|
on Payment Systems and Financial Technology |
|
Issue of 2024‒02‒26
thirty papers chosen by |
| By: | Jiaqi Li; Andrew Usher; Yu Zhu |
| Abstract: | To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with. Households value the interest paid on digital money, the possibility of obtaining complementary financial products, and the access to in-branch services. A non-interest-bearing CBDC that does not provide complementary financial products can substantially crowd out bank deposits only if it provides an extensive service network. Imposing a large limit on CBDC holding would effectively mitigate this crowding out. |
| Keywords: | Central bank research; Digital currencies and fintech |
| JEL: | E50 E58 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:24-4&r=pay |
| By: | Gabriel Bizama; Alexander Wu; Bernardo Paniagua; Max Mitre |
| Abstract: | This research aims to provide a framework to assess the contribution of digital currencies to promote financial inclusion, based on a diagnosis of the landscape of financial inclusion and domestic and cross-border payments in Latin America and the Caribbean. It also provides insights from central banks in the region on key aspects regarding a possible implementation of central bank digital currencies. Findings show that although digital currencies development is at an early stage, a well-designed system could reduce the cost of domestic and cross-border payments, improve the settlement of transactions to achieve real-time payments, expand the accessibility of central bank money, incorporate programmable payments and achieve system performance demands. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.09811&r=pay |
| By: | Luis Guijarro; Vicent Pla; Jose Ramon Vidal |
| Abstract: | We analyze the effects of enforcing vs. exempting access ISP from net neutrality regulations when platforms are present and operate two-sided pricing in their business models. This study is conducted in a scenario where users and Content Providers (CPs) have access to the internet by means of their serving ISPs and to a platform that intermediates and matches users and CPs, among other service offerings. Our hypothesis is that platform two-sided pricing interacts in a relevant manner with the access ISP, which may be allowed (an hypothetical non-neutrality scenario) or not (the current neutrality regulation status) to apply two-sided pricing on its service business model. We preliminarily conclude that the platforms are extracting surplus from the CPs under the current net neutrality regime for the ISP, and that the platforms would not be able to do so under the counter-factual situation where the ISPs could apply two-sided prices. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.14791&r=pay |
| By: | Nguyen, Luan-Thanh |
| Abstract: | Mobile commerce has an important potential in changing consumer shopping habits that have a direct impact on service quality and customer satisfaction when using mobile commerce and becoming a channel of important trade. Based on the development of technology and digital devices along with the outstanding development of M-commerce, it is predicted that mobile phones will soon become a convenient commerce channel for easy access easy online shopping. This study aims to examine the factors affecting customer satisfaction and service quality when using mobile commerce in Ho Chi Minh. This study is experimental in nature and is based on feedback from a survey of 100 customers in Ho Chi Minh. The results show that Reliability (RE), Responsiveness (RP), Content (CO), Accessibility (AC), Expectations (EX), and Satisfaction (SAT) have a strong impact on consumers, these factors affect the purchasing decision of customers using M-commerce services. |
| Keywords: | M-commerce, E-commerce, Satisfaction, Quality Service |
| JEL: | M0 M1 M3 M31 M37 |
| Date: | 2024–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119906&r=pay |
| By: | Sanaz Behzadi; Mahmonir Bayanati; Hamed Nozari |
| Abstract: | Economic periods and financial crises have highlighted the importance of evaluating financial markets to investors and researchers in recent decades. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.05417&r=pay |
| By: | Hashimy, Loha; Geetika, Jain; Grifell-Tatje, Emili |
| Abstract: | urpose: Large attention surrounds identifying the meaningful blockchain business model on financial services, while a little focus about non-financial organizations and solutions in terms of how the blockchain business model can affect the organization and bring more value. To address the complex structure of businesses that have public goods, it is important to develop sustainable blockchain-based business models. Design/methodology/approach: This study offers the first qualitative research that uses an integrated technological, environmental and organizational (TOE) framework with technology acceptance theory (TAM) to study the adoption of blockchain technology by Spanish firms. Findings: The results of the paper discuss how that competitive pressure, competence, top management support and relative advantage have a positive impact on intention to adopt blockchain technology while complexity affects the intention to adopt the technology negatively. Contrary to many adoption studies, the findings show that intention to adopt negatively impacts adoption and outline the effect of blockchain on business model elements on the macroeconomic level. Originality/value: The key contribution of this study lies in providing a comprehensive understanding of the environmental, technological and organizational factors that impact the intention to adopt blockchain that eventually affects adoption. |
| Keywords: | Blockchain technology ; Business model ; Decentralized ; TAM ; TOE |
| JEL: | M21 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119903&r=pay |
| By: | Didier Sornette (Risks-X, Southern University of Science and Technology (SUSTech); Swiss Finance Institute; ETH Zürich - Department of Management, Technology, and Economics (D-MTEC); Tokyo Institute of Technology); Yu Zhang (University of Zurich - Department of Informantics) |
| 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. |
| Keywords: | Bitcoin blockchain, Bitcoin holding time, bubbles, drawdowns, multiscaling, book-to-market returns, realized return, disposition effect, multifractality |
| JEL: | C19 C41 G01 G41 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2402&r=pay |
| By: | Debuque-Gonzales, Margarita; Ruiz, Mark Gerald C.; Miral, Ramona Maria L. |
| Abstract: | The COVID-19 crisis created conditions for digital finance to accelerate financial inclusion in the Philippines. This paper explores different sources, including survey, administrative, and market data, to compare trends in account ownership and usage before and after the pandemic. Stylized facts about financial inclusion and demographic information across periods are then drawn based on probit regressions, with special focus on digital financial services. This is followed by an analysis of how service providers, consumers, and the government have shaped and continue to shape the digital finance landscape. The paper closes with conclusions and policy recommendations moving forward. Comments to this paper are welcome within 60 days from the date of posting. Email publications@pids.gov.ph. |
| Keywords: | COVID-19;digital finance;electronic money;financial inclusion;fintech;mobile money |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2023-45&r=pay |
| By: | Maxime Malafosse (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique, CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | La blockchain et les communs sont deux concepts qui suscitent de plus en plus d'intérêt. Par des approches différentes, on prête à ces deux notions beaucoup d'espoir pour transformer notre société et répondre aux enjeux actuels de transition sociale et écologique. Pourtant peu de recherches les mettent en lien. D'autant plus que les travaux qui rapprochent la blockchain et les communs restent essentiellement théoriques. Nos recherches visent à mieux cerner comment la blockchain peut s'inscrire en support aux communs en situation réelle. Nous avons exploré plusieurs terrains qui incarnaient, de différentes manières, le rôle d'une technologie comme un outil au service d'une finalité collective. Nous avons commencé par observer la place centrale de la blockchain dans un dispositif sociotechnique de communs qui vise à produire et à autogérer la création monétaire (essai 1). Pour investir ce premier terrain de recherche, nous avons réalisé une étude de cas. Dans l'essai suivant, nous avons cherché à éclairer le rôle de la blockchain comme outil intégré dans un dispositif plus large d'expérimentation de communs de la donnée à l'échelle d'une ville (essai 2). Cette deuxième étude de cas a été mûrie par la réalisation d'une mission d'expertise de deux années dans un tiers lieu et s'est finalement focalisé sur le projet Européen DECODE. Enfin, notre dernier essai s'appuie sur les résultats du premier essai et permet d'approfondir comment la blockchain pourrait permettre de soutenir économiquement les communs puisqu'elle bouleverse les perspectives de la monnaie par la démocratisation de ses formes alternatives, la facilitation de sa création et la complexification de son design (essai 3). |
| Keywords: | gouvernance, blockchain, systèmes de registres distribués monnaie, monnaie libre, Ğ1, Duniter, monnaie complémentaire, dividende universel, création monétaire, DECODE, Barcelone, communs de la donnée, communs, Ostrom, production par les pairs sur la base des communs, Commons-Based Peer Production (CBPP) |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04111758&r=pay |
| By: | Chen Liang; Murat Tunc; Gordon Burtch |
| Abstract: | Crypto donations now represent a significant fraction of charitable giving worldwide. Nonfungible token (NFT) charity fundraisers, which involve the sale of NFTs of artistic works with the proceeds donated to philanthropic causes, have emerged as a novel development in this space. A unique aspect of NFT charity fundraisers is the significant potential for donors to reap financial gains from the rising value of purchased NFTs. Questions may arise about the motivations of donors in these charity fundraisers, resulting in a negative social image. NFT charity fundraisers thus offer a unique opportunity to understand the economic consequences of a donor's social image. We investigate these effects in the context of a large NFT charity fundraiser. We identify the causal effect of purchasing an NFT within the charity fundraiser on a donor's later market outcomes by leveraging random variation in transaction processing times on the blockchain. Further, we demonstrate a clear pattern of heterogeneity, based on an individual's decision to relist (versus hold) the purchased charity NFTs (a sign of strategic generosity), and based on an individual's degree of social exposure within the NFT marketplace. We show that charity-NFT "relisters" experience significant penalties in the market, in terms of the prices they are able to command on other NFT listings, particularly among those who relist quickly and those who are more socially exposed. Our study underscores the growing importance of digital visibility and traceability, features that characterize crypto-philanthropy, and online philanthropy more broadly. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.12064&r=pay |
| By: | Shubham Singh; Mayur Bhat |
| Abstract: | The research delves into the capabilities of a transformer-based neural network for Ethereum cryptocurrency price forecasting. The experiment runs around the hypothesis that cryptocurrency prices are strongly correlated with other cryptocurrencies and the sentiments around the cryptocurrency. The model employs a transformer architecture for several setups from single-feature scenarios to complex configurations incorporating volume, sentiment, and correlated cryptocurrency prices. Despite a smaller dataset and less complex architecture, the transformer model surpasses ANN and MLP counterparts on some parameters. The conclusion presents a hypothesis on the illusion of causality in cryptocurrency price movements driven by sentiments. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.08077&r=pay |
| By: | Chafik Bensfia (USMBA - Université Sidi Mohamed Ben Abdellah - Fès [Université de Taza]); Ahmed Bouklata |
| Abstract: | The demand for the use of remote services is increasing year by year in a connected world where 62% of the population will have access to the Internet in 2020 (Internet Live Stats). Despite the need to use these information and communication technologies (ICT) in various areas of life, the issue of acceptance and use has and continues to generate interest among several researchers. The purpose of this paper is to identify the factors that influence the acceptance and use of ICT in the context of port clearance payments for cross-border trade. 144 users of multi-channel payment platforms for passenger rights in Moroccan ports were interviewed in this study. After processing the data, the results of the study showed that the ease of use and perceived usefulness of these new payments positively affect users' attitudes towards these payment methods and increase the percentage of use, which confirms previous work on the validity of the TAM and TAM2 acceptance models. |
| Abstract: | La demande d'utilisation des services à distance augmente d'année en année dans un monde connecté où 62% de la population avoir accès à Internet en 2020 (Internet Live Stats). Malgré la nécessité d'utiliser ces technologies de l'information et de la communication (TIC) dans divers domaines de la vie, la question d'acceptation et d'utilisation a suscité et continue de susciter l'intérêt de plusieurs chercheurs. Le but de ce papier est d'identifier les facteurs qui influencent l'acceptation et l'utilisation des TIC dans le cadre du paiement des droits de passage portuaire concernant le commerce transfrontalier en utilisant la méthode des équations structurelles basées sur les moindres carrés partiels (PLS-SEM), 144 utilisateurs des plateformes de paiement multicanal pour les droits des passagers dans les ports marocains ont été interrogés dans le cadre de cette étude. Après avoir traité les données, les résultats de l'étude ont montré que la facilité d'utilisation et l'utilité perçue de ces nouveaux paiements affectent positivement l'attitude des utilisateurs à l'égard de ces moyens de paiement et augmentent le pourcentage d'utilisation, ce qui confirme les travaux antérieurs de la validité des modèles d'acceptation TAM et TAM2. |
| Keywords: | Technological acceptance, determinants of use, Multichannel payment., Mots Clés : Acceptation technologique, déterminants d’utilisation, paiement multicanal. |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04375393&r=pay |
| By: | Prince HIKOUATCHA (University of Dschang, Dschang, Cameroon); Alain G. TAGNE FOKA (niversity of Dschang, Dschang, Cameroon); Armand D. FOSSI (niversity of Dschang, Dschang, Cameroon); Simplice A ASONGU (Johannesburg, South Africa) |
| Abstract: | Recent and ongoing advancements in the field of ICT have led to the introduction of increasingly diversified financial products, and their use is improving people's level of financial knowledge and skills. This article aims at assessing the effect of Fintech on the level of financial literacy of small business’ managers in Cameroon. To this end, information was gathered using a questionnaire from 209 small business managers in Cameroon. Descriptive statistics, Principal Component Analysis (PCA), and multiple linear regression are used. Results lead to two main conclusions. On the one hand, unlike knowledge of their existence, the frequency of use of Fintech tools is better able to contribute to improving financial literacy levels overall. On the other hand, specifically, this result is more important when it comes to competence and self-confidence in managing financial affairs. As a result, increasing the utilization of financial technology instruments in companies is imperative for efficiency. |
| Keywords: | Financial Skill; Financial Knowledge; Financial literacy; Fintech; Small business |
| JEL: | G53 M2 O33 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:23/070&r=pay |
| By: | Héloïse Berkowitz (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique, AMU - Aix Marseille Université); Antoine Souchaud (NEOMA - Neoma Business School, i3-CRG - Centre de recherche en gestion i3 - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Successive digital innovations create technologically-induced governance gaps that make public regulation quickly obsolete and that might be filled by sectoral governance. The literature has shown that most sectoral governance happens at the level of meta-organizations, organizations whose members are themselves organizations, although we lack a temporal understanding of this phenomenon. Further, while regulation is generally understood as a salient function of innovation intermediaries, the literature on innovation intermediaries has focused mostly on other functions such as idea sourcing, knowledge sharing, or capacity building. We know relatively little about regulatory innovation intermediaries, especially how they might evolve in response to the emergence of technologically-induced governance gaps. In this paper, we conduct an in-depth case study of the evolutions of the FinTech sector in France over almost 30 years, using more than 3000 minutes of interviews, 4500 pages of archives, and non-participant observations. We study three successive (non)digital financial innovations: business angels, crowdfunding platforms for SMEs, and blockchain technologies. We develop a meta-organizational analysis to investigate meta-organizations as regulatory innovation intermediaries. We describe the evolutions and interrelations of new technologies and meta-organizations, and unpack mechanisms of meta-organizational capacity building for multiple contributors, effects of innovation on organizationality and trajectories of meta-organizational filiation. |
| Keywords: | regulatory innovation intermediary, meta-organization, innovation, governance gap, technologically induced, innovation intermediaries, regulation, organizationality |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04228083&r=pay |
| By: | Georgios Bampinas (Department of Economics and Regional Development, Panteion University of Social and Political Sciences, Greece); Theodore Panagiotidis (Department of Economics, University of Macedonia, Greece) |
| Abstract: | This paper studies the cross-market linkages between six international stock markets and the two major cryptocurrency markets during the Covid-19 pandemic and the Russian invasion of Ukraine. By employing the local (partial) Gaussian correlation approach, we find that during the Covid-19 pandemic period, both cryptocurrency markets possess limited diversification and safe haven properties, which further diminish during the war. Bootstrap tests for contagion suggest that during the Covid-19 pandemic, the East Asian markets lead the transmission of contagion towards the two cryptocurrency markets. During the Russian invasion, the US stock market emerges as the principal transmitter of contagion. Uncovering the role of pandemic (Infectious Disease EMV Index) and geopolitical risk (GPR index) induced uncertainties, we find that under conditions of high uncertainty and falling prices, the dependency between the US and UK stock markets with both cryptocurrency markets increases considerably. The latter is more profound during the Russian-Ukrainian conflict. Our findings are useful for investors in their search for understanding the differences in asymmetric connectedness between markets during extreme events. |
| Keywords: | Bitcoin, Ethereum, cryptocurrency, stock market, tail dependence, local Gaussian partial correlation, pandemic uncertainty, geopolitical risk uncertainty |
| JEL: | F31 F37 O16 Q40 G11 G12 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:rim:rimwps:24-01&r=pay |
| By: | Moehring, Alex |
| Abstract: | Digital platforms increasingly curate their content through personalized algorithmic rankings. Given the limited attention of their users and reliance on advertising, platforms have an incentive to promote content that increases the predicted engagement of each user. However, managers must also balance maximizing total engagement with the quality of content promoted on the platform due to advertiser concerns over brand safety and to satisfy policymakers. This paper studies how maximizing engagement for each user affects the quality of content with which users engage to understand the extent to which engagement-maximizing algorithms promote and incentivize low-quality content. In addition, I evaluate how the ranking algorithm itself can be designed to promote and encourage engagement with high quality content. To do this, I study the Reddit politics community and exploit a novel discontinuity – revealed in Reddit’s code repository – in how the ranking algorithm orders posts to identify the effect of a post’s rank on the number of comments it receives. I use this discontinuity to identify a discrete choice model of user comment decisions and estimate the distribution of news that users are exposed to and comment on under a personalized algorithm that maximizes engagement. This counterfactual demonstrates that personalization drives a wedge between users in terms of the quality of content – the credibility rating of an article’s publisher – with which are exposed and engage. Under the personalized ranking algorithm, users who ordinarily engage with high-credibility publishers continue to do so. However, users who ordinarily engage with lower-credibility publishers are exposed to and engage with an even larger share of low-credibility publishers under the personalized engagement-maximizing algorithm. Finally, I evaluate a credibility-aware algorithm that explicitly promotes credible news publishers and find that moving to the credibility-maximizing algorithm reduces total engagement by 5.0%, a meaningful decline. Yet, platforms can increase the share of the average user’s engagement with high-credibility publishers by 6.8 percentage points for only a 2.0% decrease in engagement. These findings suggest that algorithmic interventions can be a useful tool to promote higher-quality content to help satisfy both advertisers and policy makers. |
| Date: | 2024–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:8yuwe&r=pay |
| By: | Mr. Selim A Elekdag; Drilona Emrullahu; Sami Ben Naceur |
| Abstract: | Motivated by its rapid growth, this paper investigates how FinTech activities influence risk taking by financial intermediaries (FIs). In this context, this paper revisits an ongoing debate on the impact of competition on financial stability: on one side, it is argued that greater competition encourages greater risk taking (competition-fragility hypothesis), while the other side of the debate asserts that more competition can increase financial stability (competition-stability hypothesis). Using a curated databased covering over 10, 000 FIs and global FinTech activities, we find a robust relationship whereby greater FinTech presence is associated with heightened risk taking by FIs, offering support for the competition-fragility hypothesis. However, the inclusion of bank-, industry-, and country-specific characteristics can alter this relationship. Importantly, there is suggestive evidence indicating that in certain cases, greater FinTech presence may be associated with less FI risk taking amid stronger domestic institutions. Notwithstanding the relevance for policy, this paper presents a novel framework that may help reconcile some of the conflicting results in the literature which have found supportive evidence for each of the two competing hypotheses. |
| Keywords: | fintech; bank risk taking; competition |
| Date: | 2024–01–26 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2024/017&r=pay |
| By: | Apeti, Ablam Estel; Edoh, Eyah Denise |
| Abstract: | Making tax administration more efficient and maximising voluntary compliance is a very difficult task for developing countries. In this paper, we analyse the effect of mobile money payments on the quality of tax policy and administration for a large sample of countries in developing economies. We use the World Bank indicator on efficiency of revenue mobilisation as a measure of the quality of tax policy and administration and employ an entropy balancing method to show that mobile money payments improve the quality of tax systems. This result is robust to several robustness tests, including sample alteration, alternative measures of mobile money, controlling for other aspects of tax policy, and alternative estimation methods such as GMM-system, event study approach and ordinary least square. In addition, our results show that the positive effect of mobile money on tax systems depends on the level of development, financial development, the state’s legitimacy, a country’s fiscal space, the number of available products/companies, the type of mobile money services, and the geographic position of countries. Finally, we highlight some potential mechanisms underlying these findings through lower tax compliance burden, smaller informal sector, and lower corruption. |
| Keywords: | Economic Development, |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18214&r=pay |
| By: | Shawn Berry |
| Abstract: | The use of online reviews to aid with purchase decisions is popular among consumers as it is a simple heuristic tool based on the reported experiences of other consumers. However, not all online reviews are written by real consumers or reflect actual experiences, and present implications for consumers and businesses. This study examines the effects of fake online reviews written by artificial intelligence (AI) on consumer decision making. Respondents were surveyed about their attitudes and habits concerning online reviews using an online questionnaire (n=351), and participated in a restaurant choice experiment using varying proportions of fake and real reviews. While the findings confirm prior studies, new insights are gained about the confusion for consumers and consequences for businesses when reviews written by AI are believed rather than real reviews. The study presents a fake review detection model using logistic regression modeling to score and flag reviews as a solution. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.11345&r=pay |
| By: | Sauren Gupta; Apoorva Hathi Katharaki; Yifan Xu; Bhaskar Krishnamachari; Rajarshi Gupta |
| Abstract: | This research explores a relatively unexplored area of predicting cryptocurrency staking rewards, offering potential insights to researchers and investors. We investigate two predictive methodologies: a) a straightforward sliding-window average, and b) linear regression models predicated on historical data. The findings reveal that ETH staking rewards can be forecasted with an RMSE within 0.7% and 1.1% of the mean value for 1-day and 7-day look-aheads respectively, using a 7-day sliding-window average approach. Additionally, we discern diverse prediction accuracies across various cryptocurrencies, including SOL, XTZ, ATOM, and MATIC. Linear regression is identified as superior to the moving-window average for perdicting in the short term for XTZ and ATOM. The results underscore the generally stable and predictable nature of staking rewards for most assets, with MATIC presenting a noteworthy exception. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.10931&r=pay |
| By: | Guidorzzi Girotto, Vitor; Strachman, Eduardo |
| Abstract: | The relationship between money and credit is analyzed differently between schools of economic thought. Orthodoxy, in general, analyzes it using the commodity money approach; heterodoxy, in large part, adopts the Chartist approach. The crucial difference between them lies in the fact, as put by Schumpeter, that orthodoxy postulates a monetary theory of credit; the heterodox, a credit theory of money. For the latter, money is, by nature, credit, and it can take different forms, tangible or not. The State uses it sovereignty to delimit the monetary system by defining what will (or will not) be accepted as money in the payments of transactions due to itself. Thus, Knapp’s contribution in structuring a theory of state money meets Innes’s credit theory of money and, together, these contributions offer a solid theoretical and historical framework for the formulation of an alternative theory of money, the Chartist theory. |
| Keywords: | Money; Chartalism; Credit; Knapp; Innes. |
| JEL: | E12 E42 E51 |
| Date: | 2024–01–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119866&r=pay |
| By: | Vatsala Shreeti |
| Abstract: | Internet-based digitalisation has ushered in a new wave of economic development in emerging markets, but persistent digital divides still exclude many from the benefits. To narrow these divides, it is important to understand the factors that shape the adoption of digital technologies. In this paper, I develop a structural model of consumer demand and supply to understand the main drivers of adoption of an essential digital technology: smartphones. Through counterfactual simulations, I quantify the role of growth in income and in income inequality, expansion of 4G network coverage, foreign entry, and improvements in device quality in shaping the smartphone market. I find that changes in the income distribution and in device quality are the most important factors driving smartphone adoption. I also provide a comparison of policies that can be used to spur smartphone adoption. I find that compared to ad valorem tax reductions and uniform subsidies, targeted subsidies are the least costly for the government and are the most effective for redistribution, being (almost) fully appropriated by consumers. |
| Keywords: | digitalisation, digital divide, technology adoption, demand estimation |
| JEL: | L10 L86 O33 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1166&r=pay |
| By: | Abu Sayed Toyon, Mohammad |
| Abstract: | This case study explores the journey of Rahman, an aspiring entrepreneur, as he navigates the complex landscape of e-commerce in Bangladesh. Rahman’s vision is to create ‘BanglaMarket’ an e-commerce platform that not only competes with established players but also addresses unique market niches and supports local businesses. The case is systematically constructed, relying on a wealth of information learned from public sources and in-depth interviews with Rahman. The case delves into key strategic decisions Rahman faces, including market analysis, customer engagement, technology investment, and competitive differentiation. Students will examine Rahman’s entrepreneurial journey, analyse market dynamics, and formulate a comprehensive marketing strategy. The case is designed for undergraduate students, offering valuable insights into entrepreneurship, e-commerce, and the challenges and opportunities presented by the dynamic Bangladeshi market. Through this case, students will enhance their critical thinking, analytical, and communication skills while unravelling the complexities of launching and managing an e-commerce business in Bangladesh. |
| Date: | 2024–01–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:fvk5z&r=pay |
| By: | Avital Baral; Taylor Reynolds; Lawrence Susskind; Daniel J. Weitzner; Angelina Wu |
| Abstract: | Municipalities are vulnerable to cyberattacks with devastating consequences, but they lack key information to evaluate their own risk and compare their security posture to peers. Using data from 83 municipalities collected via a cryptographically secure computation platform about their security posture, incidents, security control failures, and losses, we build data-driven cyber risk models and cyber security benchmarks for municipalities. We produce benchmarks of the security posture in a sector, the frequency of cyber incidents, forecasted annual losses for organizations based on their defensive posture, and a weighting of cyber controls based on their individual failure rates and associated losses. Combined, these four items can help guide cyber policymaking by quantifying the cyber risk in a sector, identifying gaps that need to be addressed, prioritizing policy interventions, and tracking progress of those interventions over time. In the case of the municipalities, these newly derived risk measures highlight the need for continuous measured improvement of cybersecurity readiness, show clear areas of weakness and strength, and provide governments with some early targets for policy focus such as security education, incident response, and focusing efforts first on municipalities at the lowest security levels that have the highest risk reduction per security dollar invested. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2402.01007&r=pay |
| By: | Timoth\'ee Fabre; Ioane Muni Toke |
| Abstract: | We propose a novel approach to marked Hawkes kernel inference which we name the moment-based neural Hawkes estimation method. Hawkes processes are fully characterized by their first and second order statistics through a Fredholm integral equation of the second kind. Using recent advances in solving partial differential equations with physics-informed neural networks, we provide a numerical procedure to solve this integral equation in high dimension. Together with an adapted training pipeline, we give a generic set of hyperparameters that produces robust results across a wide range of kernel shapes. We conduct an extensive numerical validation on simulated data. We finally propose two applications of the method to the analysis of the microstructure of cryptocurrency markets. In a first application we extract the influence of volume on the arrival rate of BTC-USD trades and in a second application we analyze the causality relationships and their directions amongst a universe of 15 cryptocurrency pairs in a centralized exchange. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.09361&r=pay |
| By: | Matthias Hafner; Helmut Dietl |
| Abstract: | Decentralized exchanges are widely used platforms for trading crypto assets. The most common types work with automated market makers (AMM), allowing traders to exchange assets without needing to find matching counterparties. Thereby, traders exchange against asset reserves managed by smart contracts. These assets are provided by liquidity providers in exchange for a fee. Static analysis shows that small price changes in one of the assets can result in losses for liquidity providers. Despite the success of AMMs, it is claimed that liquidity providers often suffer losses. However, the literature does not adequately consider the dynamic effects of fees over time. Therefore, we investigate the impermanent loss problem in a dynamic setting using Monte Carlo simulations. Our findings indicate that price changes do not necessarily lead to losses. Fees paid by traders and arbitrageurs are equally important. In this respect, we can show that an arbitrage-friendly environment benefits the liquidity provider. Thus, we suggest that AMM developers should promote an arbitrage-friendly environment rather than trying to prevent arbitrage. |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2401.07689&r=pay |
| By: | Aumaima Wahbi (Université Mohamed V de rabat-Maroc, Faculté des sciences juridiques, économiques et sociales de Rabat Souissi); Karim Khaddouj (Université Mohamed V de rabat-Maroc, ENSAM - École Nationale Supérieure des Arts et Métiers); Naoufal Lahlimi (Université Mohamed V de rabat-Maroc, Faculté des sciences juridiques, économiques et sociales de Rabat Souissi) |
| Abstract: | This article delves into the pivotal role of chatbots as key facilitators in enhancing the customer experience. Portrayed as providers of swift and convenient assistance, chatbots are considered major contributors to the transformation of customer interactions. Their impact is evident in real-time information delivery, execution of transactional operations, and efficient resolution of common issues. The central question addressed in the article is formulated as follows: "How do customer service chatbots influence user experience and satisfaction?" The primary objective is to significantly contribute to the understanding of this emerging phenomenon by conducting an in-depth assessment of existing literature and meticulously examining various factors influencing the adoption and utilization of chatbots. The research methodology employed relies on a comprehensive literature review, involving a critical analysis of 21 specifically selected articles for their relevance in the studied domain. This approach allows for embracing a variety of perspectives and offering a panoramic view of current trends. The consistent results presented in the article underscore that chatbots have a substantial positive impact on the customer experience. Their ability to provide rapid and personalized assistance is emphasized, along with their significant contribution to reducing human errors. Chatbots are thus recognized as valuable tools for optimizing the customer journey and enhancing overall satisfaction. In conclusion, the article advocates for a thoughtful design of chatbots in the tourism sector. This design should be centered around a deep understanding of specific customer needs and how chatbots can effectively complement human interactions. By implementing chatbots judiciously, businesses can aim to provide a comprehensive, consistent, and rewarding customer experience in the tourism sector. |
| Abstract: | Cet article explore le rôle des chatbots en tant que facilitateurs clés dans l'amélioration de l'expérience client. En mettant en avant leur capacité à fournir une assistance rapide et pratique, les chatbots sont considérés comme des acteurs majeurs dans la transformation de l'interaction client. Leur contribution se manifeste à travers la fourniture d'informations en temps réel, la réalisation d'opérations transactionnelles et la résolution efficace de problèmes courants. La question fondamentale de l'article est formulée comme suit : "Comment les chatbots du service client influent-ils sur l'expérience et la satisfaction des utilisateurs ?" L'objectif principal de l'article est de contribuer de manière significative à la compréhension de ce phénomène émergent en conduisant une évaluation approfondie de la littérature existante et en examinant attentivement les divers facteurs qui exercent une influence sur l'adoption et l'utilisation des chatbots. La méthodologie de recherche adoptée repose sur une revue de littérature minutieuse, impliquant l'analyse critique de 21 articles spécifiquement sélectionnés pour leur pertinence dans le domaine étudié. Cette approche permet d'embrasser une variété de perspectives et d'offrir une vision panoramique des tendances actuelles. Les résultats présentés dans l'article soulignent de manière cohérente que les chatbots ont un impact positif substantiel sur l'expérience client. Leur capacité à offrir une assistance rapide et personnalisée est mise en avant, tout comme leur contribution significative à la réduction des erreurs humaines. Les chatbots sont donc reconnus comme des outils précieux pour optimiser le parcours client et renforcer la satisfaction globale. En conclusion, l'article préconise une conception réfléchie des chatbots dans le secteur du tourisme. Cette conception devrait être axée sur la compréhension approfondie des besoins spécifiques des clients et sur la manière dont les chatbots peuvent complémenter efficacement les interactions humaines. Ainsi, en mettant en œuvre des chatbots de manière judicieuse, les entreprises peuvent viser à offrir une expérience client globale, cohérente et gratifiante dans le secteur du tourisme. |
| Keywords: | Artificial intelligence, Chatbot technology, Customer experience, Customer satisfaction, Customer service., Intelligence artificielle, technologie de chatbots, expérience client, satisfaction client, service client |
| Date: | 2023–12–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04403080&r=pay |
| By: | ULLAH, nazim; Barua, Chayan; Haque, Ehsanul; Arif Hosen Raja, Md; Tahsinul Islam, Mohammed |
| Abstract: | Financial system and economic growth/development is a critical and multifaceted topic that holds significant importance in the context of a country's economic landscape. Over the 21st century, the relationship between economic growth/development and financial system has been the subject of increasing attention. The objective of this study is to assessing the role of Financial Institutions i.e., Islami bank and Conventional bank with real GDP growth and also to analyzing Financial Inclusion. We used the time series data of banks from the period 2018 to 2022.We also used secondary data for this paper. Our analysis found that Islami Banks shows higher contribution over the economic development then the Conventional Banks in Bangladesh. But there are more to go. Our recommendation is that making financial system more accessible through adopting new technologies can accelerate economic growth/development in Bangladesh. |
| Keywords: | Financial system, Economic Growth, Islamic and Conventional Banks |
| JEL: | A10 |
| Date: | 2024–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119937&r=pay |
| By: | Mestiri, Sami |
| Abstract: | In the last years, the financial sector has seen an increase in the use of machine learning models in banking and insurance contexts. Advanced analytic teams in the financial community are implementing these models regularly. In this paper, i present the different Machine Learning techniques used, and provide some suggestions on the choice of methods in financial applications. We refer the reader to the R packages that can be used to compute the Machine learning methods |
| Keywords: | Financial applications; Machine learning ; R software. |
| JEL: | C45 G00 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120045&r=pay |
| By: | Emilie Peneloux (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Keywords: | risque cyber, cyberscore, perception des risques |
| Date: | 2023–01–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04109749&r=pay |