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on Payment Systems and Financial Technology |
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Issue of 2023‒11‒27
twenty-two papers chosen by |
| By: | Ishmeet Matharoo |
| Abstract: | This research paper presents a thorough economic analysis of Bitcoin and its impact. We delve into fundamental principles, and technological evolution into a prominent decentralized digital currency. Analysing Bitcoin's economic dynamics, we explore aspects such as transaction volume, market capitalization, mining activities, and macro trends. Moreover, we investigate Bitcoin's role in economy ecosystem, considering its implications on traditional financial systems, monetary policies, and financial inclusivity. We utilize statistical and analytical tools to assess equilibrium , market behaviour, and economic . Insights from this analysis provide a comprehensive understanding of Bitcoin's economic significance and its transformative potential in shaping the future of global finance. This research contributes to informed decision-making for individuals, institutions, and policymakers navigating the evolving landscape of decentralized finance. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.09745&r=pay |
| By: | Alex Nathan; Dimosthenis Kaponis; Saul Lustgarten |
| Abstract: | This paper addresses the issue of blockchain protocol risks, a foundational category of risks affecting Distributed Ledger Technology (DLT) which underpins digital assets, smart contracts, and decentralised applications. It presents a comprehensive risk management framework developed in collaboration with financial institutions, blockchain development teams and regulators that applies a traditional risk management taxonomy to address certain overlooked blockchain protocol risks. The approach offers a structured way to identify, measure, monitor and report blockchain protocol risks. The paper provides real-world use cases to demonstrate the practicality and implementation of the proposed framework. The findings of this work contribute to the evolving understanding of blockchain protocol risks and provide valuable insights on how these risks affect the adoption of DLT by financial institutions. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.10797&r=pay |
| By: | David Akinwamide |
| Abstract: | Digital technologies has transformed human experience in the virtual world. Metaverse work as a network of 3-D virtual worlds where human can interact, carry out business, and build connections through their ‘avatars’ or digital identity. These would also grant an access to digital ecosystem through its own currency, property and possessions. In the metaverse, disruptive technologies (such as AR and VR, Blockchain, AI, 3D reconstruction and IoT) support the trading of digital real estate assets (such as sales and purchase of virtual lands) in the form of Non-Fungible Tokens (NFTs). Investment in real estate metaverse is currently experiencing a great return. Presently, real estate sales in the metaverse have been concentrated on the 'Big Four' — Sandbox, Decentraland, Cryptovoxels and Somnium. Therefore, investment in digital real estate assets require some degree of skills and competencies in the metaverse. The concept of digital intelligence is a set of skills needed by investors to meet digital technologies' demand in trading of digital real estate assets and the virtual world's challenges. This paper therefore explore the need for digital intelligence in investing in digital real estate assets in the metaverse from a theoretical perspective. Review of relevant literature in the subject area was adopted for this study. This paper outlined the major benefits of digital intelligence in the purchase of digital real estate assets as identifying the virtual land with the highest traffic, understanding the digital footprints in a geospatial context among others. This paper provide policy implication on the need for investors in digital real estate assets to acquire necessary digital skills (such as digital: identity, rights, security, safety etc.) for a successful business transactions (sales and purchase of digital assets) in the metaverse. |
| Keywords: | Digital Assets; Digital Intelligence; Digital Real Estate; Metaverse |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_4&r=pay |
| By: | Hans Brits; Nicole Jonker |
| Abstract: | This paper examines whether the ‘privacy paradox’, i.e. a dichotomy between privacy intentions and privacy behaviours, is visible amongst users of financial services apps. Using a survey among Dutch consumers, we study to what extent people share financial data with third parties, and whether their data sharing activities are in line with their privacy concerns. We find that paradoxical usage of financial apps as measured by the privacy paradox metric is low, most users seem to make a rational calculation of benefits versus privacy risks. Paradoxical non-usage is substantial. This could be an efficiency issue, but is not a problem from a risk perspective. Regression analysis shows that app usage correlates positively with its perceived benefits and negatively with privacy risks. Furthermore, usage of certain types of apps depends on people’s trust in the app providers. Overall, the results point to privacy calculating behaviour amongst the users of the data sharing apps in this study rather than to paradoxical behaviour. |
| Keywords: | Financial apps; Consumer choice; Discrete Choice Modelling; Metric; Personal Data; Privacy Calculus; Privacy Paradox; PSD2; Westin Index |
| JEL: | C35 D12 D80 G21 G23 G28 E42 O31 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:dnb:dnbwpp:794&r=pay |
| By: | Cho, Sung Ick |
| Abstract: | Platform mergers differ significantly from traditional mergers. In platform mergers, foreclosure issues, which are crucial in traditional vertical mergers, carry less significance but may still arise indirectly. Platforms, moreover, can favor their own businesses potentially disadvantaging competitors, and leverage their market power to new businesses. Lastly, entry barriers could increase as a result of platforms' multi-service provisions. Nevertheless, platforms can enhance consumer welfare, especially through product (service) bundling. Thus, we need to overhaul the merger review system to incorporate the aforementioned characteristics of platform mergers. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kdifoc:120&r=pay |
| By: | Marie-Claire Broekhoff; Carin van der Cruijsen; Jakob de Haan |
| Abstract: | Using unique payment diary survey data, this paper analyses trust in the Dutch payment system (broad-scope trust) and trust in the payment services of customers’ own bank (narrow-scope trust) among several customer groups at risk of being financially excluded due to the ongoing digitalisation. We focus on people with low digital skills, disabilities or financial difficulties. Our results suggest that respondents with low digital skills or those who experience difficulties to make ends meet have below-average levels of both broad-scope and narrow-scope trust. Among people who have difficulty walking or are wheelchair-bound we find a significant positive effect on broad-scope trust in the payment system in general, while blind or visually impaired people and people with limited or no hand function are less likely to have trust in the payment system compared to people who do not belong to one of these groups. Among those who fall in a group at risk due to a physical disability, we only uncover a significant negative effect on narrow-scope trust for people who are blind or with a visual impairment. Respondents with little broad-scope trust report various reasons for their lack of trust, such as dissatisfaction with banks’ policies and the cost of bank services, interruptions in the payment system and the ongoing digitalisation of payment services. The findings underscore the importance of cultivating an accessible and inclusive payment system to increase financial inclusion from a trust-centred perspective. |
| Keywords: | trust in payment services; customer groups at risk; broad-scope trust; narrow-scope trust; digital literacy |
| JEL: | D12 G21 O33 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:dnb:dnbwpp:795&r=pay |
| By: | Berke Bayhoca; Kerem Yavuz Arslanli |
| Abstract: | Security tokens, based on blockchain technology, are rapidly becoming widespread as new-era investment products. Real estate tokens have long stood out as one of the most popular of these tokens. The underlying reason is that the real estate industry is associated with low liquidity and lengthy and expensive transaction processes. Tokenization platforms and real estate market experts believe tokenization will solve many problems in the traditional market. The products that will emerge through tokenizing real estate assets can increase liquidity by removing high entry barriers in the market and creating a secondary market where intermediaries are minimized. Theoretically, this technology, which can provide secure access to a broad market in a short time, can also mean a new platform for both debt and capital increase. This thesis study examines the tokenization of real estate assets with both quantitative and qualitative approaches. Within the scope of the study, the structure of real estate tokens as financial products were examined, and their similarities and differences with traditional products were discussed. Moreover, an empirical analysis has been made by comparing the financial performance of real estate tokens actively traded in the secondary market with specific reference indices. The results of this study showed that real estate tokens have higher returns than selected market portfolios but have higher risks than traditional market products. |
| Keywords: | blockchain; Portfolio Management; Real Estate Tokens; tokenization |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_290&r=pay |
| By: | Zhang, Luyao |
| Abstract: | In this research, we explore the nexus between artificial intelligence (AI) and blockchain, two paramount forces steering the contemporary digital era. AI, replicating human cognitive functions, encompasses capabilities from visual discernment to complex decision-making, with significant applicability in sectors such as healthcare and finance. Its influence during the web2 epoch not only enhanced the prowess of user-oriented platforms but also prompted debates on centralization. Conversely, blockchain provides a foundational structure advocating for decentralized and transparent transactional archiving. Yet, the foundational principle of "code is law" in blockchain underscores an imperative need for the fluid adaptability that AI brings. Our analysis methodically navigates the corpus of literature on the fusion of blockchain with machine learning, emphasizing AI's potential to elevate blockchain's utility. Additionally, we chart prospective research trajectories, weaving together blockchain and machine learning in niche domains like causal machine learning, reinforcement mechanism design, and cooperative AI. These intersections aim to cultivate interdisciplinary pursuits in AI for Science, catering to a broad spectrum of stakeholders. |
| Date: | 2023–11–02 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:g2q5t&r=pay |
| By: | Bursztyn, Leonardo; Handel, Benjamin R.; Jiménez Durán, Rafael; Roth, Christopher |
| Abstract: | Individuals might experience negative utility from not consuming a popular product. For example, being inactive on social media can lead to social exclusion or not owning luxury brands can be associated with having a low social status. We show that, in the presence of such spillovers to non-users, standard measures that take aggregate consumption as given fail to appropriately capture welfare. We propose a new methodology to measure welfare that accounts for these consumption spillovers, which we apply to estimate the consumer surplus of two popular social media platforms, TikTok and Instagram. In large-scale, incentivized experiments with college students, we show that, while the standard welfare measure suggests a large and positive surplus, our measure accounting for consumption spillovers indicates a negative surplus, with a large share of active users deriving negative utility. We also shed light on the drivers of consumption spillovers to non-users in the case of social media and show that, in this setting, the "fear of missing out" plays an important role. Our framework and estimates highlight the possibility of product market traps, where large shares of consumers are trapped in an inefficient equilibrium and would prefer the product not to exist. |
| JEL: | D62 D91 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cbscwp:279570&r=pay |
| By: | Ozili, Peterson K |
| Abstract: | Given the growing interest in financial inclusion, the possibility of integrating financial inclusion into the sustainability and sustainable development agenda needs to be explored. The purpose of this conceptual paper is to establish a link between financial inclusion, sustainability and sustainable development. The paper used discourse analysis to establish a link between financial inclusion, sustainability and sustainable development. It was argued that financial inclusion contributes to sustainable development by ensuring that access to basic financial services is guaranteed in a sustainable way, and basic financial services are provided in a sustainable way and based on sustainability principles to yield lasting impact for sustainable development. This approach links financial inclusion to sustainable development through the adoption of sustainability principles in offering basic financial services to banked adults. The paper also argued that financial inclusion is more relevant for the economic dimension and social dimension of sustainable development because financial inclusion improves the economic conditions and social welfare of banked adults while it only provides limited benefits for the environmental dimension of sustainable development. There is a need for a merger between financial inclusion and sustainable development based on sustainability principles. This will require polices that integrate financial inclusion to the sustainable development agenda. |
| Keywords: | sustainable development, financial inclusion, sustainability, financial institutions, unbanked adults, access to finance, poverty reduction, economic dimension, social dimension, sustainable development goals, United Nations. |
| JEL: | G21 Q01 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118880&r=pay |
| By: | Alan Chernoff; Julapa Jagtiani |
| Abstract: | Fintech firms are often viewed as competing with banks. Instead, more recently, there has been growth in partnership and collaboration between fintech firms and banks. These partnerships have allowed banks to access more information on consumers through data aggregation, artificial intelligence/machine learning (AI/ML), and other tools. We explore the demographics of consumers targeted by banks that have entered into such partnerships. Specifically, we test whether banks are more likely to extend credit offers (by mail) and/or credit originations to consumers who would have otherwise been deemed high risk either because of low credit scores or lack of credit scores altogether. Our analysis uses data on credit offers based on a survey conducted by Mintel, as well as data on credit originations based on the Federal Reserve’s Y-14M reports. Additionally, we analyze a unique data set of partnerships between fintech firms and banks compiled by CB Insights to identify the relevant partnerships. Our results indicate that banks are more likely to offer credit cards and personal loans to the credit invisible and below-prime consumers — and are also more likely to grant larger credit limits to those consumers — after the partnership period. Similarly, we find that fintech partnerships result in banks being more likely to originate mortgage loans to nonprime homebuyers and that they increase the mortgage loan amounts that banks grant to nonprime buyers as well. Overall, we find that these partnerships could help to move us toward a more inclusive financial system. |
| Keywords: | Fintech; alternative data; fintech partnership; financial inclusion; credit invisible |
| JEL: | G21 G28 G18 L21 |
| Date: | 2023–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedpwp:97019&r=pay |
| By: | Bertram Steininger; Michael Truebestein; Lucas Casillo |
| Abstract: | Private and institutional investors alike use real estate investments in their multi-asset portfolios to reduce their total risks by the positive characteristics such as low volatility or correlation with other asset classes. However, investments in direct or private real estate also bear drawbacks such as high transaction costs, long transaction time, large volumes, low liquidity, or the need for real estate market expertise. Thus, the financial industry has developed various investment vehicles (open-end or closed-end funds, REITs, stocks, etc.) to lower the market entrance barriers for investors with lower investment volume and knowledge. One recent engineered product is a real estate token, a digital form of assets that is equipped with value, rights, and obligations. It enables the fractionalization of properties into small investment volumes using the Distributed Ledger Technology (DLT), and the trading, as well as the rent distribution, are organized in an automated process with Smart Contracts. Currently, the possibility to tokenize properties directly is limited so most projects use the indirect way through legal entities. This paper explains the most used concepts, recent developments, regulations, and a first market analysis for the tokenized properties in the USA and Europe (Switzerland and Germany). The development on the primary and secondary markets is demonstrated after the tokens have been issued through Security Token Offerings (STOs), using empirical data points such as returns, standard deviation, skewness, kurtosis, and correlation. The goal is to compare the tokens with other asset classes such as stocks, bonds, and direct real estate. |
| Keywords: | blockchain; real estate; Smart Contracts; tokenization |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_176&r=pay |
| By: | Chiara Del Giovane; Janos Ferencz; Javier López González |
| Abstract: | This paper examines the nature and evolution of data localisation measures and their impact on business activity. It highlights that data localisation measures are growing and increasingly restrictive. By early 2023, 100 such measures were in place across 40 countries, with more than two-thirds combining local storage requirements with flow prohibition, the most restrictive form of data localisation. Insights gained from businesses operating in the e-payments, cloud computing, and air travel sectors suggest that data localisation can have unintended consequences. It not only increases operating costs, with implications for downstream users, but can also lead to increased vulnerabilities to fraud and cybersecurity risks, and reduced resilience to unexpected shocks. While international regulatory efforts have largely taken place through regional trade agreements (RTAs), this paper calls for continued monitoring of the regulatory environment with a view to informing efforts to agree on global rules that take into account legitimate public policy objectives while avoiding excessive fragmentation, especially through discussion at the WTO under the Joint Initiative on e-commerce. |
| Keywords: | data flows, Data storage, digital economy, digital trade, e-commerce, trade policy |
| JEL: | F13 F14 |
| Date: | 2023–11–10 |
| URL: | http://d.repec.org/n?u=RePEc:oec:traaab:278-en&r=pay |
| By: | Kaixin Liu; Jiwei Zhou; Junda Wang |
| Abstract: | Using high-frequency donation data from a major medical crowdfunding site, this study demonstrates that the 2020 BLM surge decreased the fundraising gap between Black and non-Black beneficiaries by around 50%. The reduction is largely attributed to non-Black donors. Those in counties with moderate BLM activity were most impacted. Innovative instrumental variable utilizing weekends and rainfall identify global and local effects of BLM protests. Results suggest a broad social movement has a greater influence on behavior than a local event. Social media significantly magnifies the impact of protests. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.14590&r=pay |
| By: | Han, Joseph |
| Abstract: | In the expanding landscape of the platform economy, the rapid rise in the number of platform workers underscores a critical issue: the need for social protection for those not covered by conventional labor laws. Recognizing the transformative impact and significant societal value of the platform economy, it becomes essential to rethink the legal classification of platform workers, moving beyond the traditional "employee" versus "business owner" dichotomy. This paper argues that while platform workers might exhibit similar work patterns, the protection they receive should be proportionate to the labor monopsony power exerted by the platforms they associate with. A harmonized approach that aligns labor and competition policies is crucial to address these challenges. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:kdifoc:124&r=pay |
| By: | Sophia Bodensteiner |
| Abstract: | In recent years, social media platforms have become vibrant online platforms where all kinds of market participants share their opinions on equity markets. This provision of opinions and thus of information has attracted the interest of the financial industry. Parallel to this trend, the finance and real estate industry have also recognized the importance of environmental, social, governance (ESG), due in particular to increasing pressure from the public. Bringing these developments together, this paper uses a textual analysis approach to analyze the public’s opinion on social media regarding the ESG performance of real estate related companies. The aim of the analysis is to examine how the public opinion on ESG is reflected in Twitter data and how it can be used to predict the performance of US REITs (Real Estate Investment Trusts). Therefore, using a three-step procedure, this paper first identifies ESG-related tweets, then measures the sentiment of those tweets using different natural language processing techniques and, using the results of the sentiment analysis, calculates the impact of those tweets on the performance of the corresponding company. The first step is achieved, by employing a Global Vectors (GloVe) model, which allows to select tweets based on ESG-related keywords of the corpus. In the second steps a lexicon-based method is applied to create a sentiment index, which is the baseline for the following analysis. Besides, a CNN-LSTM based sentiment index will be created, which might be more powerful in capturing the linguistic complexity of language in social media. Last, the sentiment indices are compared to the performance of the corresponding company in order to determine any correlation and predictive power. Our results not only show a significant correlation between the sentiment indices and the performance of the companies, but also a significant predictive power with positive tweets being associated with better performance and vice versa. These findings suggest that Twitter data can be a valuable source for predicting ESG performance and that using word embedding models, such as GloVe, and lexicon-based methods for sentiment analysis can improve the accuracy of the results. |
| Keywords: | Esg; GloVe; Sentiment Analysis; Twitter |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_162&r=pay |
| By: | Carl White |
| Abstract: | The Federal Reserve in mid-August issued guidelines for evaluating nontraditional financial firms’ requests for master accounts to access the Fed’s payment services. |
| Keywords: | nontraditional financial firms; Federal Reserve |
| Date: | 2022–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94829&r=pay |
| By: | Carolina Camassa |
| Abstract: | In the rapidly evolving field of crypto-assets, white papers are essential documents for investor guidance, and are now subject to unprecedented content requirements under the EU's Markets in Crypto-Assets Regulation (MiCAR). Natural Language Processing can serve as a powerful tool for both analyzing these documents and assisting in regulatory compliance. This paper delivers two contributions to the topic. First, we survey existing applications of textual analysis to unregulated crypto-asset white papers, uncovering a research gap that could be bridged with interdisciplinary collaboration. We then conduct an analysis of the changes introduced by MiCAR, highlighting the opportunities and challenges of integrating NLP within the new regulatory framework. The findings set the stage for further research, with the potential to benefit regulators, crypto-asset issuers, and investors. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.10333&r=pay |
| By: | Manabu Nose |
| Abstract: | How could the GovTech improve budget processes and execution efficiency? Could the GovTech strengthen redistributive function of public expenditure? Based on an event-study method, this paper finds that the introduction of digital budget payments and e-procurement could significantly enhance budget transparency and help expand the coverage of social assistance to reach the most vulnerable population. Exploiting staggered adoption of digital budget payments, a synthetic control regression identifies meaningful increase in pre-tax income shares among the bottom 50th percentile and female workers, especially for emerging market and developing countries, with effects materializing gradually over 10-year period. The paper delves into the potential mechanism driving these equity benefits, highlighting the reduction in business informality as a primary channel. However, the paper emphasizes that the mere adoption of GovTech strategies or digital technologies is insufficient to unlock its full potential. The outcomes are intricately linked to supporting policies, regulations, organizational and system integration, and robust digital connectivity. The paper underscores that inter-agency coordination facilitated by a dedicated GovTech institution emerges as a critical factor for reaping both efficiency and equity gains from GovTech initiatives. |
| Keywords: | GovTech; Inclusion; Staggered technology adoption; Synthetic control; Expenditure efficiency; Coordination in organizations |
| Date: | 2023–10–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/226&r=pay |
| By: | Christos Genakos; Costas Roumanias; Tommaso Valletti |
| Abstract: | We present novel evidence from a large panel of UK consumers who receive personalized reminders from a specialist price-comparison website about the precise amount they could save by switching to their best-suited alternative mobile telephony plan. We document three phenomena. First, even self-registered consumers with positive savings exhibit inertia. Second, we show that being informed about potential savings has a positive and significant effect on switching. Third, controlling for savings, the effect of incurring overage payments is significant and similar in magnitude to the effect of savings: paying an amount that exceeds the recurrent monthly fee weighs more on the switching decision than being informed that one can save that same amount by switching to a less inclusive plan. We interpret this asymmetric reaction on switching behavior as potential evidence of loss aversion. In other words, when facing complex and recurrent tariff plan choices, consumers care about savings but also seem to be willing to pay upfront fees in order to get "peace of mind". |
| Keywords: | tariff plan choice, inertia, switching, loss aversion, mobile telephony |
| Date: | 2023–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cep:poidwp:079&r=pay |
| By: | Christopher J. Neely |
| Abstract: | When foreigners hold on to U.S. banknotes, those dollar holdings essentially become an interest-free loan to the U.S. government. |
| Keywords: | United States currency |
| Date: | 2022–10–18 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94938&r=pay |
| By: | Wojewska, Aleksandra; Staritz, Cornelia; Tröster, Bernhard |
| Abstract: | Despite frequent debates on commodity prices, limited attention has been paid to the processes, strategies and practices through which commodity prices are 'made' and related institutions and infrastructures. 'World commodity prices' are not passively 'discovered' but are outcomes of contested price-making processes. This paper assesses how prices are determined and how they are set along global production networks (GPNs) for the critical metals copper, cobalt and lithium that are undergoing shifts in the context of green transitions. Conceptually, we link concepts of extractive industries in GPNs with sociological approaches to price-making and an infrastructural perspective. While the London Metal Exchange (LME) has been the established price-determination institution for copper and a leading price reporting agency (PRA) benchmark exists for cobalt, there is contestation between PRAs to become the dominant benchmark for lithium with the potential emergence of digital trading platforms. These differences are explained by particular materialities of metals and territorialities of their networks interrelated with historically developed production and organizational structures and powerful physical as well as financial actors' interests. There are however ongoing struggles within and between price-determination institutions. Generally, there is a trend to more short-term benchmarks linked to derivative markets, driven by financial actors' interest in getting exposure to metal price developments and financialization processes at the LME. The related increased price volatility has uneven distributional consequences along GPNs and is problematic for actors with limited access to price risk management. Methodologically, the paper is based on trade and financial data and semi-structured interviews with price-determination institutions and GPN actors. |
| Keywords: | price-making, global production networks, critical minerals, financialization, commodity derivative markets |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:oefsew:279567&r=pay |