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on Payment Systems and Financial Technology |
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Issue of 2024‒02‒12
23 papers chosen by |
| By: | Steffen, Nico; Kroon, Peter; Abbasi, Faisal Aman; Wiewiorra, Lukas |
| Abstract: | Digital platforms and data-driven business models have become integral to today's internet economy. Large technology companies like Apple, Google, Amazon and Microsoft exert control over access to online content, products, services and social interactions through their digital ecosystems and associated gatekeeping power. Within these ecosystems, mobile platforms centred around smartphones, operating systems and app stores play an increasingly pivotal role. The recent introduction of the Digital Markets Act (DMA) by the European Union represents a significant development in the regulation of digital platforms and mobile ecosystems. By imposing rules aimed at promoting competition and fair access, the DMA directly motivates an examination of access considerations and pricing structures surrounding digital platforms and app stores. This research report provides an in-depth analysis of the various access modes and stages relevant to apps within dominant digital ecosystems, exploring appropriate remuneration approaches. |
| Keywords: | Digitale Plattform, Mobile Anwendung, Electronic Commerce, Monopol, Netzregulierung, EU-Staaten |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280950&r=pay |
| By: | Ruimin Song; Tiantian Zhao; Chunhui Zhou |
| Abstract: | This paper takes the development of Central bank digital currencies as a perspective, introduces it into the Baumol-Tobin money demand theoretical framework, establishes the transactional money demand model under Central bank Digital Currency, and qualitatively analyzes the influence mechanism of Central bank digital currencies on transactional money demand; meanwhile, quarterly data from 2010-2022 are selected to test the relationship between Central bank digital currencies and transactional money demand through the ARDL model. The long-run equilibrium and short-run dynamics between the demand for Central bank digital currencies and transactional currency are examined by ARDL model. The empirical results show that the issuance and circulation of Central bank digital currencies will reduce the demand for transactional money. Based on the theoretical analysis and empirical test, this paper proposes that China should explore a more effective Currency policy in the context of Central bank digital currencies while promoting the development of Central bank digital currencies in a prudent manner in the future. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.06457&r=pay |
| By: | Ali Mehrban; Pegah Ahadian |
| Abstract: | This paper describes an architecture for predicting the price of cryptocurrencies for the next seven days using the Adaptive Network Based Fuzzy Inference System (ANFIS). Historical data of cryptocurrencies and indexes that are considered are Bitcoin (BTC), Ethereum (ETH), Bitcoin Dominance (BTC.D), and Ethereum Dominance (ETH.D) in a daily timeframe. The methods used to teach the data are hybrid and backpropagation algorithms, as well as grid partition, subtractive clustering, and Fuzzy C-means clustering (FCM) algorithms, which are used in data clustering. The architectural performance designed in this paper has been compared with different inputs and neural network models in terms of statistical evaluation criteria. Finally, the proposed method can predict the price of digital currencies in a short time. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.05441&r=pay |
| By: | Solène Juteau (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie, LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur) |
| Abstract: | This case study focuses on Netflix's technological journey, emphasizing its role as a startup that revolutionized a sector through tech-savvy approaches. Up until 2023, Netflix continues to innovate. This exploration delves into how Netflix has evolved as a platform organization, leveraging advanced technologies to enhance user experience and business models. The case discusses Netflix's use of Cloud Computing and proposes elaboration on Artificial Intelligence and Blockchain technologies. This case will be particularly useful for graduate and postgraduate students or MBA students in courses on digital technologies and business perspectives. |
| Keywords: | Disruptive innovation, Digital platforms and ecosystems, Teaching cases, Long Tail, Artificial intelligence, Blockchain |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04374918&r=pay |
| By: | Nguyen, Nguyen-Hong; Nguyen, Luan-Thanh |
| Abstract: | With the rapid advancement of technology, online shopping has become increasingly popular, revolutionizing the way consumers make purchases. In recent years, mobile applications have emerged as a convenient platform for online shopping, providing users with anytime, anywhere access to a wide range of products and services. This research aims to investigate the impact of online shopping motivation on consumer behavior within the context of mobile applications, through the Reasoned Action Theory (TRA). Non-probability sampling with judgmental sampling has been chosen as a result. The study develops five hypotheses which are tested using a sample of 99 participants (n=99). Before exploring and elucidating factors affecting customer loyalty, data from citizens of HCMC was gathered using a questionnaire. Hedonic shopping motivation (HSM), utilitarian shopping motivation (USM), perceived ease of use (PEU), perceived quality (PCQ), and experiential value (EXV) were expected to influence the relationships. The results of this study have important consequences for m-commerce practitioners and researchers alike to enhance knowledge of online buying motivation specifically in the setting of mobile applications. |
| Keywords: | Mobile Applications, Online Shopping Motivation, Customer Loyalty |
| JEL: | M10 M37 |
| Date: | 2023–11–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119657&r=pay |
| By: | Brahmana, Rayenda Khresna |
| Abstract: | The emergence of cryptocurrencies as digital investments drives scholars to explore their predictive prices. Intriguingly, most research focuses on its price and returns prediction using various models, leaving out the importance of persistent risk for portfolio management. This is not to mention that most research focuses only on Bitcoin, neglecting other altcoins and stablecoins. Therefore, this study comprehensively examines the cryptocurrency investment’s persistent risk from the forecasting point of view. We focus on comparing the best forecasting methods because they are vital for volatility-targeting and risk-parity in portfolio strategy. Four time-series model performances will be compared to select a suitable volatility prediction model: Machine Learning-Based GARCH, Machine Learning-Based SVR-GARCH, Neural Network, and Deep Learning. Using six different cryptocurrencies proxies: Bitcoin, Ethereum, Ripple, USD Coin, Tether, and Binance Coin, we found that ML-Based SVR-GARCH outperformed the peers in volatility forecasting. However, the prediction accuracy differences among all models are not significant. Finally, our paper provides new insights into machine learning methods’ applications in cryptocurrency market volatility prediction, which is helpful for academics, policy-makers, and investors in forming portfolio strategies. |
| Keywords: | Volatility Forecasting; Cryptocurrencies; Bitcoin; SVR-GARCH; Neural Network; Deep Learning |
| JEL: | C53 G17 G32 |
| Date: | 2022–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119598&r=pay |
| By: | Chen, Yi-Hsuan; Kräussl, Roman; Verwijmeren, Patrick |
| Abstract: | The intersection of recent advancements in generative artificial intelligence and blockchain technology has propelled digital art into the spotlight. Digital art pricing recognizes that owners derive utility beyond the artwork's inherent value. We incorporate the consumption utility associated with digital art and model the stochastic discount factor and risk premiums. Furthermore, we conduct a calibration analysis to analyze the effects of shifts in the real and digital economy. Higher returns are required in a digital market upswing due to increased exposure to systematic risk and digital art prices are especially responsive to fluctuations in business cycles within digital markets. |
| Keywords: | Digital art, conspicuous consumption, utility dividends, risk premium, valuation |
| JEL: | D8 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfswop:281200&r=pay |
| By: | Arman Abgaryan; Utkarsh Sharma; Joshua Tobkin |
| Abstract: | The Proof of Efficient Liquidity (PoEL) protocol, designed for specialised Proof of Stake (PoS) consensus-based blockchain infrastructures that incorporate intrinsic DeFi applications, aims to support sustainable liquidity bootstrapping and network security. This innovative mechanism efficiently utilises budgeted staking rewards to attract and sustain liquidity through a risk structuring engine and incentive allocation strategy, both of which are designed to maximise capital efficiency. The proposed protocol seeks to serve the dual objective of - (i) capital creation, by efficiently attracting risk capital, and maximising its operational utility for intrinsic DeFi applications, thereby asserting sustainability; and (ii) enhancing the adopting blockchain network's economic security, by augmenting their staking (PoS) mechanism with a harmonious layer seeking to attract a diversity of digital assets. Finally, in the appendix, we seek to generalise the financial incentivisation protocol to the notion of service fee credits, such that it utilises the network's auxiliary services as a means to propagate incentives to attract liquidity and facilitate the network to achieve the critical mass of usage necessary for sustained operations and growth. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.04521&r=pay |
| By: | Didier Sornette; Yu Zhang |
| Abstract: | We study the temporal evolution of the holding-time distribution of bitcoins and find that the average distribution of holding-time is a heavy-tailed power law extending from one day to over at least $200$ weeks with an exponent approximately equal to $0.9$, indicating very long memory effects. We also report significant sample-to-sample variations of the distribution of holding times, which can be best characterized as multiscaling, with power-law exponents varying between $0.3$ and $2.5$ depending on bitcoin price regimes. We document significant differences between the distributions of book-to-market and of realized returns, showing that traders obtain far from optimal performance. We also report strong direct qualitative and quantitative evidence of the disposition effect in the Bitcoin Blockchain data. Defining age-dependent transaction flows as the fraction of bitcoins that are traded at a given time and that were born (last traded) at some specific earlier time, we document that the time-averaged transaction flow fraction has a power law dependence as a function of age, with an exponent close to $-1.5$, a value compatible with priority queuing theory. We document the existence of multifractality on the measure defined as the normalized number of bitcoins exchanged at a given time. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.04702&r=pay |
| By: | Fernández-Villaverde, Jesús; Schilling, Linda; Uhlig, Harald |
| Abstract: | This paper shows the existence of a central bank trilemma. When a central bank is involved in financial intermediation, either directly through a central bank digital currency (CBDC) or indirectly through other policy instruments, it can only achieve at most two of three objectives: a socially eÿcient allocation, financial stability (i.e., absence of runs), and price stability. In particular, a commitment to price stability can cause a run on the central bank. Implementation of the socially optimal allocation requires a commitment to inflation. We illustrate this idea through a nominal version of the Diamond and Dybvig (1983) model. Our perspective may be particularly appropriate when CBDCs are introduced on a wide scale. JEL Classification: E58, G21 |
| Keywords: | bank runs, CBDC, central bank digital currency, currency crises, financial intermediation, inflation targeting, monetary policy, spending runs |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20242888&r=pay |
| By: | Cristina Chinazzo; Vahidin Jeleskovic |
| Abstract: | This paper conducts an extensive analysis of Bitcoin return series, with a primary focus on three volatility metrics: historical volatility (calculated as the sample standard deviation), forecasted volatility (derived from GARCH-type models), and implied volatility (computed from the emerging Bitcoin options market). These measures of volatility serve as indicators of market expectations for conditional volatility and are compared to elucidate their differences and similarities. The central finding of this study underscores a notably high expected level of volatility, both on a daily and annual basis, across all the methodologies employed. However, it's crucial to emphasize the potential challenges stemming from suboptimal liquidity in the Bitcoin options market. These liquidity constraints may lead to discrepancies in the computed values of implied volatility, particularly in scenarios involving extreme moneyness or maturity. This analysis provides valuable insights into Bitcoin's volatility landscape, shedding light on the unique characteristics and dynamics of this cryptocurrency within the context of financial markets. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.02049&r=pay |
| By: | Taş, Serpil; Liebe, Andrea; Wiewiorra, Lukas |
| Abstract: | Im Hinblick auf die Verabschiedung des Digital Services Act im Jahr 2022, der einen neuen horizontalen Rechtsrahmen für die Regulierung digitaler Dienste vorsieht, analysiert dieses Diskussionspapier die Moderation von Inhalten auf Online-Plattformen. Die Moderation von Inhalten ist eine sehr komplexe und herausfordernde Aufgabe. Sie wird von zahlreichen Faktoren beeinflusst. Zum einen sind dies die Anreize der Plattformanbieter, die durch ihr Interesse an der Generierung von Gewinnen und der Steigerung der Nutzerzahlen geprägt sind. So kann es sein, dass Plattformanbieter entweder eine zu laxe oder eine zu strenge Moderationspolitik verfolgen, um dieses Ziel zu erreichen. Aber auch der regulatorische Rahmen, in dem sie agieren müssen, spielt eine Rolle. Insbesondere Haftungsregelungen können hier einen großen Einfluss haben: sind sie zu lax ausgestaltet, haben sie möglicherweise überhaupt keinen Einfluss auf die Anreize der Plattformanbieter, Inhalte zu moderieren; sind sie zu streng, kann es möglicherweise zu einer Überregulierung des Moderationsprozesses kommen, in dem mehr Inhalte als notwendig moderiert werden. |
| Abstract: | In light of the adoption of the Digital Services Act in 2022, which provides for a new horizontal legal framework for the regulation of digital services, this discussion paper analyses the content moderation on online platforms. Content moderation is a very complex and challenging task. It is influenced by numerous factors. First, platform providers' incentives to moderate content are driven by the need to generate profits and increase usage. For example, platform providers may adopt moderation policies that are either too lax or too strict to achieve this goal. Second, the regulatory framework in which they have to operate also plays a role. In particular, liability rules can have a major impact: if they are too lax, they may not affect the incentives of platform providers to moderate content at all; if they are too strict, they may over-regulate the moderation process and result in more content being moderated than necessary. |
| Keywords: | Digitale Plattform, Social Web, Content-Provider, Regulierung, Vortragstechnik, Anreiz, EU-Recht, Deutschland |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280951&r=pay |
| By: | Nils Brouwer; Jakob de Haan |
| Abstract: | Using data from the Dutch Household Survey, we examine what individuals know about cryptocurrencies and how they acquire information about these assets. Our results suggest that higher-educated respondents with a stronger desire to be informed use more different information sources, which results in better knowledge. However, respondents relying on social media or friends for information on cryptocurrencies do not have better knowledge. We also observe that individuals who hold cryptocurrencies are better informed. Furthermore, the longer they own cryptocurrencies, the better knowledge respondents have. Finally, we find that individuals who acquire cryptocurrencies for investment purposes demonstrate a higher level of understanding than those who buy cryptocurrencies for other reasons. |
| Keywords: | cryptocurrencies; general public; information sources; knowledge |
| JEL: | D12 D14 G11 E41 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:dnb:dnbwpp:799&r=pay |
| By: | Safwane Sadki (Laboratoire Universitaire de Recherche en Instrumentation et Gestion des Organisations - Faculté des sciences juridiques économiques et sociales de Oujda Université Mohammed Premier, Oujda, Maroc); Abdelmalek Bekkaoui (Laboratoire Universitaire de Recherche en Instrumentation et Gestion des Organisations - Faculté des sciences juridiques économiques et sociales de Oujda Université Mohammed Premier, Oujda, Maroc) |
| Abstract: | The financial landscape has undergone major changes in the wake of the financial crises. Rivalry between banks is intense, with customers having increasingly high expectations, conditions which have made technological innovation one of the main solutions. In today's financial world, technology is at the heart of every company's ability to offer new financial products and services. And thanks to the use of technological innovation, FinTech companies in particular are able to offer more efficient, faster and more accessible financial solutions to consumers. The aim of this article is to carry out a systematic literature review on the impact of technological innovation and its effect on the banking sector. More specifically, the article focuses on exploring the literature on technological innovation in the financial sector and the factors that give rise to it. The article also takes stock of the impact of new technological innovations used by Fintechs and banks. |
| Abstract: | Le paysage financier a subi d'importants changements suite au suivi des crises financières. La rivalité entre les banques est intense avec une clientèle qui a des attentes de plus en plus élevées, des conditions qui ont rendu l'innovation technologique comme l'une des principales solutions. Aujourd'hui dans le domaine financier, la technologie représente un noyau central de toutes les entreprises ont leur donnent la possibilité d'offrir de nouveaux produits et services financiers. On outre grâce à l'utilisation de l'innovation technologique, et plus particulièrement les entreprises FinTech sont capables de proposer des solutions financières plus efficaces, plus rapides et plus accessibles aux consommateurs. Cet article a pour objectif de réaliser une revue systématique de littérature sur l'impact de l'innovation technologique et de son effet sur le secteur bancaire. Plus spécifiquement, l'article se focalise sur l'exploration de la littérature relative à l'innovation technologique dans le domaine financier et les facteurs qui donnent naissance à cette dernière. L'article met aussi le point sur les retombées des nouvelles innovations technologiques utilisées par les Fintechs et les banques. |
| Keywords: | Innovation, Technology, Fintech, Banking sector., Technologie, Secteur bancaire. |
| Date: | 2023–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04377063&r=pay |
| By: | Fiona M. Scott Morton |
| Abstract: | Business users are needed to help create useful interfaces, while useful interfaces are needed to justify investment and entry by business users. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:node_9682&r=pay |
| By: | Steffen, Nico; Kroon, Peter; Abbasi, Faisal Aman; Wiewiorra, Lukas |
| Abstract: | Digitale Plattformen und datengesteuerte Geschäftsmodelle sind zu einem festen Bestandteil der heutigen Internetwirtschaft geworden. Große Technologieunternehmen wie Apple, Google, Amazon und Microsoft üben durch ihre digitalen Ökosysteme und die damit verbundene GatekeepingMacht die Kontrolle über den Zugang zu Online-Inhalten, Produkten, Dienstleistungen und sozialen Interaktionen aus. Innerhalb dieser Ökosysteme spielen mobile Plattformen rund um Smartphones, Betriebssysteme und App-Stores eine immer zentralere Rolle. Die jüngste Einführung des Digital Markets Act (DMA) durch die Europäische Union stellt eine bedeutende Entwicklung in der Regulierung digitaler Plattformen und mobiler Ökosysteme dar. Durch die Auferlegung von Regeln zur Förderung des Wettbewerbs und des fairen Zugangs ist hierbei eine Untersuchung der Zugangsüberlegungen und Preisstrukturen im Zusammenhang mit digitalen Plattformen und App-Stores geboten. Dieser Diskussionsbeitrag bietet eine eingehende Analyse der verschiedenen Zugangsmodi und -stufen, die für Apps innerhalb dominanter digitaler Ökosysteme relevant sind, und untersucht geeignete Vergütungsansätze. |
| Keywords: | Digitale Plattform, Mobile Anwendung, Electronic Commerce, Monopol, Netzregulierung, EU-Staaten |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wikdps:280949&r=pay |
| By: | Daniel Garcia |
| Abstract: | This paper studies a model of search engine competition with endogenous obfuscation. Platforms may differ in the quality of their search algorithms. I study the impact of this heterogeneity in consumer surplus, seller profits and platform revenue. I show that the dominant platform will typically induce higher prices but that consumers may benefit from asymmetries. I also show that enabling sellers to price-discriminate across platforms is pro-competitive. I then embed the static model in a dynamic setup, whereby past market shares lead to a better search algorithm. The dynamic consideration is pro-competitive but initial asymmetries are persistent. |
| Keywords: | search engine, platform competition, consumer search |
| JEL: | D43 D83 L13 M37 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10856&r=pay |
| By: | Dennis Koch Vahidin Jeleskovic; Zahid I. Younas |
| Abstract: | This paper introduces a unique and valuable research design aimed at analyzing Bitcoin price volatility. To achieve this, a range of models from the Markov Switching-GARCH and Stochastic Autoregressive Volatility (SARV) model classes are considered and their out-of-sample forecasting performance is thoroughly examined. The paper provides insights into the rationale behind the recommendation for a two-stage estimation approach, emphasizing the separate estimation of coefficients in the mean and variance equations. The results presented in this paper indicate that Stochastic Volatility models, particularly SARV models, outperform MS-GARCH models in forecasting Bitcoin price volatility. Moreover, the study suggests that in certain situations, persistent simple GARCH models may even outperform Markov-Switching GARCH models in predicting the variance of Bitcoin log returns. These findings offer valuable guidance for risk management experts, highlighting the potential advantages of SARV models in managing and forecasting Bitcoin price volatility. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.03393&r=pay |
| By: | Aneta Hryckiewicz (Kozminski University); Kinga Tchorzewska (Kozminski University); Marcin Borsuk (Narodowy Bank Polski; Polish Science Academy; University of Cape Town); Dimitrios Tsomocos (Saïd Business School and St. Edmund Hall, University of Oxford) |
| Abstract: | The recent development of technological innovation in the banking sector has the potential to bring numerous benefits, but it also raises concerns regarding financial stability, an aspect that has been relatively understudied in academic literature. Our research paper aims to explore the impact of banks' recent adoption of FinTech solutions on both individual and systemic risks within the banking sector. Specifically, we examine how banks' technological innovations influence non-performing loans (NPLs), asset correlation in the system, and measures of systemic risk. To accomplish this, we utilize a unique dataset generated through data mining techniques, which captures the scale, types, and sources of technological solutions implemented by the largest banks in 23 countries over an 11-year period. Our findings indicate that FinTech solutions implemented by banks reduce both individual and aggregated systemic risks in the banking sector, although there are certain areas where systemic risk increases. |
| Keywords: | Fintech, innovation, IT technology, IT providers, bank, systemic risk, NPLs |
| JEL: | G21 G23 G32 L13 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:367&r=pay |
| By: | Sabatini, Fabio (Sapienza University of Rome) |
| Abstract: | This paper presents a review of empirical methods used to assess the behavioral, economic, and political outcomes of Internet and social media usage. Instead of merely surveying the various impacts of the Internet, we examine the methods adopted to identify these impacts. We describe two main approaches for establishing causal effects, each with strengths and limitations. The first approach involves searching for exogenous sources of variation in the access to fast Internet or specific content. The second approach takes the form of field or laboratory experiments. In this paper, we focus on the first approach, delving into the methodological threats, empirical design, and main findings of the most prominent studies that exploit natural or quasi-experiments for identifying the causal impact of high-speed Internet or specific social media. This undertaking allows us to highlight the key empirical challenges in the field of Internet and social media economics while summarizing the causal relationships that the literature has uncovered so far. |
| Keywords: | internet, social media, artificial intelligence, broadband infrastructure, politics, social capital |
| JEL: | D71 D72 D74 D83 L82 L86 L88 L96 L98 Z13 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16703&r=pay |
| By: | Michael S. Barr |
| Date: | 2024–01–17 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgsq:97619&r=pay |
| By: | Drott, Constantin; Goldbach, Stefan; Nitsch, Volker |
| Abstract: | This paper examines the effect of financial sanctions at the most disaggregated level possible, individual bank accounts. Using data from the Eurosystem's real-time gross settlement system TARGET2, we provide empirical evidence that sanctions imposed by the European Union on Russian banks following Russia's aggression against Ukraine in 2014 and 2022 have sizably reduced financial transactions with sanctioned Russian bank accounts, both along the extensive and intensive margins. Among the various sanction measures taken, exclusion from SWIFT, a global provider of secure financial messaging services, turns out to have the largest effects. |
| Keywords: | financial flows, transactions, restrictions |
| JEL: | F38 F51 G28 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:darddp:281199&r=pay |
| By: | Luria, Michal; Nicholas, Gabriel |
| Abstract: | In a wide range of industries, policymakers have considered encouraging or mandating data interoperability to facilitate more entrants and promote competition and innovation. However, some incumbents in these industries argue that interoperability would entrench existing technological design and stifle innovation. In this paper, we attempt to better understand the relationship between interoperability and innovation by looking at the case study of podcasting and the innovation that has emerged across its ecosystem. We analyze nine podcasting apps, six podcast hosting services, and five podcast directories to catalog the novel features each offers. We then organize those features, from those that best facilitate the movement of data between systems (interoperable) to those that most impede that movement (anti-interoperable). |
| Date: | 2023–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:t65mw&r=pay |