nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2023‒08‒14
27 papers chosen by

  1. Interconnected DeFi: Ripple Effects from the Terra Collapse By Anton Badev; Cy Watsky
  2. Towards acceptance criteria for a digital euro By Krüger, Nicolai; Busche, Jan
  3. Leveraging Machine Learning for Multichain DeFi Fraud Detection By Georgios Palaiokrassas; Sandro Scherrers; Iason Ofeidis; Leandros Tassiulas
  4. Runs on Stablecoins By Kenechukwu E. Anadu; Pablo D. Azar; Catherine Huang; Marco Cipriani; Thomas M. Eisenbach; Gabriele La Spada; Mattia Landoni; Marco Macchiavelli; Antoine Malfroy-Camine; J. Christina Wang
  5. Digitalization of the Housing Search: Homeseekers, Gatekeepers, and Market Legibility By Boeing, Geoff; Harten, Julia; Sanchez-Moyano, Rocio
  6. Taxing Cryptocurrencies By Ms. Katherine Baer; Ruud A. de Mooij; Mr. Shafik Hebous; Mr. Michael Keen
  7. Uncertainty, politics, and crises: The case for cash By Rösl, Gerhard; Seitz, Franz
  8. Access and Exposure to Local News Media in the Digital Era: Evidence from U.S. Media Markets By Minji Bang; Lucie L'Heude; Andrew Postlewaite; Holger Sieg
  9. A Scalable Reinforcement Learning-based System Using On-Chain Data for Cryptocurrency Portfolio Management By Zhenhan Huang; Fumihide Tanaka
  10. Central bank digital currency and European banks’ balance sheets By Marco Petracco Giudici; Francesca Di Girolamo
  11. Exploring the relationship between dimensions of branded content and interactivity on twitter: a data-driven content marketing approach By O?uz Ku?; Charmaine Du Plessis
  12. Policy Influence and Influencers Online and Off By Kotkaniemi, Anniina; Ylä-Anttila, Tuomas; Chen, Ted Hsuan Yun
  13. Social media use among American Indians in South Dakota: Preferences and perceptions By Deepthi Kolady; Amrit Dumre; Weiwei Zhang; Kaiqun Fu; Marcia O'Leary; Laura Rose
  14. The creation of digital innovative start-ups: the role of digital knowledge spillovers and digital skill endowment By Alessandra Colombelli; Emilio Paolucci; Elisabetta Raguseo; Gianluca Elia
  15. The Effects of Cryptocurrency Wealth on Household Consumption and Investment By Darren Aiello; Scott R. Baker; Tetyana Balyuk; Marco Di Maggio; Mark J. Johnson; Jason D. Kotter
  16. Would Friedman Burn your Tokens? By Aggelos Kiayias; Philip Lazos; Jan Christoph Schlegel
  17. An Update on the Federal Reserve’s Instant Payments Service: FedNow® By Loretta J. Mester
  18. Transaction Fee Mechanism Design with Active Block Producers By Maryam Bahrani; Pranav Garimidi; Tim Roughgarden
  19. The Digital Markets Act and the Whack-A-Mole Challenge By Jens-Uwe Franck; Martin Peitz
  20. Analysis of cashless economy, demand for money and price determination : A possibility for implementation in Nigeria By EKPEYONG, PAUL
  21. Financial Inclusion and Hurdles to Funding Female Entrepreneurs in Tunisia By Imène Berguiga; Philippe Adair
  22. Payments and prices By Dirk Niepelt
  23. THE EFFECT OF DIGITAL ACCOUNTING ON FUND MANAGEMENT PATTERNS IN INVESTMENT INSTRUMENTS AT PT CAHAYA ANUGRAH SAKTI By Firmansyah, Bagas; Najmuddien, Fiqri; Firmansyah, Bagas; Lailina, Mustafiyatus Nur; Pandin, Maria Yovita R.
  24. Cross-Platforms Merger Effects By Paudel, Ujjwol
  25. General purpose technologies : uma proposta teórica para a leitura da World Wide Web By Sahra Ferreira Pinheiro; Márcia Siqueira Rapini; Leonardo Costa Ribeiro
  26. Changes in Value in the Consumption Society: Sociological Analysis of the Phenomenon of Online Shopping By Jinan, Mustofa Ali
  27. Crowdfunding OA publications can be a way to finance APC By APC-Bard, AI

  1. By: Anton Badev; Cy Watsky
    Abstract: The emerging world of decentralized finance (DeFi), facilitated by smart contracts operating on blockchain networks, has been notable both for its rapid growth and the high-profile collapses of several of its largest participants. In this paper, we provide a technical account of the financial mechanisms which facilitated the growth and eventual collapse of the Terra Network. From this analysis, we outline a generalizable economic theory of blockchains which aims to differentiate the economics of blockchains as programmable environments from blockchains as accounting ledgers for crypto-assets. This adds to the existing literature on crypto-assets, which largely focuses on the financial characteristics of the crypto-assets themselves rather than their underlying blockchains. We argue that DeFi is structured so as to offer consumers distinct blockchain networks as competing choices differentiated by several key characteristics. We test several implications of this theory using Terra's collapse as a natural experiment, finding evidence that bridges between programmable blockchain networks create increased risk of spillover effects to other blockchains' programmable environments in the wake of a major shock event like Terra's collapse. Specifically, blockchains suffered a time-bound loss of market share and the likelihood of this loss grew approximately 40% for each additional bridge that was deployed in common with Terra at the time of Terra's collapse.
    Keywords: DeFi; Cryptocurrencies; Stablecoins
    JEL: G23 G01 E42
    Date: 2023–06–29
  2. By: Krüger, Nicolai; Busche, Jan
    Abstract: Alongside other central banks, the European Central Bank (ECB) is currently exploring the potential of a Central Bank Digital Currency (CBDC). Such a significant payment innovation requires compliance with the ECB's mandate based on the Treaties of the European Union, in addition to socio-technical and socioeconomic considerations. Thus, Information Systems (IS) researchers might witness and actively participate in one of the most important changes associated to currency-related fundamental rights in our time in the euro area. IS research can provide useful insights into technology acceptance criteria of a CBDC, which is a novel and unfamiliar technology for most people, and help identify requirements. Our paper provides an overview of the current state of development. Furthermore, we present a Technology Acceptance Model - based vignette study (N = 207) and derive design principles for a prospective digital euro (PDE). The results of the study show that acceptance by the German population can be assumed. However, there are significant differences depending on the final design choices.
    Keywords: Central Bank Digital Currency, European Central Bank, Digital Euro, Technology Acceptance Model, Intention to use, Cryptocurrencies
    Date: 2023
  3. By: Georgios Palaiokrassas; Sandro Scherrers; Iason Ofeidis; Leandros Tassiulas
    Abstract: Since the inception of permissionless blockchains with Bitcoin in 2008, it became apparent that their most well-suited use case is related to making the financial system and its advantages available to everyone seamlessly without depending on any trusted intermediaries. Smart contracts across chains provide an ecosystem of decentralized finance (DeFi), where users can interact with lending pools, Automated Market Maker (AMM) exchanges, stablecoins, derivatives, etc. with a cumulative locked value which had exceeded 160B USD. While DeFi comes with high rewards, it also carries plenty of risks. Many financial crimes have occurred over the years making the early detection of malicious activity an issue of high priority. The proposed framework introduces an effective method for extracting a set of features from different chains, including the largest one, Ethereum and it is evaluated over an extensive dataset we gathered with the transactions of the most widely used DeFi protocols (23 in total, including Aave, Compound, Curve, Lido, and Yearn) based on a novel dataset in collaboration with Covalent. Different Machine Learning methods were employed, such as XGBoost and a Neural Network for identifying fraud accounts detection interacting with DeFi and we demonstrate that the introduction of novel DeFi-related features, significantly improves the evaluation results, where Accuracy, Precision, Recall, F1-score and F2-score where utilized.
    Date: 2023–05
  4. By: Kenechukwu E. Anadu; Pablo D. Azar; Catherine Huang; Marco Cipriani; Thomas M. Eisenbach; Gabriele La Spada; Mattia Landoni; Marco Macchiavelli; Antoine Malfroy-Camine; J. Christina Wang
    Abstract: Stablecoins are digital assets whose value is pegged to that of fiat currencies, usually the U.S. dollar, with a typical exchange rate of one dollar per unit. Their market capitalization has grown exponentially over the last couple of years, from $5 billion in 2019 to around $180 billion in 2022. Notwithstanding their name, however, stablecoins can be very unstable: between May 1 and May 16, 2022, there was a run on stablecoins, with their circulation decreasing by 15.58 billion and their market capitalization dropping by $25.63 billion (see charts below.) In this post, we describe the different types of stablecoins and how they keep their peg, compare them with money market funds—a similar but much older and more regulated financial product, and discuss the stablecoin run of May 2022.
    Keywords: cryptocurrency; stablecoins; money market mutual funds (MMF); fire sale; currency
    JEL: E42
    Date: 2023–07–12
  5. By: Boeing, Geoff (Northeastern University); Harten, Julia; Sanchez-Moyano, Rocio
    Abstract: In recent years, digitalization has reshaped the housing search. Today, online platforms facilitate housing market information exchange and expand the legibility of the housing market for sellers, buyers, landlords, and renters. Such platforms can democratize information access and diversify homeseekers’ information supplies. This in turn can expand choice sets, increase search radii, reduce search costs, and sideline traditional gatekeepers to help homeseekers realize a more efficient housing search with a superior outcome. However, certain market participants benefit more than others, and the promise of digitalization is muted by its drawbacks. This paper explores how these online platforms shape the housing search by influencing information supplies, presentation, and consumption. Tensions arise as old gatekeepers develop new strategies to maintain power in the digital realm and new gatekeepers emerge to capitalize on digital trends. Policymakers can play an important role in maintaining and developing the societal benefits of housing market digitalization while better mitigating its harms.
    Date: 2023–03–01
  6. By: Ms. Katherine Baer; Ruud A. de Mooij; Mr. Shafik Hebous; Mr. Michael Keen
    Abstract: Policymakers are struggling to accommodate cryptocurrencies within tax systems not designed to handle them; this paper reviews the issues that arise. The greatest challenges are for implementation: crypto’s quasi-anonymity is an inherent obstacle to third-party reporting. Design problems arise from cryptocurrencies’ dual nature as investment assets and means of payment: more straightforward is a compelling case for corrective taxation of carbon-intensive mining. Ownership is highly concentrated at the top, but many crypto investors have only moderate incomes. The capital gains tax revenue at stake worldwide may be in the tens of billions of dollars, but the more profound risks may ultimately be for VAT/sales taxes.
    Keywords: Cryptocurrency; virtual assets; tax evasion; tax compliance; Bitcoin
    Date: 2023–07–05
  7. By: Rösl, Gerhard; Seitz, Franz
    Abstract: We analyze the repercussions of different kinds of uncertainty on cash demand, including uncertainty of the digital infrastructures, confidence crises of the financial system, natural disasters, political uncertainties, and inflationary crises. Based on a comprehensive literature survey, theoretical considerations and complemented by case studies, we derive a classification scheme how cash holdings typically evolve in each of these types of uncertainty by separating between demand for domestic and international cash as well as between transaction and store of value balances. Hereby, we focus on the stabilizing macroeconomic properties of cash and recommend guidelines for cash supply by central banks and the banking system. Finally, we exemplify our analysis with five case studies from the developing world, namely Venezuela, Zimbabwe, Afghanistan, Iraq, and Libya.
    Keywords: Cash, banknotes, money, crises, stabilization, uncertainty
    JEL: E41 E51 E58 O57
    Date: 2023
  8. By: Minji Bang; Lucie L'Heude; Andrew Postlewaite; Holger Sieg
    Abstract: Using a new comprehensive survey of adults in large U.S. media markets we show that minority and low-skill individuals, who are heavily exposed to shocks to the local economy, typically have stronger preferences for and stronger ex- posure to local news than high-skill and white individuals. At the same time, these disadvantaged individuals have been negatively affected by the impact of the digital revolution on news provision. In particular, high-skill and white indi- viduals have more rapidly embraced online and social media while low-skill and minority individuals still heavily rely on local television and other traditional news providers. These differences in provider choices are important because the digital revolution has reduced the quality of traditional news providers while the quality and quantity of online and social media have substantially in- creased. To gain additional insights into the welfare consequence of the digital revolution and assess potential policy interventions, we develop and estimate a model of news production and demand for local news. Our model is based on a time-allocation, discrete bundle-choice framework. Our findings suggest that the loss of the local newspaper (television) reduces welfare on average by $923 ($1064) which is well above the annual subscription costs in most markets. Finally, we study policies that subsidize online or social media to offset the loss of the local newspaper or television station.
    JEL: C0 L0 P0 R0
    Date: 2023–07
  9. By: Zhenhan Huang; Fumihide Tanaka
    Abstract: On-chain data (metrics) of blockchain networks, akin to company fundamentals, provide crucial and comprehensive insights into the networks. Despite their informative nature, on-chain data have not been utilized in reinforcement learning (RL)-based systems for cryptocurrency (crypto) portfolio management (PM). An intriguing subject is the extent to which the utilization of on-chain data can enhance an RL-based system's return performance compared to baselines. Therefore, in this study, we propose CryptoRLPM, a novel RL-based system incorporating on-chain data for end-to-end crypto PM. CryptoRLPM consists of five units, spanning from information comprehension to trading order execution. In CryptoRLPM, the on-chain data are tested and specified for each crypto to solve the issue of ineffectiveness of metrics. Moreover, the scalable nature of CryptoRLPM allows changes in the portfolios' cryptos at any time. Backtesting results on three portfolios indicate that CryptoRLPM outperforms all the baselines in terms of accumulated rate of return (ARR), daily rate of return (DRR), and Sortino ratio (SR). Particularly, when compared to Bitcoin, CryptoRLPM enhances the ARR, DRR, and SR by at least 83.14%, 0.5603%, and 2.1767 respectively.
    Date: 2023–07
  10. By: Marco Petracco Giudici (European Commission - JRC); Francesca Di Girolamo (European Commission - JRC)
    Abstract: The aim of this paper is to look at possible scenarios of demand for a retail-only euro central bank digital currency and assess their impact on bank’s balance sheets, to explore potential effects on bank’s intermediation capacity and financial stability. The European Central Bank, in the context of the Eurosystem investigative exercise, has tackled this issue by proposing a set of illustrative scenarios for the adoption of a Euro CBDC (see Adalid et al., 2022 and discussion therein). We expand their analysis to include more detailed results at country level by making use of individual banks data. For each demand scenario, we estimate the potential shock on deposits making use of MS-level data. We then apply these shocks at individual bank level and compare them to a set of alternative adjustment channels, including free reserves, wholesale funding and assets (deleveraging) to obtain a distribution of the ratio of shocks to different channels. Results show that per capita demand scenarios around 3 thousand euro do not seem to present risks for financial stability in the aggregate, though they present asymmetric impacts and could give raise to shifts in the structure of balance sheets and interbank markets.
    Keywords: finance, financial stability, central bank digital currency, digital euro, banks, banking, deposits
    Date: 2023–06
  11. By: O?uz Ku? (Istanbul University); Charmaine Du Plessis (Department of Communication Science, University of South Africa)
    Abstract: The purpose of this paper is to investigate the relationship between dimensions of branded content and interactivity on Twitter. A data-driven content marketing perspective was adopted within a business-to-consumer (B2C) context by focusing on some social metrics of a flag carrier airline brand. A pragmatic worldview allowed the researchers to test four hypotheses to examine the relationship between dimensions of branded content and their interaction level on Twitter. Facepager was used as a data collection tool. The analysis indicates that there is a significant relationship between the type of visuals, number of hashtags, character count, branded content grouping and more interactivity for the brand?s tweets. Further work is required to identify more dimensions of branded content to measure interactivity on social media with a larger sample and more social media platforms. The results extend the literature on data-driven content marketing and facilitate our understanding of how social metrics could assist brands to focus on best performing social media posts for more engagement.
    Keywords: Branded content; business-to-consumer (B2C); content marketing; data-driven content marketing; interactivity; social metrics; Twitter
    JEL: M00 M31 M30
    Date: 2022–10
  12. By: Kotkaniemi, Anniina; Ylä-Anttila, Tuomas; Chen, Ted Hsuan Yun
    Abstract: Social media is an important arena of contestation for policy actors. Yet, little research has explored the relationship between policy actors’ behaviour online and offline. In this study, we focus on actor influence, a key aspect of policy systems, by exploring four types of policy influence. We ask 1) are actors influential in policy-making central in social media networks? and 2) are they able to shape the structure of policy communication on social media? Using exponential random graph models on survey and Twitter data from the Finnish climate policy domain, we find that reputationally influential actors in offline policy-making are also central online, but the pattern does not hold for those with offline formal-institutional influence. Further, offline influence does not translate to being an online influencer; actors influential offline do not shape the structure of the Twitter network. Our results suggest that online influence is partially distinct from influence offline.
    Date: 2023–07–05
  13. By: Deepthi Kolady; Amrit Dumre; Weiwei Zhang; Kaiqun Fu; Marcia O'Leary; Laura Rose
    Abstract: Social media use data is widely being used in health, psychology, and marketing research to analyze human behavior. However, we have very limited knowledge on social media use among American Indians. In this context, this study was designed to assess preferences and perceptions of social media use among American Indians during COVID-19. We collected data from American Indians in South Dakota using online survey. Results show that Facebook, YouTube, TikTok, Instagram and Snapchat are the most preferred social media platforms. Most of the participants reported that the use of social media increased tremendously during COVID-19 and had perceptions of more negative effects than positive effects. Hate/harassment/extremism, misinformation/made up news, and people getting one point of view were the top reasons for negative effects.
    Date: 2023–07
  14. By: Alessandra Colombelli; Emilio Paolucci; Elisabetta Raguseo (Polito - Politecnico di Torino = Polytechnic of Turin , CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon); Gianluca Elia
    Abstract: Abstract Building on the Knowledge Spillover Theory of Entrepreneurship (KSTE) and the Digital Entrepreneurial Ecosystem (DEE) approach, this paper investigates the relationship between the local availability of digital knowledge (i.e., digital knowledge spillovers and digital skill endowment) and the creation of digital innovative start-ups in Italian NUTS3 regions. The obtained results show that both elements are significant for the creation of digital innovative start-ups at the province level, and a two-fold contribution has been made: from a theory perspective, an extension of KSTE to digital settings has been used to assess the relevance of geographical issues, while, from a DEE perspective, the study contributes by empirically analyzing the specific characteristics of the local ecosystem that can affect the creation of digital innovative start-ups. Finally, we discuss the implications for entrepreneurship and technology policy at the local level.
    Keywords: Digital start-ups, Digital knowledge spillovers, Digital skill endowment, Knowledge Spillover Theory of Entrepreneurship
    Date: 2023–06–08
  15. By: Darren Aiello; Scott R. Baker; Tetyana Balyuk; Marco Di Maggio; Mark J. Johnson; Jason D. Kotter
    Abstract: This paper uses transaction-level data across millions of accounts to identify cryptocurrency investors and evaluate how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate markets. We estimate an MPC out of unrealized crypto gains that is more than double the MPC out of unrealized equity gains but smaller than the MPC from exogenous cash flow shocks. This MPC is mostly driven by increases in cash/check spending and mortgages. Moreover, households sell crypto to increase both discretionary as well as housing spending. As a result, crypto wealth causes house price appreciation—counties with higher crypto wealth see higher growth in home values following high crypto returns. Our results indicate that cryptocurrencies have substantial spillover effects on the real economy through consumption and investment into other asset classes.
    JEL: G23 G50 G51 R31
    Date: 2023–07
  16. By: Aggelos Kiayias; Philip Lazos; Jan Christoph Schlegel
    Abstract: Cryptocurrencies come with a variety of tokenomic policies as well as aspirations of desirable monetary characteristics that have been described by proponents as 'sound money' or even 'ultra sound money.' These propositions are typically devoid of economic analysis so it is a pertinent question how such aspirations fit in the wider context of monetary economic theory. In this work, we develop a framework that determines the optimal token supply policy of a cryptocurrency, as well as investigate how such policy may be algorithmically implemented. Our findings suggest that the optimal policy complies with the Friedman rule and it is dependent on the risk free rate, as well as the growth of the cryptocurrency platform. Furthermore, we demonstrate a wide set of conditions under which such policy can be implemented via contractions and expansions of token supply that can be realized algorithmically with block rewards, taxation of consumption and burning the proceeds, and blockchain oracles.
    Date: 2023–06
  17. By: Loretta J. Mester
    Abstract: I thank the organizers for inviting me to update you on the FedNow® Service, the Federal Reserve’s new instant payments service. When the FedNow Service begins to roll out later this month, it will be the first new Fed payments rail in 50 years. A well-functioning and secure payment system is vital to our economy. As we modernize the payment system, it is important to remember that the foundation of a successful payment system is the public’s confidence in it. The public needs to be confident that the system will be: available whenever the customer needs it; efficient at routing and settling payments; resilient against cyberattacks and fraudulent actors; and reliable without the public having to know the intricacies of the infrastructure behind it. As the payment system evolves, the Fed, the industry, and end users will need to continue to collaborate to ensure that the modern payment system lives up to its promise of being efficient, safe, resilient, and available to all. That’s the best way to maintain the confidence of the public the Fed serves.
    Keywords: Payment systems
    Date: 2023–07–12
  18. By: Maryam Bahrani; Pranav Garimidi; Tim Roughgarden
    Abstract: The incentive-compatibility properties of blockchain transaction fee mechanisms have been investigated with *passive* block producers that are motivated purely by the net rewards earned at the consensus layer. This paper introduces a model of *active* block producers that have their own private valuations for blocks (representing, for example, additional value derived from the application layer). The block producer surplus in our model can be interpreted as one of the more common colloquial meanings of the term ``MEV.'' The main results of this paper show that transaction fee mechanism design is fundamentally more difficult with active block producers than with passive ones: with active block producers, no non-trivial or approximately welfare-maximizing transaction fee mechanism can be incentive-compatible for both users and block producers. These results can be interpreted as a mathematical justification for the current interest in augmenting transaction fee mechanisms with additional components such as order flow auctions, block producer competition, trusted hardware, or cryptographic techniques.
    Date: 2023–07
  19. By: Jens-Uwe Franck; Martin Peitz
    Abstract: The article addresses the implementation of the Digital Market Act’s rules on ‘anticircumvention’. We present an effects-based approach and propose a three-step procedure to identify whether a certain practice should be conceptualized as circumventing an obligation. We apply this approach to several practices suspected of circumventing the ban on parity clauses and analyse how our results fit into the Digital Market Act’s concept and instruments for avoiding circumvention. Moreover, we elaborate on the role that the anticircumvention rules may play in safeguarding the effectiveness of the restrictions on bundling and self-preferencing in ranking, thus illustrating how they may operate to future-proof the Digital Markets Act but also where their limitations lie.
    Keywords: Digital Markets Act, anti-circumvention, antitrust law, price parity clauses, bundling, self-preferencing
    JEL: K21
    Date: 2023–07
    Abstract: This study explores the feasibility of implementing a cashless policy in Nigeria and its impact on money demand and price determination. Drawing from renowned scholars such as Keynes, Friedman, and Woodford, the analysis delves into the dynamics of monetary policy, the role of money in trade and financial markets, and factors influencing price levels. The study investigates the relationship between money demand and the implementation of a cashless policy. It emphasizes the behavior of real balances, transaction velocity, and the effects of monetary policy on trading activity and asset prices. The findings indicate that as an economy moves towards a cashless system, various factors come into play. Transaction velocity, a measure of cash efficiency, becomes critical, increasing as cash usage diminishes and the economy becomes more cashless. Additionally, the study reveals that implementing a cashless policy affects price determination. Contrary to conventional belief, even as real balances approach zero in a cashless economy, asset prices remain responsive to monetary policy. This implies that monetary equilibrium prices do not necessarily converge to their nonmonetary equilibrium counterparts when real balances vanish. Based on these findings, a viable policy recommendation emerges: the monetary authority should carefully manage the money supply per investor to control and stabilize the price level in a cashless economy. Adjusting the money supply allows the authority to achieve and maintain a desired price level, even in a cashless environment. However, the study acknowledges limitations and calls for further research. Specifically, exploring the implications and challenges of implementing a cashless policy in Nigeria is necessary. Factors such as financial inclusion, technological infrastructure, and public acceptance should be examined to assess the feasibility and potential impacts of a cashless economy on different segments of society. Overall, this study contributes valuable insights into the possibility of implementing a cashless policy, its effects on money demand and price determination, and its implications for economic stability and efficiency in Nigeria.
    Keywords: price, cashless policy, monetary policy, price determination, efficiency
    JEL: E4 E41 E42 E44
    Date: 2023–07–13
  21. By: Imène Berguiga; Philippe Adair
    Date: 2022
  22. By: Dirk Niepelt
    Abstract: We analyze the effect of structural change in the payment sector and of monetary policy on prices. Means of payment are obtained through portfolio choices and commodity sales and "liquified" through velocity choices. Interest rates, intermediation margins, and costs of payment instrument use affect portfolios, velocities, liquidity, relative prices, and the aggregate price level. Money is neutral, interest rate policy is not. Scarcer liquidity need not drive up velocity. Payment instruments and velocities generate positive externalities. Commodity price aggregates mis-measure consumer price inflation, distinctly so over the business cycle.
    Keywords: Payments, velocity, prices, intermediation, inflation
    JEL: E31 E41 E44 E52 G11 G23
    Date: 2023
  23. By: Firmansyah, Bagas; Najmuddien, Fiqri; Firmansyah, Bagas; Lailina, Mustafiyatus Nur; Pandin, Maria Yovita R.
    Abstract: This article discusses the role of digital accounting in the pattern of fund management in investment instruments. Digital accounting is an accounting system that is carried out online and automatically, which plays an important role in providing accurate and up-to-date information related to investment performance. In this article, we will discuss the benefits of digital accounting for investors and investment managers in optimizing fund management in investment instruments. With digital accounting, investors can monitor their investment performance in real-time and make the right investment decisions based on valid data. Meanwhile, investment managers can speed up the process of recording transactions and preparing financial reports, so they can focus more on managing investments effectively.
    Date: 2023–06–17
  24. By: Paudel, Ujjwol
    Keywords: Agribusiness, Productivity Analysis, Research Methods/Statistical Methods
    Date: 2023
  25. By: Sahra Ferreira Pinheiro (UFJF); Márcia Siqueira Rapini (Cedeplar/UFMG); Leonardo Costa Ribeiro (Cedeplar/UFMG)
    Abstract: The World Wide Web provided easy and intuitive access for all users who wanted to browse the Internet, thus becoming popular. The present work proposes that the World Wide Web be understood as a General Purpose Technology, a technology of generalized application and capable of stimulating innovation in the most varied sectors of the economy, or innovative complementarities, ultimately promoting a generalized increase in productivity in the economic system. The diffusion of this set of new interrelated technologies takes place through the numerous mechanisms of interaction and feedback between the different sectors of activities and technological trajectories. The GPT model, initially developed by Bresnahan and Trajtenberg (1992 and 1995) determines that a radical innovation, by showing its generalized applicability and profitability potential, attracts both new entrepreneurs and financial capital. Thus, the invention of the World Wide Web, in the 1990s, ushered in an era marked by a worldwide network of information available to any individual, widespread connectivity and the age of platforms.
    Keywords: World Wide Web, General Purpose Technology, connectivity.
    JEL: O30
    Date: 2023–07
  26. By: Jinan, Mustofa Ali
    Abstract: This journal discusses how the value shift in consumption society relates to online shopping. The research method uses a sociological approach, qualitative analysis, and literature research. Data is collected through journals that observe online shopping behavior and other literature studies related to the theme. The research findings illustrate how changes in values in consumption society result from online shopping behavior regarding traditional shopping values , product quality, social interaction, and the physical store experience matter. However, in online shopping, those values are shifting. Consumers are more concerned with convenience, efficiency, competitive prices, and a wider variety of products. Changes in these values have a significant social impact. Social interactions between consumers and sellers are becoming more impersonal and transactional. The experience of shopping is replaceable and lacking. The culture of instant consumption encourages instant gratification and over-consumption. This research contributes to understanding changes in values in consumption society in the online era. These findings can become the basis for advancing business strategies that align with the era of online shopping and the expectations of consumers. This research also raises important issues regarding the role of sociology in understanding social phenomena related to changes in a consumption society. A better understanding of the shift in values in the consumption society due to online shopping is essential for policy decisions and business actors to position their strategies with the problems and spaces that can be exploited in the online era.
    Date: 2023–06–16
  27. By: APC-Bard, AI
    Abstract: Crowdfunding is a way to fund a project by pooling incremental investments from a large number of funders. This can be a great way to fund OA publications, especially for projects that lack traditional funding sources.
    Date: 2023–06–26

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