However, when we split our sample based on regions and income classification proposed by the World Bank, our results show that the impact of fintech, when interacted with access to electricity, on human development is more pronounced in the upper-middle, high-income, Eastern, Central and Southern countries. The Western countries have not significantly benefitted from fintech adoption, perhaps because those countries fall in the low-income categories and have a high prevalence of energy challenge. In light of the current state of human development in Africa, our study advocates for more investment in energy infrastructure for the rapid realization of the gains of fintech.
    Keywords: fintech, human development, energy poverty, access to electricity, sub-Saharan Africa
    JEL: C22 O43 Q4 Q43 Q48 Q55
    Date: 2023–02–15
  12. By: Chen, Cathy Yi-hsuan; Okhrin, Yarema; Wang, Tengyao
    Abstract: Econometricians are increasingly working with high-dimensional networks and their dynamics. Econometricians, however, are often confronted with unforeseen changes in network dynamics. In this article, we develop a method and the corresponding algorithm for monitoring changes in dynamic networks. We characterize two types of changes, edge-initiated and node-initiated, to feature the complexity of networks. The proposed approach accounts for three potential challenges in the analysis of networks. First, networks are high-dimensional objects causing the standard statistical tools to suffer from the curse of dimensionality. Second, any potential changes in social networks are likely driven by a few nodes or edges in the network. Third, in many dynamic network applications such as monitoring network connectedness or its centrality, it will be more practically applicable to detect the change in an online fashion than the offline version. The proposed detection method at each time point projects the entire network onto a low-dimensional vector by taking the sparsity into account, then sequentially detects the change by comparing consecutive estimates of the optimal projection direction. As long as the change is sizeable and persistent, the projected vectors will converge to the optimal one, leading to a jump in the sine angle distance between them. A change is therefore declared. Strong theoretical guarantees on both the false alarm rate and detection delays are derived in a sub-Gaussian setting, even under spatial and temporal dependence in the data stream. Numerical studies and an application to the social media messages network support the effectiveness of our method.
    Keywords: EP/T02772X/1
    JEL: J1
    Date: 2022–02–02
  13. By: Díaz de Astarloa, Bernardo
    Abstract: E-commerce fosters innovation and contributes to the process of digital transformation of MSMEs through the implementation of digital technologies, new business practices and new business models, which can improve the efficiency and productivity of companies beyond the effects on access to new national and international markets. This document presents some practices and policies that governments in Latin American and Caribbean countries have implemented before and after the COVID-19 pandemic to promote the participation of MSEs in cross-border e-commerce, including measures to deepen the penetration of the Internet, as well as encourage the adoption of technology-based business models.
    Date: 2023–01–12
  14. By: Weijia Dai; Hyunjin Kim; Michael Luca
    Abstract: Measuring the returns of advertising opportunities continues to be a challenge for many businesses. We design and run a field experiment in collaboration with Yelp across 18, 294 firms in the restaurant industry to understand which types of businesses gain more from digital advertising. We randomly assign 7, 209 restaurants to freely receive Yelp’s standard ads package for three months. The scale of the experiment gives us a unique opportunity to assess the heterogeneity in advertising effectiveness across a variety of business attributes. We find that restaurants that receive advertising on Yelp observe on average a 7-19% increase in a wide range of purchase intention outcomes, as well as a 5% increase in customer reviews. We find that gains are heterogeneous across firms, with independent and higher-rated businesses observing larger gains, as well as those with more reviews and higher pre-experiment organic traffic.
    JEL: D8 M3
    Date: 2023–02
  15. By: Da Silva, Filipe
    Abstract: Debido a las características técnico-económicas de los nuevos modelos de negocio en la economía digital, la regulación actual sobre competencia muestra cierta insuficiencia para prevenir y corregir las prácticas reñidas con la competencia en estos mercados. Como consecuencia, expertos han recomendado la adopción de regulación innovadora ex ante para complementar las herramientas tradicionales en mercados digitales. Salvo en el caso de control de concentraciones, la utilización de herramientas ex ante no es tan frecuente y muchas autoridades han emitido algunas reservas en cuanto a su uso en la región y en el mundo. Este documento busca relevar la información sobre cómo se están preparando las autoridades de competencia de América Latina y el Caribe para enfrentar los desafíos que plantean los mercados digitales, mapeando herramientas ex ante y capacidades frente a la presencia de prácticas anticompetitivas desplegadas por plataformas digitales.
    Date: 2022–12–29
  16. By: Gardner, Leigh
    Abstract: Research on Africa’s monetary history has tended to focus on the imposition of colonial currencies while neglecting the monetary upheavals which faced the colonial powers after the collapse of the gold standard during World War I. Gardner profiles three crises—in The Gambia, Kenya, and Liberia—resulting from shifting exchange rates between European currencies during the 1920s and 1930s. These three cases illustrate the degree to which colonial policies struggled to keep up with the economic turmoil affecting metropolitan states and bring Africa into the story of global monetary instability during the interwar period, which is often told only from a European perspective.
    Keywords: gold standard; colonialism; exchange rates; The Gambia; Liberia; Kenya; CUP deal
    JEL: N17 F54
    Date: 2022–12–20
  17. By: Louis Bertucci (Institut Louis Bachelier); Sébastien Choukroun; Julien Prat (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Cet article propose une analyse économique des stablecoins mettant en évidence les liens avec la finance traditionnelle. Même s'il existe des stablecoins dont l'arrimage est garanti par un tiers de confiance, cet article se concentre principalement sur les stablecoins gérés directement par un système d'incitations sur une blockchain décentralisée. Nous mettons en évidence les enjeux de gouvernance et de liquidation des stablecoins décentralisés, qui sont au coeur du système de maintien de leur valeur. Enfin, nous discutons des risques associés à ces stablecoins, notamment les mécanismes entraînant une perte de stabilité.
    Keywords: stablecoins, finance décentralisée, Panique bancaire
    Date: 2022
  18. By: Dahlstrand Rudin, Amanda
    Abstract: Digital platforms are transforming services by making the physical distance between provider and user less relevant. I quantify the potential gains this flexibility offers in the context of digital primary care in Sweden, harnessing nationwide conditional random assignment between 200, 000 patients and 150 doctors. I evaluate causal effects of matching patients of varying risks to doctors with different skills and assess counterfactual policies compared to random assignment. Matching patients at high risk of avoidable hospitalizations to doctors skilled at triaging reduces avoidable hospitalizations by 20% on aggregate - without affecting other adverse outcomes, such as counter-guideline antibiotics prescriptions. Conversely, matching the best triaging doctors to the richest patients leads to more avoidable hospitalizations, since the most vulnerable patients are often the poorest. Hence, remote matching can sever the link between local area income and service quality in favor of a needs-based assignment, improving the effectiveness and equity of service provision.
    Keywords: skills; labor markets; health and inequality
    JEL: J24 J40 I10
    Date: 2022–12–07
  19. By: Diane Coyle; Rehema Msulwa
    Abstract: Construction is a large sector of the UK economy and official statistics show that construction productivity has flatlined despite adoption of advances in digital technology and increased outsourcing. We examine the evolution of the UK infrastructure construction industry and the scope for its digitization, describing the changing industry structure and the range of digital technologies being adopted. We consider the implications of technological innovation for productivity, both actual and measured. We focus on two possible explanations for this particular piece of the productivity puzzle: time lags and different potential sources of mismeasurement.
    Keywords: construction, digitisation, infrastructure, productivity
    JEL: L10 L11 L16
    Date: 2022–09
  20. By: Nedjla Lemerini (Maghnia University Center); Abdellatif Habi (Université Aboubekr Belkaid - University of Belkaïd Abou Bekr [Tlemcen])
    Abstract: The study aims to identify the reality of financial inclusion in Algeria and the Arab world by examining the concept of financial inclusion and its importance for economic development, and to address its indicators and the most important obstacles to the mainstreaming of financial services in the Arab world. The study concluded that the Arab world continues to suffer from low levels of financial inclusion compared to the countries of the world, facing serval challenges, which require the need to adopt an effective strategy to support and strengthen financial inclusion. As for Algeria, the ownership of the accounts at formal financial institutions have improved to an acceptable level, but borrowing from financial institutions is still very low.
    Keywords: Financial inclusion, Financial education, The Arab world, Algeria
    Date: 2022
  21. By: Pierre-Jean Benghozi (i3-CRG - Centre de recherche en gestion i3 - X - École polytechnique - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, UNIGE - Université de Genève = University of Geneva); Philippe Chantepie (Ministère de la Culture et de la Communication)
    Abstract: The video game industry is the latest addition to cultural industries and is digital from the outset. If it has been built on the traditional principles of the cultural industries, it differs from them in many essential ways. In this respect, the video game industry is a pioneer in general trends that now affect the entire content field. However, the video game business has not been spared by digital changes. They have led the industry to significant changes in its business models and ecosystem.
    Abstract: Dernière-née des industries culturelles, d'emblée numérique, l'industrie du jeu vidéo s'est cependant construite en empruntant aux modèles plus classiques des industries culturelles, mais en s'en différenciant par quelques traits essentiels. À ce titre, le jeu vidéo est pionnier d'évolutions générales qui touchent désormais l'ensemble du secteur des contenus. Pour autant, le secteur du jeu vidéo n'a pas été épargné par les mutations du numérique. Elles ont conduit le secteur à des évolutions fortes de ses modèles économiques et de son écosystème.
    Date: 2022
  22. By: -
    Abstract: In this digitally transforming world, digital inclusion is becoming increasingly important to social inclusion and sustainable development. Affordable access to broadband is an essential precondition to digital inclusion. Internet quality, as measured by speed and other indicators, is also important, as digital inclusion is ultimately about ensuring equal access to the benefits and opportunities offered by digital technologies and the Internet. This policy brief provides insight into Internet speed and affordability across the Caribbean, and offers some recommendations for policymakers working with digital technologies and telecommunications.
    Date: 2023–01–02
  23. By: Jung, Juan; Katz, Raúl
    Abstract: En este estudio se analiza el impacto que tuvo la pandemia de COVID-19 en los niveles de adopción de tecnologías digitales en América Latina. Se analizaron datos e indicadores sobre el uso de Internet, soluciones de teletrabajo y plataformas de comercio electrónico, transporte, mensajería y entrega de comida durante la pandemia y en los años anteriores a esta. A partir del desarrollo de modelos econométricos, se realiza una estimación sobre la probabilidad de uso de estas herramientas considerando una serie variables explicativas, vinculadas con las medidas sanitarias y, por ende, el efecto de la pandemia, y con variables de orden socioeconómico y demográfico. Los resultados señalan un efecto significativo de las restricciones impuestas por el COVID-19 en la adopción de Internet, el uso de herramientas digitales y el teletrabajo. Asimismo, queda en evidencia el efecto de la edad y el entorno en los niveles de intensidad de uso de las soluciones digitales. De esta forma, el estudio comprueba el papel que tuvo la pandemia en el impulso de la digitalización en los países de la región, pero también la relevancia de estas tecnologías en la resiliencia económica y el bienestar social.
    Date: 2022–11–16
  24. By: Jiasheng Zhu; Luyao Zhang
    Abstract: Gamification is an effective strategy for motivating and engaging users, grounded in business, marketing, and management by designing games in non-game contexts. Gamifying education, the design, and study of educational games, is an emerging trend. However, existing classroom games for understanding macroeconomics have weak connections to the micro-foundations of individual decision-making. We design an educational game on cryptocurrency investment for understanding macroeconomic concepts in microeconomic decisions. We contribute to the literature by designing game-based learning that engages students in understanding macroeconomics in incentivized individual investment decisions. Our game can be widely implemented in online, in-person, and hybrid classrooms. We also reflect on strategies for improving the user experience for future educational game implementations.
    Date: 2023–01
  25. By: Nonso Ewurum; Kenechi Ifeanacho; Okwuchi Juliet Akalemeaku; Ezinne Onyekwelu
    Abstract: Empiricism on institutional land administration in developing countries have historically and currently conveyed an anthology of process delays, database mismanagement, titling irregularities and data falsification encumbrances to real estate investment. In spite of these lingering information management deficiencies, a common argument does appear in extant research that the plethora of scholarly and cross-industry demonstrations of blockchain data management and security capacities and propensities are seemingly overlooked by land information managers in this region, especially in the focus area of Sub-Saharan Africa. The paper offers an instantiation for the validation of the Dynamic Capabilities Theory as predictor for blockchain-driven re-engineering of land information management processes in the area. The objectives of the study were to identify encumbrances of blockchain adoption in land information management in the study area, and to examine idiosyncratic dynamic capabilities which can be deployed in their attenuation. The methodology was a systematic review of related indexed studies which premised the theorizing of nexuses between idiosyncratic dynamic capabilities and organizational performance hindrances. From the findings of the study, pathways to a research agenda were established using 5 testable propositions for land information management. The paper promotes a theoretical framework for better understanding of the prospects of dynamic capabilities theory in engendering an improved and sustainable land information management system in the developing countries.
    Keywords: Blockchain technology; Disruptive technologies; Dynamic capabilities theory; Land information management system
    JEL: R3
    Date: 2022–01–01
  26. By: Lee, Heungmin
    Abstract: In recent years, pretrained language models (PLMs) have emerged as a powerful tool for natural language processing (NLP) tasks. In this paper, we examine the potential of these models in the finance sector and the challenges they face in this domain. We also discuss the interpretability of these models and the ethical considerations associated with their deployment in finance. Our analysis shows that pretrained language models have the potential to revolutionize the way financial data is analyzed and processed. However, it is important to address the challenges and ethical considerations associated with their deployment to ensure that they are used in a responsible and accountable manner. Future research will focus on developing models that can handle the volatility of financial data, mitigate bias in the training data, and provide interpretable predictions. Overall, we believe that the future of AI in finance will be shaped by the continued development and deployment of pretrained language models.
    Date: 2023–02–01
  27. By: Bouacheria Kebir (Université d'Oran 2 Mohamed Ben Ahmed [Oran]); Salhi Tarik (Université d'Oran 2 Mohamed Ben Ahmed [Oran])
    Abstract: Lately, new Information and Communication Technologies ICTs have hugely developed. Their impact on the banks, has been great. Thus, this paper takes a sample of the Algerian public banks in the city of Oran as case study using a questionnaire in order to show their level of engagement and maturity regarding the digital transformation and use of digital technologies. Findings that the Algerian public banks are interested in making up for their late joining of the digital world.
    Keywords: Digital transformation Algerian public banks ICTs Algeria. JEL Classification Codes : M31, M39, Digital transformation, Algerian public banks, ICTs, Algeria. JEL Classification Codes : M31
    Date: 2022–12–04
  28. By: Fabien Petit; Florencia Jaccoud; Tommaso Ciarli
    Abstract: This paper examines the labor market adjustments to four automation technologies (i.e. robots, communication technology, information technology, and software/database) in 227 regions across 22 European countries from 1995 to 2017. By constructing a measure of technology penetration, we estimate changes in regional employment and wages affected by automation technologies along with the reallocation of workers between sectors. We find that labor market adjustments to automation technologies differ according to i) the technology involved, ii) the sector of penetration, iii) the sectoral composition of the region, and iv) the region’s technological capabilities. These adjustments are driven largely by the reallocation of low-paid workers across sectors.
    Keywords: automation technology, labor market, employment reallocation, sectoral composition
    JEL: J21 O33 R23
    Date: 2023
  29. By: Renaud Bourlès (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique, IUF - Institut Universitaire de France - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Anastasia Cozarenco (CERMi - Centre for European Research in Microfinance, MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier); Dominique Henriet (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Xavier Joutard (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique, OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
    Abstract: In the microfinance sector, experienced lenders enjoy an information advantage over first-time entrepreneurs. Our study proposes an analysis of the business training provided on a par with microloans and its potential effect on borrowers'behavior. First, we present a simple theoretical mechanism showing that an information advantage concerning borrower risk can lead to a non-monotonic relationship between risk and business training provision. Second, using a hand-collected data set of loan applications to a French MFI, we empirically examine the relationship between business training provision and borrower risk, controlling for selection bias and endogeneity. The collected evidence supports the existence of a non-monotonic relationship and shows that business training significantly increases the survival time of loans. Our results are robust to alternative econometric models.
    Keywords: Business training, Microcredit, Informed lender
    Date: 2022–12

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