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on Payment Systems and Financial Technology |
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Issue of 2023‒12‒11
28 papers chosen by |
| By: | Di Casola, Paola; Habib, Maurizio Michael; Tercero-Lucas, David |
| Abstract: | We analyse the drivers of Bitcoin transactions against 44 fiat currencies in the largest peer-to-peer crypto exchanges. Momentum and volatility in the cryptoasset market, as well as volatility and liquidity in global financial markets do matter for Bitcoin trading. There is suggestive evidence of a global crypto cycle driven by speculative motives. However, in emerging and developing economies (EMDEs), Bitcoin seems to offer also transactional benefits, since trading increases when the value of the domestic currency is unstable. Proxies of banking depth and digitalisation are negatively correlated with the currency loadings on the global factor, indicating that crypto-assets may offer a speculative alternative to traditional finance when this is not available, especially in EMDEs where the share of younger risk-prone population is higher. Our results clearly point to potential financial stability risks from cryptoisation in EMDEs with low levels of financial development and unstable fiat currencies. JEL Classification: E42, F21, F24, F32, F38, G15, O33 |
| Keywords: | Bitcoin, digital currencies, financial development, peer-to-peer exchanges |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20232868&r=pay |
| By: | Tanya Livermore (Reserve Bank of Australia); Jack Mulqueeney (Reserve Bank of Australia); Thuong Nguyen (Reserve Bank of Australia); Benjamin Watson (Reserve Bank of Australia) |
| Abstract: | The Reserve Bank conducted its sixth triennial Consumer Payments Survey (CPS), which provides detailed information on how Australians make their payments. The 2022 CPS provides the first comprehensive snapshot of consumer payment behaviour following the changes brought on by the COVID-19 pandemic. The survey shows that most in-person payments are made by tapping cards or mobile devices, even for small purchases. This means the share of in-person transactions made with cash halved, from 32 per cent to 16 per cent, over the three years to 2022. The demographic groups that traditionally used cash more frequently for payments – such as the elderly, those on lower incomes and those in regional areas – saw the largest declines in cash use. Cash usage has generally been replaced with card payments. While Australians are aware of and use a range of other newer payment methods, such as digital wallets and buy now, pay later services, they still make up a small share of payments. |
| Keywords: | consumer payment choice; consumer survey; dual network debit cards; method of payment; payment systems |
| JEL: | D12 D14 E42 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:rba:rbardp:rdp2023-08&r=pay |
| By: | Leonardo Gambacorta; Leonardo Madio; Bruno Maria Parigi |
| Abstract: | We analyse the impact of platform lending on innovation and e-commerce vendors' surplus. The platform generates revenues from both lending and marketplace fees, and can use lending to price discriminate vendors, thereby leading to higher marketplace fees and below-market interest rates. While platform lending can encourage innovation by providing access to subsidised credit, it can harm vendors who do not have financial needs. A sufficient condition for platform lending to be welfare-enhancing is that innovators would not receive funding from banks otherwise. However, if innovators would receive funding from banks, platform lending may reduce the overall vendor surplus. Cream skimming arises when the platform has better information than the bank about the prospects of the innovators' projects. To address the potential negative effects of platform lending on vendors' surplus, we also explore the impact of different regulatory instruments. |
| Keywords: | platform lending, big tech, online platforms, credit, innovation |
| JEL: | G20 L86 O31 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1142&r=pay |
| By: | Ögren, Anders (Department of Economic History, Uppsala University) |
| Abstract: | A number of central banks have started to investigate the possibility of issuing so-called Central Bank Digital Currencies (CBDCs). The aim may be to compete with cryptocurrencies of different kinds but also to replace digital commercial bank money with central bank issued digital money, i.e. replacing bank money with central bank issued base money. In this paper we study a similar experiment when the Swedish central bank, the Riksbank, in 1903 replaced private banknotes with their own notes. The result of this policy was a massive increase in commercial bank credit due to the increase in base money, spurring the ongoing boom even further. A boom that worsened the 1907 crisis. The result is thus questioning the notion that increased monetary issuance by a monetary authority to replace other financial assets as private money or cryptoassets should lead to increased financial stability – as, in fact, it led to the opposite. |
| Keywords: | Central banking; Commercial banks; Crises; Cryptoassets; Financial stability |
| JEL: | E42 N13 N23 |
| Date: | 2022–10–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uuehwp:2022_003&r=pay |
| By: | Alexis Derviz |
| Abstract: | When several central banks decide to introduce CBDCs, interoperability requirements create demand for a common payment infrastructure and a joint digital accounting unit (bridge coin). Many attributes of the latter resemble those of private digital currencies. At the same time, the CBDC-embracing authorities actively contribute to elevating digital wallets to the position of a household technology. Private agents discover ways to make domestic and foreign payments in the (digital) currency of their choice irrespective of the CBDC-issuing authorities' intentions. In such a world, will fiat currencies and the central banks that issue them be sidetracked by the bridge coin, or are old and new forms of international transactions able to coexist? What changes await the traditional FX market? These questions are addressed in a two-country, twogood, two-currency DSGE model with a global digital currency (digicoin). Under a certain structure of FX transaction costs, all three partial FX markets coexist and the use of fiat currency in foreign trade is unlikely to be eliminated completely as long as the bridge coin operator is unable to become a global banker as well. |
| Keywords: | Bridge coin, cash in advance, CBDC, digital currency, FX market |
| JEL: | C61 C63 D58 E02 E59 G23 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:cnb:wpaper:2023/7&r=pay |
| By: | Pawe{\l} Szyd{\l}o; Marcin W\k{a}torek; Jaros{\l}aw Kwapie\'n; Stanis{\l}aw Dro\.zd\.z |
| Abstract: | Non-fungible token (NFT) market is a new trading invention based on the blockchain technology which parallels the cryptocurrency market. In the present work we study capitalization, floor price, the number of transactions, the inter-transaction times, and the transaction volume value of a few selected popular token collections. The results show that the fluctuations of all these quantities are characterized by heavy-tailed probability distribution functions, in most cases well described by the stretched exponentials, with a trace of power-law scaling at times, long-range memory, and in several cases even the fractal organization of fluctuations, mostly restricted to the larger fluctuations, however. We conclude that the NFT market - even though young and governed by a somewhat different mechanisms of trading - shares several statistical properties with the regular financial markets. However, some differences are visible in the specific quantitative indicators. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.19747&r=pay |
| By: | Quan, Yutong; Wu, Xintong; Deng, Wanlin; Zhang, Luyao |
| Abstract: | Blockchain technology is leading a revolutionary transformation across diverse industries, with effective governance standing as a critical determinant for the success and sustainability of blockchain projects. Community forums, pivotal in engaging decentralized autonomous organizations (DAOs), wield a substantial impact on blockchain governance decisions. Concurrently, Natural Language Processing (NLP), particularly sentiment analysis, provides powerful insights from textual data. While prior research has explored the potential of NLP tools in social media sentiment analysis, a gap persists in understanding the sentiment landscape of blockchain governance communities. The evolving discourse and sentiment dynamics on the forums of top DAOs remain largely unknown. This paper delves deep into the evolving discourse and sentiment dynamics on the public forums of leading DeFi projects—Aave, Uniswap, Curve Dao, Aragon, Yearn.finance, Merit Circle, and Balancer—placing a primary focus on discussions related to governance issues. Despite differing activity patterns, participants across these decentralized communities consistently express positive sentiments in their Discord discussions, indicating optimism towards governance decisions. Additionally, our research suggests a potential interplay between discussion intensity and sentiment dynamics, indicating that higher discussion volumes may contribute to more stable and positive emotions. The insights gained from this study are valuable for decision-makers in blockchain governance, underscoring the pivotal role of sentiment analysis in interpreting community emotions and its evolving impact on the landscape of blockchain governance. This research significantly contributes to the interdisciplinary exploration of the intersection of blockchain and society, with a specific emphasis on the decentralized blockchain governance ecosystem. We provide our data and code for replicability as open access on GitHub. |
| Date: | 2023–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:bq6tu&r=pay |
| By: | Joël Cariolle (FERDI - Fondation pour les Etudes et Recherches sur le Développement International); Yasmine Elkhateeb (Cairo University, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Mathilde Maurel (FERDI - Fondation pour les Etudes et Recherches sur le Développement International, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The Internet has significantly expanded worldwide, changing our relationship with the world, and the way we communicate, educate, and inform ourselves. Africa, despite having a very low number of fixed-broadband subscriptions for 100 inhabitants, has not escaped the Internet phenomenon, as the number of individuals with Internet access has risen from 2 in 2002 to 39.7 (per 100 inhabitants) in 2022. Similarly, the number of individuals with mobilecellular telephone subscriptions has jumped from 12.4 in 2002 to 86.3 (per 100 inhabitants) in 2022 (ITU, 2022). |
| Keywords: | Internet, Africa, Digital technologies, Digital development |
| Date: | 2023–11–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-04289888&r=pay |
| By: | International Monetary Fund |
| Abstract: | The goal of the mission was to continue to support the BCRP in its effort to research the conditions for success for a CBDC, as well as the role of various stakeholders. The IMF has been providing Technical Assistance to BCRP on the topic of CBDC since 2021. The initial TA mission supported the central bank during the first phase of the project, called the Preparation phase, which involved clarifying the context, key questions, and potential approaches to study a CBDC. The second phase of the BCRP’s CBDC project, known as the Proof of Assumptions phase, started with the publication of a paper by the central bank, supported by the current mission. The white paper outlined the context, goals and challenges related to a potential CBDC in Peru. Consistent with recommendations from the first mission, the BCRP recognized the need to focus on an initial engagement with stakeholders, including representatives of the banking sector, payment service providers, and the Fintech and technology sector. |
| Date: | 2023–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2023/358&r=pay |
| By: | adiid, hibanan |
| Abstract: | The influence of social media marketing on consumer behavior is a subject of paramount importance in today's digital age. This research investigates the impact of social media marketing strategies on consumer purchasing decisions, exploring the intricate interplay between digital advertising and consumer psychology. Through a combination of survey analysis and data collection, this study aims to shed light on the ways in which social media marketing shapes consumer behavior, providing valuable insights for businesses and marketers. |
| Date: | 2023–10–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:9dtfp&r=pay |
| By: | Masud, Abdulsalam; Mohammed, Sani Damamisau; Gimba, Yusuf Abdu |
| Abstract: | There has recently been an expansion in the use of digital financial services and digital IDs by tax authorities. However, the extent to which such technologies are being adopted and data from them used strategically to improve tax administration has been little explored, especially as regards subnational tax administrations. This study investigates the extent of the adoption and strategic usage of data from e-tax systems and digital IDs by state internal revenue services (SIRSs) in Nigeria. It analyses whether IT adoption correlates with tax performance among these authorities. It highlights the need for SIRSs to improve their adoption and strategic use of data from e-tax systems and digital IDs and finds that lessons could be learned from the Federal Inland Revenue Service (FIRS). The study’s uniqueness lies in its focus on the supply side of technology in tax administration within decentralised tax administration jurisdictions. Primary data was collected through qualitative interviews and evaluated using thematic analysis; secondary data on internally generated revenue (IGR) was also used. This is a Summary of African Tax Administration Paper 29. |
| Keywords: | Finance, |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18176&r=pay |
| By: | Daron Acemoglu; Ali Makhdoumi; Azarakhsh Malekian; Asuman Ozdaglar |
| Abstract: | We build a model of online behavioral manipulation driven by AI advances. A platform dynamically offers one of n products to a user who slowly learns product quality. User learning depends on a product’s “glossiness, ’ which captures attributes that make products appear more attractive than they are. AI tools enable platforms to learn glossiness and engage in behavioral manipulation. We establish that AI benefits consumers when glossiness is short-lived. In contrast, when glossiness is long-lived, users suffer because of behavioral manipulation. Finally, as the number of products increases, the platform can intensify behavioral manipulation by presenting more low-quality, glossy products. |
| JEL: | D83 D90 D91 L86 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31872&r=pay |
| By: | Christopher J. Gust; Kyungmin Kim; Romina Ruprecht |
| Abstract: | We propose a parsimonious framework to understand how the issuance of central bank digital currency (CBDC) might affect the financial system, the Federal Reserve's balance sheet, and the implementation of monetary policy. We show that there is a wide range of outcomes on the financial system and the Federal Reserve's balance sheet that could reasonably occur following CBDC issuance. Our analysis highlights that the potential effects on the financial sector depend critically on how the Fed manages its balance sheet. In particular, CBDC could in principle put substantial upward pressure on the spread of the federal funds rate and other wholesale funding rates over the interest rate on reserves unless the Fed expanded its balance sheet to accommodate CBDC issuance. |
| Keywords: | Central bank digital currency; Monetary policy implementation; Bank disintermediation; Central bank balance sheet |
| JEL: | E50 E51 E52 E58 |
| Date: | 2023–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2023-68&r=pay |
| By: | Carl White |
| Abstract: | Community banks looking to innovate and increase efficiency may team up with fintech firms. What do these partnerships look like, and what are the risks? |
| Keywords: | community banks; fintech |
| Date: | 2021–12–23 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:94056&r=pay |
| By: | Xiao, Yunpeng; Deng, Bufan; Chen, Siqi; Zhou, Kyrie Zhixuan; LC, RAY; Zhang, Luyao; Tong, Xin |
| Abstract: | Non-fungible tokens (NFTs) are decentralized digital tokens to represent the unique ownership of items. Recently, NFTs have been gaining popularity and at the same time bringing up issues, such as scams, racism, and sexism. Decentralization, a key attribute of NFT, contributes to some of the issues that are easier to regulate under centralized schemes, which are intentionally left out of the NFT marketplace. In this work, we delved into this centralization-decentralization dilemma in the NFT space through mixed quantitative and qualitative methods. Centralization-decentralization dilemma is the dilemma caused by the conflict between the slogan of decentralization and the interests of stakeholders. We first analyzed over 30, 000 NFT-related tweets to obtain a high-level understanding of stakeholders' concerns in the NFT space. We then interviewed 15 NFT stakeholders (both creators and collectors) to obtain their in-depth insights into these concerns and potential solutions. Our findings identify concerning issues among users: financial scams, counterfeit NFTs, hacking, and unethical NFTs. We further reflected on the centralization-decentralization dilemma drawing upon the perspectives of the stakeholders in the interviews. Finally, we gave some inferences to solve the centralization-decentralization dilemma in the NFT market and thought about the future of NFT and decentralization. |
| Date: | 2023–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:evz4p&r=pay |
| By: | Nicolas Kusz (PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne, UP1 EMS - Université Paris 1 Panthéon-Sorbonne - École de Management de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne); Jean-François Lemoine (PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne, ESSCA Research Lab - ESSCA - Ecole Supérieure des Sciences Commerciales d'Angers) |
| Abstract: | More and more companies develop "voice app" integrated into Google and Alexa systems, to offer a new channel of interaction to their consumers in addition to their website and their smartphone application. With spectacular progress in voice recognition and synthetic voice technologies, the voice assistant makes it possible to establish a real dialogue between the human and the system. If the voice is no longer the privilege of humans, our research aims to explore the influence of the type of voice of a voice assistant (human versus artificial) on the cognitive reactions of consumers. Based on an exploratory qualitative study conducted with 15 people, the results suggest that the voice type of the assistant influences ease of use and perceived anthropomorphism by users. Furthermore, our study reveals that anthropomorphism has a negative impact on usability; the user seems to forget that he's talking to a machine and forget adjusting his requests accordingly. |
| Abstract: | Les « voice app » intégrées aux systèmes Google et Alexa se multiplient, de plus en plus d'entreprises proposent ce nouveau canal d'interaction à leurs consommateurs en complément de leur site web et de leur application smartphone. Avec les progrès majeurs des technologies de reconnaissance vocale et de voix de synthèse, l'assistant vocal permet d'instaurer un véritable dialogue entre l'homme et le système. Si la voix n'est désormais plus le privilège des humains, notre étude cherche à explorer les effets du type de voix d'un assistant vocal (humain versus artificiel) sur les réactions des consommateurs. En nous appuyant sur une étude qualitative exploratoire menée auprès de 15 répondants, les résultats suggèrent que le type de voix de l'assistant influence la facilité d'utilisation perçue et l'anthropomorphisme perçu par les consommateurs. En outre, notre étude révèle que l'anthropomorphisme a un impact négatif sur la facilité d'utilisation perçue ; l'utilisateur semble oublier qu'il s'adresse à une machine et qu'il doit ajuster ses requêtes en conséquence. Mots clefs : assistant vocal ; voix de synthèse ; facilité d'utilisation ; anthropomorphisme. |
| Keywords: | voice assistant, synthetic voice, trust, usability, anthropomorphism, Assistant vocal, Voix de synthèse, Facilité d’utilisation, Anthropomorphisme |
| Date: | 2023–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04281434&r=pay |
| By: | Ologunebi, John |
| Abstract: | This study provides a comprehensive analysis of customer retention strategies in the e-commerce fashion business in the United Kingdom, focusing on a case study of Primark. With the increasing trend of online shopping, customer retention has become a critical factor for the success of e-commerce businesses. The research will examine various customer retention strategies implemented by Primark; a prominent fashion retailer known for its low-cost clothing. By analyzing the company's practices, the study will uncover the factors influencing customer loyalty and retention in the highly competitive e-commerce fashion industry. Additionally, the research will investigate the effectiveness of Primark's customer retention strategies and identify areas for improvement. The findings will contribute to a better understanding of successful customer retention strategies in the e-commerce fashion sector and provide valuable insights for other businesses operating in a similar market. The paper also investigates the impact of these strategies on the company's overall performance and customer satisfaction levels. The study utilizes both quantitative data and observation methods to collect and analyze data from various sources such as literatures, surveys, and financial records. The findings of the research offer valuable insights to e-commerce fashion businesses in the UK on successful customer retention strategies. These findings can particularly be beneficial for those aiming to improve customer loyalty and sustain long-term profitability in the highly competitive fashion industry. The research aim of this thesis is anchored on the analysis of Primark’s customer retention strategies in e-commerce fashion business in the UK, and the need to validate the following research hypothesis: Hypothesis 1: Higher levels of customer satisfaction with Primark's online shopping experience result in increased customer loyalty and retention in the e-commerce fashion sector in the UK. Hypothesis 2: Primark's implementation of personalized product recommendations and targeted marketing campaigns positively influences customer retention rates in the e-commerce fashion business in the UK. Hypothesis 3: The utilization of data analytics and technology-driven strategies by Primark leads to improved customer retention rates compared to traditional methods in the e-commerce fashion industry in the UK. |
| Keywords: | Digital marketing strategies, Customer retention strategy, social media engagement, search engine optimization (SEO), pay-per-click (PPC) advertising, email marketing campaigns, social media marketing, SWOT analysis, KPI, modern marketing |
| JEL: | M00 M12 M13 M15 M21 M3 M30 M38 M39 O31 O32 |
| Date: | 2023–11–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119040&r=pay |
| By: | Gorwa, Robert; Veale, Michael (University College London) |
| Abstract: | The AI development community is increasingly making use of hosting intermediaries such as Hugging Face provide easy access to user-uploaded models and training data. These model marketplaces lower technical deployment barriers for hundreds of thousands of users, yet can be used in numerous potentially harmful and illegal ways. In this article, we argue that explain ways in which AI systems, which can both `contain' content and be open-ended tools, present one of the trickiest platform governance challenges seen to date. We provide case studies of several incidents across three illustrative platforms --- Hugging Face, GitHub and Civitai --- to examine how model marketplaces moderate models. Building on this analysis, we outline important (and yet nevertheless limited) practices that industry has been developing to respond to moderation demands: licensing, access and use restrictions, automated content moderation, and open policy development. While the policy challenge at hand is a considerable one, we conclude with some ideas as to how platforms could better mobilize resources to act as a careful, fair, and proportionate regulatory access point. |
| Date: | 2023–11–17 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:6dfk3&r=pay |
| By: | Morteza Alaeddini (AUT - Amirkabir University of Technology, UGA - Université Grenoble Alpes, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes); Julie Dugdale (LIG - Laboratoire d'Informatique de Grenoble - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Paul Reaidy (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes); Philippe Madiès (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes) |
| Abstract: | Trust is crucial in economic complex adaptive systems, where agents frequently change the other side of their interactions, which often leads to changes in the system's structure. In such a system, agents who seek as much as possible to build lasting trust relationships for long-term confident interactions with their counterparts decide whom to interact with based on their level of trust in existing partners. A trust crisis refers to the time when the level of trust between agents drops so much that there is no incentive to interact, a situation that ultimately leads to the collapse of the system. This paper presents an agent-based model of the interbank market and evaluates the effects of using a voting-based consensus mechanism embedded in a blockchain-based loan system on maintaining trust between agents and system stability. In this paper, we rely on the fact that blockchain as a distributed system only manages the existing trust and does not create it on its own. Furthermore, this study uses actual blockchain technology in its simulation rather than simply presenting an abstraction. |
| Keywords: | Agent-based simulation, Asymmetric information, Confidence, Distributed ledger, Interbank call loan market, Uncertainty |
| Date: | 2023–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04266077&r=pay |
| By: | Adam, Martin; Wiener, Martin; Benlian, Alexander |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:141317&r=pay |
| By: | adiid, hibanan |
| Abstract: | In the contemporary digital age, businesses are continually developing new strategies to gain a competitive edge. However, these strategies often give rise to complex legal concerns associated with consumer protection, data privacy, advertising regulations, and intellectual property rights. This paper delves into the legal implications of strategic marketing in the digital era, emphasizing the critical need for businesses to navigate compliance and legal challenges effectively. It explores key legal considerations, best practices, and case studies to illustrate the evolving landscape of marketing law. |
| Date: | 2023–10–28 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:mnw8e&r=pay |
| By: | Tobias Boos; Juan Grigera |
| Abstract: | This paper provides a contextual analysis of the adoption of Bitcoin as legal tender in El Salvador. First, we outline the historical context and the political situation of the period 2019-24 that serve as context for the passage and implementation of the Bitcoin law (Decree No. 57). We identify the institutional and political context and the main areas of contention. Next, we delve into the macroeconomic context of El Salvador, outlining the fundamental features of its economy and highlighting how they relate to currency issues. |
| Keywords: | El Salvador, Political economy, Finance |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2023-136&r=pay |
| By: | Yohanes Ferry Cahaya (Perbanas Institute JL.Perbanas Karet Kuningan - Setiabudi, 12940, Jakarta Sealatan, Indonesia Author-2-Name: Hedwigis Esti Riwayati Author-2-Workplace-Name: Perbanas Institute JL.Perbanas Karet Kuningan - Setiabudi, 12940, Jakarta Sealatan, Indonesia Author-3-Name: Markonah Markonah Author-3-Workplace-Name: Perbanas Institute JL.Perbanas Karet Kuningan - Setiabudi, 12940, Jakarta Sealatan, Indonesia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - Using data from Bank Group Based On Core Capital (GBCC) 4 in Jabodetabek, this study aimed to assess and validate the significance of customer trust in moderating the influence of customer engagement and financial literacy on customer loyalty. Methodology – With the use of a causal approach and a total sample size of 253 respondents, the descriptive quantitative technique was employed in this study. The data were then analyzed using the PLS SEM (Partial et al. Model). Findings and Novelty – This study's findings show that while customer interaction has no effect on consumer trust, financial literacy does. consumer trust is a mediator between financial literacy and consumer loyalty. Customer trust does not act as a mediator between customer engagement and customer loyalty. Type of Paper - Empirical" |
| Keywords: | Financial literacy; Customer Engagement, Customer Trust, Customer Loyalty |
| JEL: | D11 D18 I22 |
| Date: | 2023–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr215&r=pay |
| By: | Andrew F. Haughwout; Donghoon Lee; Daniel Mangrum; Belicia Rodriguez; Joelle Scally; Wilbert Van der Klaauw; Crystal Wang |
| Abstract: | This morning, the New York Fed’s Center for Microeconomic Data released the 2023:Q3 Quarterly Report on Household Debt and Credit. After only moderate growth in the second quarter, total household debt balances grew $228 billion in the third quarter across all types, especially credit cards and student loans. Credit card balances grew $48 billion this quarter and marked the eighth quarter of consecutive year-over year increases. The $154 billion nominal year-over-year increase in credit card balances marks the largest such increase since the beginning of our time series in 1999. The increase in balances is consistent with strong nominal spending and real GDP growth over the same time frame. But credit card delinquencies continue to rise from their historical lows seen during the pandemic and have now surpassed pre-pandemic levels. In this post, we focus on which groups have fallen behind on debt payments and discuss whether rising delinquencies are narrowly concentrated or broad based. |
| Keywords: | household finance; Consumer Credit Panel (CCP) |
| JEL: | D14 |
| Date: | 2023–11–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:97310&r=pay |
| By: | Pachankis, Yang |
| Abstract: | The research outlines the sovereign-fund based Ponzi scheme of the People’s Republic of China (PRC) rent-seeking powers. It analyzes into the evidence from the internet economy in PRC with Alibaba and the failed Nasdaq Initial Public Offering politics of Ant Group. Five angles have been adopted to describe the phenomena with justification from evidence, and the research has noticed the involvement of the Chinese military in the power competition in the rent-seeking financial realm with oligarchic characteristics. The research concludes that Ponzi schemes do not necessarily have to not involve product delivery, and the element of the time value of currencies is more fundamental to it in the process of truth emergence. |
| Keywords: | Anti-trust; Currency; Dumping; Financial crime; International settlement; Nash equilibrium |
| JEL: | B51 B59 E44 E51 E66 H73 O11 P24 P37 Z13 |
| Date: | 2023–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118884&r=pay |
| By: | Christophe Carugati |
| Abstract: | This paper proposes an original set of five compliance principles derived from the DMA list of obligations. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:bre:polbrf:node_9537&r=pay |
| By: | Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | This study examines how the starting of business by females can be promoted by assessing critical levels of microfinance institutions (MFIs) penetration that policy makers must endeavour to maintain and/or attain in order for female unemployment not to represent a constraint in the doing of business. A constraint in doing business is understood in terms of the procedure that a woman has to go through in order to start a business. The focus of the study is on 44 countries in Sub-Saharan Africa (SSA) for the period 2004-2018, while the empirical evidence is based on interactive quantile regressions. The following findings are established. The validity of tested hypotheses is exclusively apparent in the lowest and highest quantiles of the conditional distribution of the procedure women have to go through to start a business. MFI penetration levels needed to reverse the unfavorable incidence of female unemployment in doing business are provided. These are minimum MFIs penetration thresholds that are required in order for female unemployment not to negatively affect the procedure that a woman should go through to start a business. The study complements the extant literature by assessing critical microfinance penetration levels that are needed to promote female doing of business, contingent on existing levels of female doing of business. |
| Keywords: | Africa; Microfinance; Gender; Inclusive development |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:23/068&r=pay |
| By: | Cátia Cerqueira (NIPE/Center for Research in Economics and Management, University of Minho, Portugal); Fernando Alexandre (NIPE/Center for Research in Economics and Management, University of Minho, Portugal); Miguel Portela (NIPE/Center for Research in Economics and Management, University of Minho, Portugal; and IZA, Bonn) |
| Abstract: | This paper examines firms’ characteristics and the impact on firm performance of being a first mover in the adoption of cloud computing and big data digital technologies, relative to followers and non-adopters. Our results show that firms with higher levels of education both for managers and workers, and shorter managerial tenure are more likely to be digital adopters. First movers in the adoption of big data show distinct characteristics from followers, namely they are younger and have a larger share of higher education workers. Regarding the impact on firm performance, we find that first movers in cloud computing experience significant performance gains, namely in gross value added and productivity, compared to non-adopters, but no gains relative to followers. Interestingly, first movers in big data exhibit a productivity edge over followers and non-adopters. Furthermore, we find that higher levels of education and shorter managerial tenure amplify the positive effects of big data adoption on firm performance. |
| Keywords: | cloud computing, big data, management, digitalization, productivity, ICT |
| JEL: | D24 M10 E22 E23 J24 O33 L20 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:nip:nipewp:11/2023&r=pay |