nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2023‒12‒04
twenty papers chosen by
Bernardo Bátiz-Lazo, Northumbria University

  1. Externalities and market failures of cryptocurrencies By Hokkanen, Topi
  2. What we know on Central Bank Digital Currencies (so far) By Shalva Mkhatrishvili; Wim Boonstra
  3. Analysis of Decentralization in Governance and Financial Efficiency of Companies: Studying the Relationship in the Field of Decentralized Finance By Kirill Kolmykov
  4. Importance of Studying Innovations in Payment Technologies By James B. Bullard
  5. Did Fintech Loans Default More During the COVID-19 Pandemic? Were Fintech Firms “Cream-Skimming” the Best Borrowers? By Brandon Goldstein; Julapa Jagtiani; Catharine Lemieux
  6. Tokenization of Real Estate: A Study on Land Tokenization in Turkey By Göksu Sabuncuolu; Kerem Yavuz Arslanli
  7. NFTs (Non-Fungible Tokens) - Funktion und Potenzialanalyse By Anderie, Lutz
  8. Rethinking royalties - Alternative payment systems on music streaming platforms By Frederik Juul Jensen
  9. Factors affecting consumers' intention to shop online on TikTok social network in Ho Chi Minh City By Nguyen, Binh Hai Thi; Nguyen, Luan Thanh
  10. FinTech-Issued Personal Loans in the U.S. By Jessica N. Flagg; Simona Hannon
  11. The Growth Potential of B2b Travel Technologies in Korea By Lee, Sunhak
  12. Open banking and inclusive finance in the European Union: Perspectives from the Dutch stakeholder ecosystem By Preziuso, Massimo; Koefer, Franziska; Ehrenhard, Michel
  13. The Impact of Fake Reviews on Demand and Welfare By Jesper Akesson; Robert W. Hahn; Robert D. Metcalfe; Manuel Monti-Nussbaum
  14. Financial fraud in developing countries: Common scam detection tips do not help distinguish scam from non-scam messages By Elif Kubilay; Eva Raiber; Lisa Spantig; Jana Cahlíková; Lucy Kaaria
  15. Mobile money for local benefit-sharing in forest emission reduction programs: GIZ FORCLIME, 29.09.2023 By Eichhorn, Christopher; Rahmadani, Nurdita
  16. The impact of convenience in a click and collect retail setting: A consumer-based approach By Dany Vyt; Magali Jara; Olivier Mevel; Thierry Morvan; Nélida Morvan
  17. Performance Measurement of Blockchain-based Virtual Land in the Metaverse: A Repeat Sales Price Index for Decentraland By Heiko Leonhard
  18. Size and Survival of Entrants to Retail Banking By David A. Benson; Vitaly M. Bord; Aaron Garner; Charles Taragin
  19. Short-Term Booking and Rents Cycles: Evidence from Asia-Pacific Cities By Zhenyu Su; Paloma Taltavull de La Paz
  20. On Some Myths about Ricardo’s Theory of Money By Ghislain Deleplace

  1. By: Hokkanen, Topi
    Abstract: This paper discusses the externalities and market failures in cryptocurrency markets. In particular, I highlight the significant environmental externalities created by Proof-of-Work (PoW) cryptocurrencies, the most prominent of which is Bitcoin. The main goals of this paper are to quantify these externalities, illustrate the mechanisms by which they arise, and finally discuss feasible mechanisms to regulate them. Latest estimates show that Bitcoin mining consumes roughly the same amount of electricity as Argentina or Sweden, with commensurate carbon dioxide emissions. The two main factors driving these externalities are Bitcoin's electricity-intensive consensus protocol and Bitcoin prices, which directly influence mining incentives. Efficient supply-side regulation of these externalities is hamstrung by the internationally mobile nature of Bitcoin miners, creating a risk of carbon leakage and regulatory arbitrage in the absence of a global carbon tax. Moreover, the cryptocurrency market and exchanges themselves are to a high degree unregulated and opaque. This exacerbates the situation since cryptocurrency prices are directly linked to mining incentives. Instead of regulating the miners i.e. the supply side of the market, as the literature has broadly suggested, I recommend focusing on regulating the demand side, the exchanges and marketplaces, as a reasonable first step in the comprehensive regulation of cryptocurrencies. Cross-border coordination is likely to be a crucial aspect in mitigating the environmental externalities of cryptocurrencies.
    Keywords: forecasting, investment, Tobin's Q, discrete wavelets, bitcoin, cryptocurrency, externalities, crypto mining
    JEL: D62 E42 H23 Q54 Q58
    Date: 2023
  2. By: Shalva Mkhatrishvili (Head of Macroeconomics and Statistics Department, National Bank of Georgia); Wim Boonstra (Special Economic Advisor at Rabobank, Endowed Professor at Vrije Universiteit Amsterdam)
    Abstract: A central bank digital currency (CBDC) is a topic that is only going to gain importance as a couple of nations have recently went line with a retail CBDC system, dozens of them are piloting it and there are even more who actively research the topic. In the process, many studies have already identified several important potential benefits of a CBDC as well as potential risks and costs. As is already well understood, a CBDC introduction can have a profound impact on all three monetary policy, financial stability and payment systems. This paper, trying to be a go-to starting point for those just exposed to the topic, thoroughly reviews all the benefits and risks/costs associated with a CBDC in the current literature as well as underlines key areas of this topic that need more research. In addition, we try to lay some ground for systematizing three-dimensional linkages between benefits, costs/risks and design choices by (i) discussing probable design choices needed for each item in the list of benefits and costs/risks to-be-mitigated and (ii) overviewing what other benefits and cost/risk-mitigation aims these design choices may be in conflict with.
    Keywords: Central bank digital currencies, monetary policy, financial stability, payment systems
    JEL: E42 E50 G20
    Date: 2022–09
  3. By: Kirill Kolmykov
    Abstract: Currently, the advantages of decentralization through blockchain technology in the financial sector are actively discussed. In this article, we investigate the decentralization in the governance of Decentralized Autonomous Organizations (DAO) using the Gini coefficient as an indicator of inequality among the token owners. This metric is analyzed in the context of Return on Investment (ROI) for companies in the decentralized finance (DeFi) sector. Our goal is to understand whether the level of "real" decentralization in blockchain-based governance affects financial efficiency, and to explore the benefits and possible limitations of such an approach. This analysis allows for a deeper understanding of the significance and impact of decentralization on the functioning and productivity of organizations in the DeFi sector, and to determine the extent to which this impact is positively or negatively reflected in their success and profitability. Additionally, the results of this analysis will provide a fuller understanding of the dynamics and potential of blockchain for organization governance.
    Date: 2023–11
  4. By: James B. Bullard
    Abstract: For several years, economists at the St. Louis Fed have been studying innovations in payment technologies such as cryptocurrencies and blockchain, James Bullard writes.
    Keywords: innovation; payment technologies; cryptocurrency; blockchain
    Date: 2022–05–16
  5. By: Brandon Goldstein; Julapa Jagtiani; Catharine Lemieux
    Abstract: A growing portion of consumer credit has recently been devoted to unsecured personal installment loans. Fintech firms have been active players in this market, with an increasing market share, while the market share of banks has declined. Studies of fintech lending have shown that their digital access and ability to leverage alternative data have increased accessibility in underserved areas, enabled consumers with thin credit files to obtain credit, and provided a lower cost alternative to long-term credit card financing. This paper exams three questions: (1) Do proprietary loan rating systems accurately predict the likelihood of default? (2) Can a proprietary loan rating system, leveraging alternative data, that was developed in a favorable economic period continue to perform well under adverse economic conditions (such as the COVID-19 pandemic)? (3) Have fintechs been “cream skimming, ” i.e., underpricing the cost of credit to top-tier customers? This study uses data from LendingClub, one of the largest fintech lenders in the personal loan market. We find that LendingClub’s loan rating system is superior to traditional measures of credit risk when predicting the likelihood of default and that the loan rating system continued to perform well during the pandemic period. Finally, we find no evidence of cream skimming.
    Keywords: Fintech; peer-to-peer (P2P); alternative data; financial inclusion; credit access; COVID-19; fintech loan default; cream skimming; fintech loan rate
    JEL: G21 G28 G18 L21
    Date: 2023–11–10
  6. By: Göksu Sabuncuolu; Kerem Yavuz Arslanli
    Abstract: "This paper discusses new developments based on blockchain in real estate development and proposes that the integration of the methods used in Turkey into the blockchain will contribute to industry development, especially to the division of large-scale lands into smaller digital units. The real estate ecosystem, which is one of the largest sectors in the world, will be made more liquid and accessible by changing traditional methods used to develop real estate with establishing new links for digitization which is called tokenization. Concepts such as land trading, deed registration, and property rights, will be recorded in a distributed ledger based on blockchain technology to ensure faster and more reliable transaction integrity. For small investors, expensive property that seems impossible to buy will be tokenized into the portfolio of dozens of different investors, accelerating the sector’s growth. This study covers the general characteristics of blockchain technology the integration of tokenization into land development, and the digitization effects of land development in the real estate sector, starting with the sectors in which this technology is used. The research will create a model that covers regulation, blockchain-based smart contracts, security token offerings, and the financial part of crowdfunding."
    Keywords: Crowdfunding; Real Estate, Blockchain; Security Token Offerings; Tokenization,
    JEL: R3
    Date: 2023–01–01
  7. By: Anderie, Lutz
    Abstract: Das vorliegende Working Paper erläutert die aktuelle Relevanz von NFTs (Non-Fungible Tokens) und dem Metaverse in der Forschung und Industrie. Dabei wird betont, dass diese Begriffe häufig als "Buzzwords" dienen und sowohl bei professionellen Investoren als auch bei jungen Menschen eine Mischung aus Begeisterung, Enttäuschung und der Furcht, etwas Wichtiges zu verpassen, hervorrufen. Im Jahr 2021 wurden 41 Milliarden US-Dollar in NFTs in verschiedene Produktkategorien investiert, jedoch verzeichnete der NFT-Markt im Jahr 2022 erhebliche Rückgänge, die teilweise auf die Volatilität von Kryptowährungen zurückzuführen sind. NFTs (Non-Fungible Tokens) werden als digitale Zertifikate definiert, die das Eigentum an einzigartigen, nicht austauschbaren Vermögenswerten dokumentieren, im Gegensatz zu fungiblen Tokens. Das Working Paper erläutert, wie NFTs durch Social-Media-Marketing an Aufmerksamkeit gewonnen haben und im Gaming-Bereich getestet wurden, wobei sie von den technologischen Innovationen und digitalen Vermögensmarktplätzen der Spielebranche profitierten. Darüber hinaus haben NFTs auch in der Kunstwelt und anderen Branchen an Bedeutung gewonnen. Der Text basiert auf der Hypothese, dass NFTs zukünftig eine zentrale Rolle in den Marktplätzen des Metaverse spielen könnten, wie in einem korrelierenden Working Paper der Frankfurt University of Applied Sciences dargelegt. Insgesamt behandelt der Text eine Vielzahl von Themen, darunter die Bedeutung von NFTs, Blockchain und Kryptowährungen, die Interoperabilität von NFTs sowie praktische Anwendungsbeispiele und empirische Nachweise aus verschiedenen Branchen. Ein umfangreiches Literaturverzeichnis rundet den Text ab und bietet weiterführende Referenzen zu den behandelten Themen.
    Abstract: The present working paper explains the current relevance of NFTs (Non-Fungible Tokens) and the Metaverse in research and industry. It emphasizes that these terms often serve as "buzzwords" and elicit a mixture of excitement, disappointment, and the fear of missing out among both professional investors and young individuals. In 2021, $ 41 billion was invested in NFTs across various product categories, but the NFT market experienced significant declines in 2022, partially attributable to the volatility of cryptocurrencies. NFTs (Non-Fungible Tokens) are defined as digital certificates that document ownership of unique, non-exchangeable assets, in contrast to fungible tokens. The working paper explains how NFTs gained attention through social media marketing and were tested in the gaming industry, benefiting from technological innovations and digital asset marketplaces in the gaming sector. Furthermore, NFTs have also gained significance in the art world and other industries. The text is based on the hypothesis that NFTs could play a central role in the marketplaces of the Metaverse in the future, as outlined in a corresponding working paper from the Frankfurt University of Applied Sciences. Overall, the paper covers a variety of topics, including the importance of NFTs, blockchain, and cryptocurrencies, the interoperability of NFTs, as well as practical examples and empirical evidence from various industries. An extensive bibliography completes the text and provides further references to the discussed topics.
    Keywords: Informatik, Metaversum, Non-Fungible Token
    Date: 2023
  8. By: Frederik Juul Jensen (Université Sorbonne Paris Nord, CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord)
    Abstract: Music streaming changed the recorded music industry's business model from individual product sales to unlimited on-demand access subscriptions. The streaming platforms experienced strong growth during the 2010s and now drive most of the industry's revenue, up to 90% in the most mature markets. The payment system for rights holders has remained unchanged. Many industry stakeholders criticise the system's alleged unfairness, and artist organisations, independent labels and major labels all propose different ideas to 'fix' the music streaming payment system. The current 'Pro Rata' payment system pools all subscription fees, with each rights holder receiving a payment proportional to their share of the accumulated number of streams. The system does not look to align the individual users' payments with their actual musical preferences and consumption. Therefore, this paper defines the problem of the current music streaming payment system as its allocation of equal value on all streams. The paper proposes a framework to systematically evaluate alternative payment systems inspired by policy analysis and planning. It additionally contributes with a structured evaluation of six alternative payment systems that rethinks how streams are calculated and remunerated to restore the price discrimination between different listening behaviours. The paper finds that developing a mixture of the alternative systems can likely solve many of the current system's challenges.
    Keywords: Recorded music industry digitisation business models, Recorded music industry, digitisation, business models
    Date: 2023–09–05
  9. By: Nguyen, Binh Hai Thi; Nguyen, Luan Thanh
    Abstract: Today's society is increasingly developing, leading to the improvement and advancement of technology, which has made the shopping needs of consumers more enhanced. The fact that consumers choose to shop online on e-commerce platforms is gradually becoming more popular and diverse. Especially not Shoppe, Lazada or Tiki but recently Tiktok is also gradually becoming a place for people to entertain, shop and it is quite popular. This creates a lot of opportunities and challenges as well as promotes the creativity and potential of businesses. Therefore, this study was created with the aim to find out and explore the factors affecting the intention to shop online on Tiktok of consumers in Ho Chi Minh City through the Public Acceptance Model Theory. Turmeric (TAM). The research method used is conditional sampling. A questionnaire will be used to collect data from consumers who often shop online to clarify the factors affecting their decision on Tiktok, namely Perceived usefulness (PUF), Perceived ease of use (PEU), Acceptance attitude (ACA), Consumer confidence (CCF), Subjective standards (SJS), Intention to use (ITU). The experts checked through the questions established through the face value and the content value to ensure the validity and reliability of the survey tool. The findings show the difference in the positive impact of surrounding factors on consumers' shopping intention on Tiktok social network in Ho Chi Minh City.
    Keywords: Online shopping; Tiktok social network; consumer trust; TAM
    JEL: M00 M3
    Date: 2022–04–10
  10. By: Jessica N. Flagg; Simona Hannon
    Abstract: The financial technology advances of the past decade brought to prominence a new group of lenders active within the personal loan space—financial technology (FinTech) lenders. Although traditional lenders such as banks, thrifts, credit unions, and finance companies continue to play an important role in providing personal loans to consumers, FinTech lenders gained a notable market share.
    Date: 2023–08–30
  11. By: Lee, Sunhak (Korea Institute for Industrial Economics and Trade)
    Abstract: A 2019 Organization for Economic Cooperation and Development (OECD) report on the future of tourism highlighted changes in travel demand and supply due to technological advances as important trends shaping the future of tourism. The report stressed the need for suppliers in the industry to actively respond to these trends, especially as technological innovations such as digital platforms, the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR) are expected to change the tourism experience significantly. Many of the report’s OECD predictions are now coming true, as demographic change and an evolving social structure along with advances in digital technology are now driving change on the supply side of the tourism industry. On the demand side, we can observe increasing levels of diversification and personalization in tourism behavior with the emergence of new younger consumers (gen Z) and now more active seniors. There are many new products, services, and delivery methods using AI, big data, and immersive technologies to respond to new, more diversified demand. In particular, the rise of online travel agencies (OTAs), coupled with the use of digital technology, has led to the rapid spread of platform-oriented transactions. More intensive use of digital technology and the increasingly popularity of platform-oriented transactions have not only led to new convergence between formerly divergent technologies and industries — spawning entirely new lines of business in the process — they have altered the fabric of the tourism industry ecosystem. In this article, we describe what business-to-business (B2B) technologies are and the implications for policy carried by our findings. Thank you for reading this abstract of a report from the Korea Institute for Industrial Economics and Trade! Visit us on YouTube: Visit us on Instagram: Visit our website:
    Keywords: tourism; tourism industry; travel; digital platforms; platform convergence; Internet of Things; IoT; artificial intelligence; AI; virtual reality; VR; demographic change;
    JEL: L83 L86 Z31 Z38
    Date: 2023–10–31
  12. By: Preziuso, Massimo; Koefer, Franziska; Ehrenhard, Michel
    Abstract: In the European Union (EU), the revised Payment Services Directive (PSD2) aims to provide more convenient and customized financial products through open banking (OB) platforms. However, little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU's underserved groups, which currently constitute approximately a quarter of its population. This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands' ecosystem, one of the leaders in the EU's financial technology (FinTech) landscape. A fundamental distinction can be drawn between the OB users and the ecosystem's players. Regarding the impact of financial services on the users' inclusivity, while the PSD2 strengthens the infrastructure necessary for financial inclusion, many challenges remain, mainly because it was not designed for this purpose. This study identifies several areas of improvement that include adjustments to the know your customer (KYC) and anti-money laundering (AML) processes for underserved customers, innovative ways to communicate the PSD2's potential, and the regulation of technology providers' activities to build trust. Meanwhile, from the ecosystem's position, there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions (MFIs) in scaling up and reaching underserved clients across borders with innovative services. OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks. Such hybrid institutions will combine the best features of each of them: knowledge of the needs of local underserved clients from MFIs, technological innovations from FinTechs, and large and trusted customer bases, infrastructures, and access to institutional investments and governments from banks. Finally, an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.
    Date: 2023
  13. By: Jesper Akesson; Robert W. Hahn; Robert D. Metcalfe; Manuel Monti-Nussbaum
    Abstract: Although fake online customer reviews have become prevalent on platforms such as Amazon, Google, and Facebook, little is known about how these reviews influence consumer behavior. This paper provides the first experimental estimates of the effects of fake reviews on individual demand and welfare. We conduct an incentive-compatible online experiment with a nationally representative sample of respondents from the United Kingdom (n = 10, 000). Consumers are asked to choose a product category, browse a platform resembling Amazon, and select one of five equally priced products. One of the products is of inferior quality, one is of superior quality, and three are of average quality. We randomly allocate participants to variants of the platform: five treatment groups see positive fake reviews for an inferior product, and the control group does not see fake reviews. Moreover, some participants are randomly selected to receive an educational intervention that aims to mitigate the potential effects of fake reviews. Our analysis of the experimental data yields four findings. First, fake reviews make consumers more likely to choose lower-quality products. Second, we estimate that welfare losses from such reviews may be important—on the order of $.12 for each dollar spent in the setting we study. Third, we find that fake reviews have heterogeneous effects. For example, the effect of fake reviews is smaller for those who do not trust customer reviews. Fake reviews also have larger effects on those who shop online more frequently. Fourth, we show that the educational intervention reduces the adverse welfare impact of fake reviews by 44%.
    JEL: C90 D18 M30
    Date: 2023–11
  14. By: Elif Kubilay; Eva Raiber; Lisa Spantig; Jana Cahlíková; Lucy Kaaria
    Abstract: The expansion of digital financial services raises serious consumer protection concerns, including fraud, especially in developing countries. This column reports findings from an online experiment in Kenya which suggest that conventional scam detection tips do not improve individuals' ability to distinguish between scams and genuine messages. Rather, they make people over-cautious – a result partly driven by official communication often including scam markers.
    Date: 2023–11
  15. By: Eichhorn, Christopher; Rahmadani, Nurdita
    Keywords: basic income, environment
    Date: 2023
  16. By: Dany Vyt (IGR-IAE Rennes - Institut de Gestion de Rennes - Institut d'Administration des Entreprises - Rennes - UR - Université de Rennes, CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Magali Jara (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris] - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - Nantes Université - pôle Sciences et technologie - Nantes Univ - Nantes Université - Nantes Univ - ECN - École Centrale de Nantes - Nantes Univ - Nantes Université); Olivier Mevel (ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - European University of Brittany - UBO - Université de Brest - Télécom Bretagne - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest); Thierry Morvan (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Nélida Morvan (UR - Université de Rennes)
    Abstract: While click and collect (C&C) is a growing omni-channel grocery shopping model spreading out in Europe and in the US, little attention has been paid to the design of convenience measure in this setting is under researched. In particular the role of the digital feature and its impact on consumer response. We explore the impact of C&C on consumer response through the customer's perception, from his digital to his physical trip. This paper studies customers' behaviors toward their usual retailer and their relationship with them toward the theory of services and more precisely the Service dominant logic (S-D-L). Cconsumers response is analyzed through the prism of convenience, especially by transposing usual measures: access, functional, process, relational to the C&C setting and providing a new one: digital convenience. The conceptual model has been tested empirically on a sample of 1078 consumers and responses are analyzed and decomposed by using Path-PLS structural equation modeling. Our evidence also suggests, that in a whole, each feature of convenience positively influence consumer response with different intensity levels. These findings provide specific recommendations for each C&C system. Thus, functional convenience has the strongest contribution of the model and explains 31.4% of customer response. Further segmented approaches of the causal model prove that fulfillment of C&C has a moderating effect on the relationship between convenience and consumer response. Access convenience remains a prerequisite for C&C in a whole, but somewhat surprisingly our results make evidence that it has a negative impact in a drive-in system. We show that digital convenience is clearly discriminant according the type of C&C.
    Keywords: Click and collect, Convenience, Digital shopping, Omni-channel, Retailing, Structural equation modeling
    Date: 2022
  17. By: Heiko Leonhard
    Abstract: The rise of blockchain technology has led to the creation of a new generation of virtual world projects, which have attracted a range of commercial activities. The economic potential of these virtual environments has caused an increase in the virtual land market. While there are many virtual worlds, the land in each is limited in size and ideally cannot be changed, which reduces investment hold-up issues and constraints. Thanks to publicly available open-source technology, it is now possible to easily explore these new blockchain-based virtual land markets and its price dynamics. This study provides guidance on how to adequately model virtual land price indices. The study analyzes one of the first and most relevant large-scale blockchain- based virtual worlds, Decentraland. The data set used in the study is compiled from secondary market sales from the most relevant NFT (non-fungible token) marketplace. Using information on identical virtual land parcels, the study develops a weekly repeat sales index of prices for the period between January 2019 and August 2022. The study also performs several performance tests, which show that the repeat sales method provides superior index estimates compared to using an arithmetic price average or median price, which are often used in the market for virtual land. In addition to serving as a price benchmark, a virtual land market index can be appealing for asset pricing studies, as it can be used as a proxy for an unobservable market portfolio. Therefore, research on the physical real estate market can guide any research of virtual land markets.
    Keywords: blockchain; Metaverse; Price Index; Repeat Sales Model
    JEL: R3
    Date: 2023–01–01
  18. By: David A. Benson; Vitaly M. Bord; Aaron Garner; Charles Taragin
    Abstract: The establishment of new banks and branches is especially important in the banking sector. Many consumers still use physical bank branches to access banking services (Annenberg et al, 2018; Jiang, Yu, and Zhang, 2023).
    Date: 2023–09–01
  19. By: Zhenyu Su; Paloma Taltavull de La Paz
    Abstract: This study examines the daily time series data of the short-term rental market, including Airbnb room bookings, rental supply, and asking rents, from 2015 to 2022 in 16 Asia-Pacific cities. The analysis employs a Vector Error Correction Model (VECM) approach to investigate the causal relationships among the variables and to estimate the short-run and long-run dynamics of the market. The study reveals that the short-term rental market exhibits a high degree of volatility, with considerable fluctuations in rental supply and asking rents across the cities and over time. Furthermore, the study shows that Airbnb bookings have a significant impact on rental supply and asking rents, indicating the importance of the platform in the market. The findings also suggest that the COVID-19 pandemic has had a substantial effect on the short-term rental market, with reduced bookings, supply, and rents during periods of strict pandemic control measures. The study provides insights into the dynamics of the short-term rental market in the Asia-Pacific region over an extended period, highlighting the importance of considering both short-term and long-term factors, including pandemic-related effects.
    Keywords: Airbnb; Asia-Parcific Cities; rent cycles; Short-term rental market
    JEL: R3
    Date: 2023–01–01
  20. By: Ghislain Deleplace (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)
    Abstract: The purpose of the chapter is to challenge two widely-held myths about Ricardo's theory of money and to suggest another view in which the relationship between the value and the quantity of money owes nothing to a commodity-theory of money (Section 2) or to the Quantity Theory of Money (Section 3) but puts the market price of the standard of money centre-stage (Section 4). Ricardo's applied pronouncements on money then appear as direct consequences of this theory (Section 5).
    Keywords: Ricardo David, Money, Standard of money, Quantity theory of money, Monetary policy
    Date: 2023

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