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on Payment Systems and Financial Technology |
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Issue of 2023‒04‒03
thirty papers chosen by |
| By: | David Vidal-Tom\'as; Antonio Briola; Tomaso Aste |
| Abstract: | This investigation analyses the factors leading to the collapse of the FTX digital currency exchange. We identify the collapse of Terra-Luna as the trigger event causing a significant decrease in liquidity to the crypto exchange which heavily relied on leveraging and misusing its native token, FTT. Additionally, we analyze the interdependencies of 199 cryptocurrencies at hourly intervals and find that the collapse was accelerated by Binance tweets, originating a systemic reaction in the market. Finally, we highlight the growing trend of centralization within the crypto space and emphasize the importance of genuinely decentralized finance for a transparent, future digital economy. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2302.11371&r=pay |
| By: | Garnett, Philip (University of York) |
| Abstract: | There has been a lot of hype around blockchains and non fungible tokens (NFTs). However the technology is yet to establish itself beyond a limited number of fairly specific use cases, namely cryptocurrency and digital art. This commentary seeks to propose an outline framework for NFTs and Blockchains for digital provenance of important digital artifacts such as citizen intelligence and newspapers. This article develops an outline framework and reasoning for NFT and Blockchain technology to be used to establish provenance of digital artifacts in what is an increasingly contested digital space. A space where the subtle (and perhaps not so subtle) manipulation of video, images, and all forms of digital evidence and documents by humans, and increasingly artificial intelligence, could be used to challenge contemporary narratives and manipulate the past. This framework should be seen as an opening proposal to ignite discussion, as the establishment of any technology in this space should not be done without careful consideration. Nor should it be done by a single individual or group. |
| Date: | 2023–02–19 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:whmxb&r=pay |
| By: | Lee-Archer, Brian, |
| Keywords: | digitalization, social security administration, digital platforms, automation |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995221590202676&r=pay |
| By: | Giulio Caldarelli |
| Abstract: | Before the advent of alternative blockchains such as Ethereum, the future of decentralization was all in the hands of Bitcoin. Together with Nakamoto itself, early developers were trying to leverage Bitcoin potential to decentralize traditionally centralized applications. However, being Bitcoin a decentralized machine, available non-trustless oracles were considered unsuitable. Therefore, strategies had to be elaborated to solve the so-called oracle problem in the newborn scenario. By interviewing early developers and crawling early forums and repositories, this paper aims to retrace and reconstruct the chain of events and contributions that gave birth to oracles on Bitcoin. The evolution of early trust models and approaches to solving the oracle problem is also outlined. Analyzing technical and social barriers to building oracles on Bitcoin, the transition to Ethereum will also be discussed. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2302.07911&r=pay |
| By: | Asongu, Simplice A; Odhiambo, Nicholas M |
| Abstract: | The study assesses linkages between information technology, inequality and adult literacy in 57 developing countries for the period 2012-2016. Income inequality is measured with the Gini coefficient while six dynamics of information technology are taken on board, namely: use of virtual social network, internet access in schools, internet penetration, mobile phone penetration, fixed broadband subscription and number of personal computer users. The findings show that only internet access in schools unconditionally promote adult literacy. The corresponding inequality threshold that should not be exceeded in order for internet access in schools to continue promoting adult literacy is 0.739 of the Gini coefficient. Policy implications are discussed. |
| Keywords: | information technology, inequality; adult literacy |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:uza:wpaper:29843&r=pay |
| By: | Giuseppe Nicoletti; Cristiana Vitale; Carolina Abate |
| Abstract: | Digital markets have raised a number of new competition challenges. Ex-post competition policy appears not to be able to address them in their entirety and with the necessary speed. There is considerable consensus, among academics and policy-makers, that ex-ante regulatory policies are needed to avoid competition being stifled in these markets, with a negative impact on productivity and innovation. As a result, major OECD economies are discussing or have approved regulatory proposals with the aim to foster contestability and fair trade in digital markets. |
| Keywords: | Competition, Digital Economy, Digital Market Act, Digital Markets, Gatekeepers, Platforms, Product Market Regulation, Productivity, Regulation |
| JEL: | D4 K3 L1 L2 L4 L5 |
| Date: | 2023–03–20 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1752-en&r=pay |
| By: | Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel |
| Abstract: | Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian model with a heterogeneous household sector. We consider that a CBDC may facilitate transactions. In particular, households will face additional transaction costs if they do not hold their optimal mix of conventional forms of money and CBDC. We analyze the impact of four different CBDC regimes: (i) no CBDC, (ii) each household may hold an unlimited amount of CBDC, (iii) the central bank sets a maximum amount of CBDC each household is allowed to hold, (iv) the central bank uses the CBDC as a monetary policy instrument by adjusting the maximum amount of CBDC each household is allowed to hold. Generally, we find that the introduction of a CBDC increases economy-wide utility as it allows higher consumption. Moreover, the shock absorption capability increases in an economy with CBDC. This particularly applies to the case when the central bank uses the CBDC as a monetary policy instrument. By adjusting the maximum amount of CBDC, the central bank can stabilize prices more effectively after adverse shocks. However, this stabilization implies distributional effects between households. |
| Keywords: | Central bank digital currency, monetary policy, household heterogeneity, central banks, New Keynesian model |
| JEL: | E52 E42 E58 E41 E51 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:dicedp:396&r=pay |
| By: | Accominotti, Olivier; Lucena-Piquero, Delio; Ugolini, Stefano |
| Abstract: | This article presents a detailed analysis of how liquid money market instruments—sterling bills of exchange—were produced during the first globalization. We rely on a unique dataset that reports systematic information on all 23, 493 bills re‐discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global nature of the London bill market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this market. The complex industrial organization of the London money market ensured that risky private debts could be transformed into extremely liquid and safe monetary instruments traded throughout the global financial system. |
| Keywords: | money market; industrial organisation; information asymmetry; bill of exchange |
| JEL: | E42 G23 L14 N20 |
| Date: | 2021–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:107104&r=pay |
| By: | Fabian Baumann; Daniel Halpern; Ariel D. Procaccia; Iyad Rahwan; Itai Shapira; Manuel Wuthrich |
| Abstract: | Social media platforms are known to optimize user engagement with the help of algorithms. It is widely understood that this practice gives rise to echo chambers\emdash users are mainly exposed to opinions that are similar to their own. In this paper, we ask whether echo chambers are an inevitable result of high engagement; we address this question in a novel model. Our main theoretical results establish bounds on the maximum engagement achievable under a diversity constraint, for suitable measures of engagement and diversity; we can therefore quantify the worst-case tradeoff between these two objectives. Our empirical results, based on real data from Twitter, chart the Pareto frontier of the engagement-diversity tradeoff. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.03549&r=pay |
| By: | Uzma Zia (Pakistan Institute of Development Economics) |
| Abstract: | Pakistan has performed in local hand set manufacturing and has gradually become exporter of mobile phones. Being a new product for exports, no specific export targets were set before but the “domestic increase in production of handsets” and “initiating export successfully” is encouraging. The local mobile phone manufacturing industry is expected to promote Pakistan’s in-house handset manufacturing, exports, the digital economy through providing mobile services particularly in the form of mobile broadband and hence; enhancing digital connectivity, ecosystem & innovation. |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pid:kbrief:2022:79&r=pay |
| By: | Emiliano Giupponi |
| Abstract: | El objetivo de este trabajo es analizar los motivos de la demanda de bitcoin. Para ello, se construye un modelo de generaciones superpuestas que incluye actores influyentes y seguidores. La conjetura es que la demanda de bitcoin está asociada a un parámetro de influencia que responde al comportamiento de estos actores. Para la evaluación empírica, se construyen conjuntos de datos que estiman el comportamiento de los influyentes y los seguidores. Los resultados confirman la conjetura propuesta. |
| JEL: | E40 E42 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4567&r=pay |
| By: | Hadwiger, Felix, |
| Abstract: | En el presente estudio se aportan datos empíricos obtenidos en diferentes regiones del mundo con el fin de determinar las vías de acceso de los trabajadores de la economía de plataformas digitales a la libertad de asociación y la libertad sindical y a la negociación colectiva. Los datos indican que la manifestación de protestas colectivas, la creación de nuevas organizaciones y plataformas de trabajadores, el diálogo social y, en cierta medida, la negociación colectiva son fenómenos presentes en el marco de las plataformas digitales. Las experiencias in situ descritas en este estudio ponen de manifiesto la existencia de fórmulas viables y de una demanda propicia para crear un entorno aún más favorable a la libertad de asociación y la libertad sindical y a la negociación colectiva, en el cual los trabajadores y los empleadores puedan aprovechar las oportunidades que les brinda la economía de plataformas. |
| Keywords: | digital labour platforms, platform workers, trade union, freedom of association., collective bargaining, workers rights, technological change |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995213593502676&r=pay |
| By: | Salome Baslandze (Federal Reserve Bank of Atlanta); Jeremy Greenwood (University of Pennsylvania); Ricardo Marto (University of Pennsylvania); Sara Moreira (Northwestern University) |
| Abstract: | The last decades have seen large improvements in advertising technology that allowed firms to target better specific consumers. The relationship between advertising, the rise of product varieties, and economic welfare is studied here. A model of advertising and product varieties is developed, where firms choose the intensity of digital ads directed at specific consumers as well traditional ads that are undirected. The calibrated model shows that improvements in digital advertising have driven the rise in product varieties over time. Causal empirical evidence, using detailed micro data on firms’ products and advertising choices for the 1995-2015 period and exogenous variation in consumers’ differential access to the internet, supports the suggested theoretical mechanism. |
| Keywords: | causality, digital (directed) advertising, lightening strikes, micro-level data, product lines, regression analysis, specialization, targeting, traditional (undirected) advertising, varieties |
| JEL: | E13 L15 I31 M37 O14 O31 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:eag:rereps:37&r=pay |
| By: | Goyal, Krishna |
| Abstract: | The relationship between social media and government can be seen as one with a strong future, since social media has the potential to be an excellent tool for communicating with constituents, initiating campaigns, building awareness about initiatives, and providing communication support at critical times. There is no doubt that governments, politicians, and lawmakers alike understand how social media has played a major role in their communication strategies in recent years. Having an engaged citizenry is the key to a successful democracy, and social media is the best way to engage citizens in your democracy. By leveraging social media, government entities can be able to interact directly with citizens in a more personal and accessible manner than is possible through press conferences, television appearances, or ad campaigns, which is one of the most efficient and effective ways of interacting with citizens. A lot of benefits can be gained by individuals who work in government agencies by understanding how social media, if used correctly, can be a great tool to provide them with information and resources. As a result of the direct engagement with the public on social media, even when the best intentions are in place, it is essential that government accounts are prepared for the challenges that will arise as a result of directly engaging with the public on social media. |
| Keywords: | social media, government agencies, political openion, channels for communication, democratizing media, digitization, economy |
| JEL: | O1 O32 Q55 |
| Date: | 2021–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:116572&r=pay |
| By: | McCampbell, Mariette |
| Abstract: | Digital and automation solutions can solve labour bottlenecks, increase agricultural productivity, resilience and efficiency, and improve environmental sustainability. However, access is limited in low- and lower-middle-income countries, especially for small-scale producers. Based on ten case studies in sub-Saharan Africa, Latin America and the Caribbean and Asia, this study investigates the suitability of digital and automation solutions for small-scale producers, the main drivers and barriers to their adoption and the role of policies and regulations in creating an enabling environment. Findings show that technologies in the study countries are largely limited to smartphones and tablets, and related software tools (e.g. mobile applications). Most digital and automation solutions focus on crops, some on livestock and aquaculture, and a few on agroforestry. The most important adoption barriers include the high investment cost, lack of digital skills and knowledge and a lack of an enabling environment. Yet, advances in mechanization supported by digital technologies, and the development of hiring platforms foster adoption. The emergence of guidelines, strategic plans and policies that regulate and streamline automation should be encouraged, as should providing producers with information about the benefits and costs of digital and automation solutions. This study was developed as a background document for the FAO report "The State of Food and Agriculture 2022 – Leveraging automation in agriculture for transforming agrifood systems" (https://doi.org/10.4060/cb9479en). |
| Keywords: | Agricultural and Food Policy, Research and Development/Tech Change/Emerging Technologies |
| Date: | 2022–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:ags:faoets:330812&r=pay |
| By: | Yu Jeffrey Hu; Jeroen Rombouts; Ines Wilms |
| Abstract: | On-demand service platforms face a challenging problem of forecasting a large collection of high-frequency regional demand data streams that exhibit instabilities. This paper develops a novel forecast framework that is fast and scalable, and automatically assesses changing environments without human intervention. We empirically test our framework on a large-scale demand data set from a leading on-demand delivery platform in Europe, and find strong performance gains from using our framework against several industry benchmarks, across all geographical regions, loss functions, and both pre- and post-Covid periods. We translate forecast gains to economic impacts for this on-demand service platform by computing financial gains and reductions in computing costs. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.01887&r=pay |
| By: | -, Farnazia |
| Abstract: | The study “Customers preferences about Mobile phones: Nokia, Samsung and Sony Ericsson”. To analyzes and identifies the problems and reasons which satisfy or dissatisfy the customers of mobile phones. In this thesis first of all problems to be identify that what are the reasons for the customers to be satisfied and dissatisfied regarding mobile phones. What are the features, which are more demanding among customers? Whether price is important variable to customers or features, also to identify the market position of Nokia, Samsung and Sony Ericsson among customers and also among distributors. First of all research study started from interview with distributors (United Mobile, Mobile Zone, Emirates Telecom and Advance Telecom) of Nokia, Samsung and Sony Ericsson. Then after identifying the distributors view, research focused on customers that how many customers have mobile phone and what is their thinking about it that whether it is their need, luxury or fashion. Conclusion of this research study is that Nokia is leading the market because of its durability, resale value etc. Sony Ericsson and Samsung should consider the features and also work upon to the durability of a product in order to compete with Nokia. The competition in the mobile phone business is increasing in Pakistan rapidly, more companies are now in business, providing attractive incentives to customers, hence Nokia, Samsung and Sony Ericsson must strengthen their research wing, public requirements provide more incentives to customers to safe their market position, beside making profitable business. |
| Keywords: | Customer Preferences |
| JEL: | M0 |
| Date: | 2023–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:116556&r=pay |
| By: | Johannes Wimmer (LMU Munich); Leonhard Vollmer (LMU Munich) |
| Abstract: | The rise of right-wing populism throughout Western democracies coincided with an increasing adoption of social media – both among supporters and opponents of right-wing populism alike. In light of these trends, we assess whether grassroots organizations are effective in combating right-wing populism via social media. We study this question using a tightly controlled online field experiment embedded in the Facebook campaign of a German grassroots organization. Leveraging geo-spatial variation in where the organization disseminated its Facebook ads targeting Germany’s leading right-wing populist party (AfD), we find that the campaign did not significantly affect the AfD’s vote share and turnout. Drawing on data from a complementary online experiment, we show that insufficient outreach on Facebook together with the absence of individual-level responses of attitudes and behavior explains why the campaign did not meaningfully shape aggregate election outcomes. |
| Date: | 2023–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:390&r=pay |
| By: | Carolina Coimbra Vieira (Max Planck Institute for Demographic Research, Rostock, Germany); Sophie Lohmann (Max Planck Institute for Demographic Research, Rostock, Germany); Emilio Zagheni (Max Planck Institute for Demographic Research, Rostock, Germany) |
| JEL: | J1 Z0 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dem:wpaper:wp-2023-009&r=pay |
| By: | Chen, Yongmin |
| Abstract: | I review models of consumer search and competition when product quality is uncertain and differs across firms. Although firms are vertically---and possibly also horizontally---differentiated, an appropriate symmetric price equilibrium with optimal consumer search can be neatly characterized. I propose a "random-quality" framework that unifies these models and discuss their insights on the operation of consumer search markets, focusing on (i) online advertising and search through platforms, (ii) the welfare effects of entry in search markets, and (iii) the role of quality observability under search frictions. I suggest directions for further research on these and related topics. |
| Keywords: | consumer search, search cost, competition, product quality, firm quality, platform, entry, inspection goods, experience goods, quality observability. |
| JEL: | D8 L1 |
| Date: | 2023–03–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:116609&r=pay |
| By: | Saida Filali (Université Mohamed 1 Oujda MAROC); Nassima Faraj (Université Mohamed 1 Oujda MAROC) |
| Abstract: | Digital marketing is revolutionizing organizational structures including businesses, especially Moroccan SMEs, offering a set of opportunities to improve the traditional way of operating while building a more authentic relationship with customers. Indeed, digital marketing brings forward important characteristics for SMEs in search of efficiency and performance, and it is considered as an interesting alternative to traditional approaches. To this end, the interest of our study is to show the main issues and challenges that the digitalization of the marketing function can have on Moroccan SMEs. In this context, the problematic we will try to answer is an original one aiming to explore the impact of the introduction of digital within the marketing function by taking the case of SMEs. To this end, we opted for a sample of 4 consultants to respond to the exploratory phase and 41 respondents for the confirmatory phase. The results have shown that digital marketing is a double-edged sword in that it can have different impacts on SME structures. With respect to the contributions of the study, we first point out the results will be beneficial for SMEs which constitute a large part of the Moroccan economic fabric, and a concise methodology based on the triangulation between the qualitative and quantitative approach. As for the limitations, we mention that the number of respondents is somewhat limited. |
| Keywords: | Digital marketing SME challenges issues Morocco. JEL Classification : M31 Paper type : Empirical research, Digital marketing, SME, challenges, issues, Morocco. JEL Classification : M31 Paper type : Empirical research |
| Date: | 2022–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03895605&r=pay |
| By: | Hadwiger, Felix, |
| Abstract: | La présente étude fournit des données empiriques provenant de diverses régions du monde, et qui permettent d’identifier les possibilités pour les travailleurs de l'économie des plateformes d’avoir accès à la liberté syndicale et à la négociation collective. Elle montre que les revendications collectives, la création de nouvelles organisations de travailleurs et plateformes, le dialogue social et dans une certaine mesure la négociation collective deviennent des réalités dans l'économie des plateformes. Les expériences de terrain décrites dans cette étude indiquent qu’il existe tant une demande que les moyens de créer un environnement encore plus favorable à la liberté syndicale et à la négociation collective afin de concrétiser les opportunités de l'économie des plateformes dans l’intérêt des travailleurs et des employeurs. |
| Keywords: | digital labour platforms, platform workers, trade union, freedom of association., collective bargaining, workers rights, technological change |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995216692902676&r=pay |
| By: | Jolian McHardy (Department of Economics, University of Sheffield, UK) |
| Abstract: | Strategic price interaction on networks with rival and interchangeable services are well-known to produce damaging externalities with which the number of agents acting independently can interact in non-linear ways. We examine how varying the number of independent agents can impact the relative performance of platform models on a transport network whose design can mitigate some of the damaging externalities in the 2-agent setting. We show that increasing the number of agents can preserve or enhance some of the benefits of the platform models under some circumstances but the platform structure, that abates damaging externalities with 2-agents, can constrain beneficial competitive forces with more agents, damaging relative performance. |
| Keywords: | Platform; Strategic Interaction; Multi-operator; Transport Network; Pricing; Welfare |
| JEL: | D43 L13 L91 R40 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2023007&r=pay |
| By: | Soumen Banerjee |
| Abstract: | Attention has recently been focused on the possibility of artificially intelligent sellers on platforms colluding to form cartels to limit output and raise prices. Such cartels, however, feature an incentive for individual sellers to deviate from the prescribed quantities and prices (cheating) to increase their own profits. Stabilizing such cartels therefore requires credible threats of punishments such as price wars. In this paper, I propose a mechanism to destabilize cartels by protecting any cheaters from a price war by guaranteeing a stream of profits which is unaffected by arbitrary punishments. This method applies to the sale of differentiated goods on (multiple) platforms or homogeneous goods through direct sales. This method for destabilizing cartels operates purely off-equilibrium, induces no welfare losses, features very low informational requirements (sale price and quantity data suffices) and does not depend on the choice of discount factors. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.02576&r=pay |
| By: | Jiahua Xu; Daniel Perez; Yebo Feng; Benjamin Livshits |
| Abstract: | Decentralized finance (DeFi) has seen a tremendous increase in interest in the past years with many types of protocols, such as lending protocols or automated market-makers (AMMs) These protocols are typically controlled using off-chain governance, where token holders can vote to modify different parameters of the protocol. Up till now, however, choosing these parameters has been a manual process, typically done by the core team behind the protocol. In this work, we model a DeFi environment and propose a semi-automatic parameter adjustment approach with deep Q-network (DQN) reinforcement learning. Our system automatically generates intuitive governance proposals to adjust these parameters with data-driven justifications. Our evaluation results demonstrate that a learning-based on-chain governance procedure is more reactive, objective, and efficient than the existing manual approach. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2302.09551&r=pay |
| By: | Decker, Frank; Goodhart, Charles A. E. |
| Abstract: | This article assesses the theory of credit mechanics within the context of the current money supply debate. Credit mechanics and related approaches were developed by a group of German monetary economists during the 1920s-1960s. Credit mechanics overcomes a one-sided, bank-centric view of money creation, which is often encountered in monetary theory. We show that the money supply is influenced by the interplay of loan creation and repayment rates; the relative share of credit volume neutral debtor-to-debtor and creditor-to-creditor payments; the availability of loan security; and the behaviour of non-banks and non-borrowing bank creditors. With the standard textbook models of money creation now discredited, we argue that a more general approach to money supply theory involving credit mechanics needs to be re-established. |
| Keywords: | bank credit creation; money supply theory; credit and balances mechanics; borrowers' collateral |
| JEL: | E40 E41 E50 E51 |
| Date: | 2022–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111819&r=pay |
| By: | Schubert, Torben; Ashouri, Sajad; Deschryvere, Matthias; Jäger, Angela; Visentin, Fabiana (RS: GSBE other - not theme-related research, Mt Economic Research Inst on Innov/Techn); Cunningham, Scott; Hajikhani, Arash; Pukelis, Lukas; Suominen, Arho |
| Abstract: | Digitalization is considered an important driver of the unravelling societal and economic transformations. However, holding both promises and challenges, its effects on the performance of individual firms are still underexplored. In this paper, we recognize that digitalization may take many shapes and try isolating the effects specifically of product digitization on firm level labour productivity. Our analyses are based on a large Europe-wide unique dataset combining structured information from ORBIS and PATSTAT with novel web-scraped information on digitalization in firms involved in high-tech manufacturing. We show that digitalization benefits productivity. However, the effect appears to result exclusively from product digitization, while a general digital intensity measure turned out to be insignificant. Moreover, we show that the effects are stronger for firms with higher initial productivity and firms located in countries considered digitally leading. Our results from the European high-tech sector suggest that the digital transformation in Europe is slow paced and scaled-up in only a fraction of the firms. |
| JEL: | O49 C81 O33 D20 O47 |
| Date: | 2023–02–14 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2023004&r=pay |
| By: | Ozili, Peterson K |
| Abstract: | This paper analyses the association between financial inclusion and environmental sustainability. The study uses Pearson correlation analysis to analyse the association between financial inclusion and environmental sustainability. The level of financial inclusion was measured using two supply-side financial inclusion indicators: the number of ATMs per 100, 000 adults and the number of commercial bank branches per 100, 000 adults. Environmental sustainability was measured using two indicators: the environmental policy stringency index and the environmentally adjusted multifactor productivity growth index. The study finds that financial inclusion is positively correlated with environmental sustainability particularly in non-EU countries. The result implies that financial inclusion programs and efforts in non-EU countries complement environmental sustainability efforts toward achieving the United Nations sustainable development goals (SDGs). The findings also reveal a significant and negative association between environmental policy stringency and environmentally adjusted multifactor productivity growth particularly in EU member-countries and European countries, implying that strict environmental protection policies may harm green growth in EU and European countries. |
| Keywords: | Environment, sustainability, sustainable development, financial inclusion, access to finance, supply-side financial inclusion |
| JEL: | G21 Q01 Q54 Q56 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:116586&r=pay |
| By: | Thies, Ferdinand; Huber, Alexander; Bock, Carolin; Benlian, Alexander |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:124912&r=pay |
| By: | Maria Carolina G. Brandstetter; Ítalo Henrique N. Durão |
| Abstract: | Partindo da relacao entre risco e retorno, o tomador de credito buscar maneiras de diminuir o risco da operacao para o credor e uma dessas maneiras e utilizando uma garantia com lastro imobiliario. O Home Equity surge nesse contexto como uma operacao financeira em que o proponente utilizara um imovel como garantia, que devera ser avaliado previamente para se chegar a um valor de mercado e a um indice de liquidez. O trabalho tem por objetivos caracterizar a modalidade de Home Equity e identificar o perfil dos tomadores de operacoes de credito na modalidade, correlacionando variaveis socioeconomicas para definicao do proponente e definindo qual e o tipo mais frequente de proponente nesse tipo de operacao de credito. Um estudo de caso foi desenvolvido em uma empresa fintech que atua nos mercados financeiro e imobiliario. Inicialmente os processos internos da empresa foram caracterizados, desde a captacao do cliente, analise de credito, liquidacao e registro da alienacao fiduciaria. Para o estudo, foi utilizada uma base de dados contendo acima de 500 operacoes de Home Equity. Foram selecionadas 7 variaveis para analise: localizacao do imovel, faixa etaria, renda mensal, objetivo do emprestimo, tipo do imovel, valor do emprestimo requisitado e status da proposta. Dentre as vantagens do Home Equity, pode-se citar taxas de juros mais baixas, devido a maior seguranca da operacao, que tem um imovel como lastro; processos menos burocraticos; agilidade na liberacao do credito e prazos de pagamento mais longos, que diminuem as parcelas mensais. Porem e necessario que o cliente consiga manter uma saude financeira durante o processo, a fim de conseguir se manter adimplente nas parcelas e no final do periodo reaver a titularidade do imovel dado como garantia. |
| Keywords: | Clientes; Credit; Crédito; Customers; Home Equity; mercado imobiliário; real estate |
| JEL: | R3 |
| URL: | http://d.repec.org/n?u=RePEc:lre:wpaper:lares-2022-4dpn&r=pay |