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on Payment Systems and Financial Technology |
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Issue of 2024‒05‒13
thirty-one papers chosen by |
| By: | Adam, Martin; Roethke, Konstantin; Benlian, Alexander |
| Abstract: | To augment traditional monetization strategies, digital platform providers increasingly draw on gamblification (i.e., the use of gambling design elements). By means of gambling design elements (e.g., lottery tickets, scratch cards, loot boxes), platform providers do not only entertain users but also incentivize them to purchase digital products. Yet, despite the increasing prevalence of gamblified digital platforms, little is known about how gamblification influences user purchase behaviors. Drawing on prospect theory, we investigate gamblification in the form of loot box menu designs and the associated effects of uncertainty, loss experience and behavioral control on user purchase behavior. Specifically, we conducted a contest-based online experiment with 159 participants, finding that platform providers can profit from offering loot boxes with certain (vs. uncertain) rewards in loot box menus. Furthermore, this effect intensifies when participants previously experienced a loss and decreases when they perceive to have more control over the result. Thus, our findings provide theoretical and practical insights for a better understanding of gamblification in general and of loot box menu designs for enhancing digital business models in particular. |
| Date: | 2024–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:144177&r=pay |
| By: | Mr. Eugenio M Cerutti; Mr. Jiaqian Chen; Martina Hengge |
| Abstract: | The rapid growth of crypto assets raises important questions about their cross-border usage. To gain a better understanding of cross-border Bitcoin flows, we use raw data covering both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally. We provide a detailed description of available methodologies and datasets, and discuss the crucial assumptions behind the quantification of cross-border flows. We then present novel stylized facts about Bitcoin cross-border flows and study their global and domestic drivers. Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows, and differences appear between on-chain and off-chain Bitcoin cross-border flows. Off-chain cross-border flows seem correlated with incentives to avoid capital flow restrictions. |
| Keywords: | Crypto assets; Bitcoin; Cross-border flows; Capital flows |
| Date: | 2024–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2024/085&r=pay |
| By: | Vassilios Babalos (Department of Accounting and Finance, University of Peloponnese, Antikalamos, 24100 Kalamata, Greece); Elie Bouri (School of Business, Lebanese American University, Lebanon); Rangan Gupta (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa) |
| Abstract: | This paper provides first empirical evidence on whether the introduction of US spot Bitcoin ETFs affected the returns and volatility of major cryptocurrencies. Using data from December 18, 2017 to March 15, 2024 and applying various Generalized Autoregressive Conditional Heteroskedasticity (GARCH) with exogenous predictors (X), i.e., GARCH-X models, the main results show that the volatility of major cryptocurrencies, namely Ethereum, Ripple, and Litecoin, decreased following the SEC approval, which supports the stabilization hypothesis. No impact is noticed for the Bitcoin spot market, whereas the returns of Grayscale Bitcoin Trust (which represents the first publicly-traded Bitcoin fund in the US) increased following the introduction of Bitcoin ETFs. Further analysis on the returns and volatility of Bitcoin futures and Ethereum futures indicate an insignificant impact by the launch of US spot Bitcoin ETFs. Our findings enhance the limited understanding on the price discovery and functioning of the cryptocurrency markets, which could be useful for investors, regulators, and policymakers. |
| Keywords: | US spot Bitcoin ETFs introduction, SEC approval, Cryptocurrency spot returns and volatility, GARCH-X models |
| JEL: | C32 G00 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202416&r=pay |
| By: | Thies, Ferdinand; Wallbach, Sören; Wessel, Michael; Besler, Markus; Benlian, Alexander |
| Abstract: | Initial coin offerings (ICOs) have recently emerged as a new financing instrument for entrepreneurial ventures, spurring economic and academic interest. Nevertheless, the impact of exogenous and endogenous signals on the performance of ICOs as well as the effects of the cryptocurrency hype and subsequent downfall of Bitcoin between 2016 and 2019 remain underexplored. We applied ordinary least squares (OLS) regressions based on a dataset containing 1597 ICOs that covers almost 2.5 years. The results show that exogenous and endogenous signals have a significant effect on the funds raised in ICOs. We also find that the Bitcoin price heavily drives the performance of ICOs. However, this hype effect is moderated, as high-quality ICOs are not pegged to these price developments. Revealing the interplay between hypes and signals in the ICO’s asset class should broaden the discussion of this emerging digital phenomenon. |
| Date: | 2024–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:144179&r=pay |
| By: | Agustín Carstens; Nandan Nilekani |
| Abstract: | This paper lays out a vision for the Finternet: multiple financial ecosystems interconnected with each other, much like the internet, designed to empower individuals and businesses by placing them at the centre of their financial lives. It advocates for a user-centric approach that lowers barriers between financial services and systems, thus promoting access for all. The envisioned system leverages innovative technologies such as tokenisation and unified ledgers, underpinned by a robust economic and regulatory framework, to dramatically expand the range and quality of financial services. This integration aims to foster greater participation, offer more personalised services and improve speed and reliability, all while reducing costs for end users. Most of the technology needed to achieve this vision exists and is fast improving, driven by efforts around the world. This paper provides a blueprint for how key technical characteristics like interoperability, verifiability, programmability, immutability, finality, evolvability, modularity, scalability, security and privacy can be incorporated, and how varied governance norms can be embedded. Delivering this vision requires proactive collaboration between public authorities and private sector institutions. The paper serves as a call for action for these entities to establish a strong foundation. This would pave the way for a user-centric, unified and universal financial ecosystem brought into the digital era that is inclusive, innovative, participatory, accessible and affordable, and leaves no one behind. |
| Keywords: | payment systems, financial system, financial intermediaries, financial instruments, currency, digital innovation, unified ledgers, tokenisation |
| JEL: | E42 F33 G21 G23 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1178&r=pay |
| By: | Iota Kaousar Nassr; Eleftheria Kostika; Anastasia Melachrinos |
| Abstract: | Decentralised exchanges (DEXs) are on-chain platforms where traders can exchange one crypto-asset for another. DEXs play an increasingly important role in the decentralised finance (DeFi) market, particularly in the aftermath of the recent downturn in the crypto-asset market. This working paper explores the characteristics of DEXs and identifies areas of possible concentration in decentralised exchanges activity and potential associated risks. To substantiate the analysis, it uses an original on-chain dataset covering the largest DEXs. The paper reveals an increased concentration within DeFi trading in the sample observed, which could exacerbate vulnerabilities already present in DeFi markets. |
| Date: | 2024–04–25 |
| URL: | http://d.repec.org/n?u=RePEc:oec:dafaad:49-en&r=pay |
| By: | Mansi Kedia (Indian Council for Research on International Economic Relations (ICRIER)); Aarti Reddy; Sanjana Shukla |
| Abstract: | Digitalisation of payments is a global trend, with the COVID-19 pandemic having triggered accelerated adoption. While India has been at the forefront of this transition, there is little understanding of how the Unified Payments Interface (UPI), India's real-time digital payment system, has diffused and the extent of its inclusive scaling within the country. The paper relies on state and district level data from PhonePe, the largest digital payments platform in India, to better understand the heterogeneity in patterns of diffusion across states and districts of India. Data from various other sources are used to examine how socio-economic factors correlate with diffusion. |
| Keywords: | Digital Payments, Financial Inclusion, Financial Institutions and Services |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdc:wpaper:ipcide01&r=pay |
| By: | Rodriguez, Harold; Colombo, Jefferson |
| Abstract: | Spot bitcoin ETFs have been recently approved in the U.S., increasing retail and institutional investors' attention to the crypto space. Still, empirical evidence on whether Bitcoin is an asset that protects investors against inflation is still inconclusive. To contribute to this debate, we analyze the effect of inflation shocks on bitcoin returns through the estimation and inference of Vector Autoregressive Models (VARs). Unlike previous research on the topic, we identify inflation shocks as surprises in the US’s CPI and Core PCE announcements: the difference between the announced inflation and the analysts’ consensus. The results, based on monthly data between August 2010 and January 2023, indicate that bitcoin returns increase significantly after a positive inflationary shock, corroborating empirical evidence that Bitcoin can act as an inflation hedge. However, we observe that bitcoin’s inflationary hedging property is sensitive to the price index -- it only holds for CPI shocks -- and to the period of analysis –- the hedging property stems primarily from sample periods before the increasing institutional adoption of BTC (``early days''). Thus, the inflation-hedging property of Bitcoin is context-specific and is likely to be diminishing as adoption increases. This research contributes to the still under-explored strand of literature that analyzes the hedging and safe-haven properties of Bitcoin and benefits asset managers, investors, and monetary authorities. |
| Keywords: | Bitcoin, Hedge against inflation, Unexpected inflation, surprises in CPI, surprises in PCE. |
| JEL: | E31 E44 G11 |
| Date: | 2024–03–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120477&r=pay |
| By: | Croitor, Evgheni; Werner, Dominick; Adam, Martin; Benlian, Alexander |
| Abstract: | E-marketplace platforms focus on attracting and retaining sellers to secure the platform’s long-term viability and success. Although sellers’ behavioral intentions have been linked to control modes deployed on e-marketplace platforms, little is known about how and why perceptions of input control and clan control affect sellers’ crucial behavioral outcomes. Drawing on IS control literature, we conducted two online surveys with sellers on Amazon (n = 286) and Etsy (n = 185). Our results revealed that perceived input control had a negative effect on sellers’ perceived usefulness, satisfaction, and continuance intentions, whereas positive effects were observed with perceived clan control. In addition, we find that intrinsic motivation mediates the observed direct effects. Our study contributes to the literature by introducing control modes in the context of e-marketplace platforms and examining the effects of input control and clan control on sellers’ beliefs, attitudes, and behavioral intentions. Furthermore, our study has important practical implications for platform providers in how to apply different control mechanisms and increase complementors’ willingness to keep contributing to e-marketplace platforms, thereby nurturing platform health and sustainability. |
| Date: | 2024–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:144169&r=pay |
| By: | Lambert, Claudia; Meller, Barbara; Pancaro, Cosimo; Pellicani, Antonella; Radulova, Petya; Soons, Oscar; van der Kraaij, Anton |
| Abstract: | A digital euro would provide the general public with an additional means of payment in the form of risk-free central bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would offer a wide range of financial stability benefits, including safeguarding the role of public money and strengthening the strategic autonomy and monetary sovereignty of the euro area in the digital era. It would be designed to have no material impact on financial stability or the transmission of monetary policy. This paper shows the usefulness of digital euro safeguards, such as holding limits, that would limit the impact of the introduction of a digital euro on banks’ liquidity and on their reliance on central bank funding. To this end, it assesses how banks might respond to the introduction of a digital euro while seeking to maximise profitability and manage their risks for a range of holding limit scenarios. The results of the simulated impact on key liquidity metrics show that, with safeguards in place and on aggregate, the liquidity metrics of euro area banks would decline but remain well above regulatory minimums. In addition, the central bank funding ratios of euro area banks would not increase materially on aggregate and would remain contained overall. JEL Classification: E42, E58, G21 |
| Keywords: | bank intermediation, CBDC, digital euro, financial stability risks |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2024346&r=pay |
| By: | Otaviano Canuto |
| Abstract: | Recent initiatives and policy moves by China and other countries to extend the reach of use of the renminbi in the international monetary system, while the U.S. dollar share in global reserves has slightly shrunk in relative terms, have sparked frequent discussions about a hypothetical “de-dollarization” of the global economy. We approach here what that would mean in terms of global currency functions as means of payment and store of value. While we point out a relative decline of the U.S. dollar weight in those functions more recently, we also highlight gravitational factors that tend to uphold its position. Therefore, the “exorbitant privilege” that the U.S. dollar has provided to its issuer is likely to remain. |
| Date: | 2023–04 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb21-23&r=pay |
| By: | Nichanan Sakolvieng (Martin de Tours School of Management and Economics, Assumption University, Thailand. Author-2-Name: Sutta Sornmayura Author-2-Workplace-Name: Martin de Tours School of Management and Economics, Assumption University, Thailand. Author-3-Name: Kaimook Numgaroonaroonroj Author-3-Workplace-Name: Martin de Tours School of Management and Economics, Assumption University, Thailand. 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 - This study aims to contribute to the field of cryptocurrency portfolio management and rebalancing strategies by empirically investigating the impact of different allocation frequencies and threshold percentages on the risk-adjusted returns of cryptocurrency portfolios. Methodology/Technique – Utilizing a simulation of 10, 000 cryptocurrency portfolios comprising seven assets, including Ethereum (ETH), Bitcoin (BTC), Tether (USDT), Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), and Polygon (MATIC), this study examines and compares the effects of different allocation frequencies (daily, weekly, and monthly) in time-based rebalancing and various threshold percentages (5%, 10%, and 15%) in threshold-based strategies on the portfolios' risk-adjusted returns, using the Sharpe ratio. The performance of these strategies is also compared with a passive buy-and-hold strategy. Findings – The research reveals statistically significant differences in the risk-adjusted returns between the buy-and-hold strategy and the daily rebalancing and threshold-based strategies with 5% and 10% threshold percentages. The daily rebalancing strategy demonstrates a higher Sharpe ratio, while lower threshold percentages lead to better risk-adjusted returns. Novelty – These empirical findings, using a simulation of 10, 000 cryptocurrency portfolios, provide valuable insights into optimizing cryptocurrency portfolio performance through rebalancing strategies. Additionally, they highlight the effectiveness of implementing rebalancing techniques in cryptocurrency portfolios, contributing to the understanding of rebalancing optimization in this domain. Type of Paper - Empirical" |
| Keywords: | Cryptocurrency; Mean-Variance Optimization; Portfolio Management; Rebalancing Strategies; Risk-Adjusted Returns |
| JEL: | G11 G19 |
| Date: | 2024–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr220&r=pay |
| By: | Ologunebi, John; Taiwo, Ebenezer |
| Abstract: | E-commerce personalization has emerged as a critical capability for online retailers to drive engagement and conversions by delivering relevant content and experiences tailored to each customer's preferences. This study presents a comprehensive analysis of how a leading UK e-commerce platform implemented advanced personalization tactics across its digital channels and quantifies the resulting business impact. Through in-depth examination of a multi-year personalization initiative, the research evaluates the real-world performance of various machine learning powered techniques including collaborative filtering, predictive segmentation, dynamic ad optimization, and multichannel targeting strategies. A mixed methodology combines analyzing performance data from A/B tests and control groups with insights from user surveys and qualitative feedback. Key findings reveal significant uplifts from personalization across metrics like click-through rates, conversion rates, revenue per visitor and customer lifetime value compared to pre-personalization benchmarks. Automated recommendation engines and targeted ad content resonated strongly with UK consumer preferences. However, the study also highlights nuances like mitigating choice overload, maintaining transparency, and avoiding excessive personalization that could negatively impact outcomes. The "personalization paradox" emerged as a recurring challenge in needing to balance relevance with privacy and diversity of content discovery. Overall insights synthesize drivers of personalization success, quantify substantial ROI, and outline best practices tailored to UK audience contexts. The research provides a comprehensive playbook for how e-commerce brands can leverage first-party data, predictive analytics, and multi-pronged personalization tactics to create more engaging, profitable customer experiences. |
| Keywords: | E-commerce platform, Personalized advertising, Ad content, User preferences, Conversion rates, User engagement, User behavior, User satisfaction, Privacy considerations, Data security, Ethical implications, GDPR compliance, User perceptions, Customer loyalty, Product recommendations, Decision-making, Marketing strategies |
| JEL: | M21 M30 M31 M37 M38 |
| Date: | 2024–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120595&r=pay |
| By: | Hackober, Christian; Bock, Carolin |
| Abstract: | Initial coin offerings have recently become one of the most important funding resources for ventures in the blockchain area. However, often ventures do not rely solely on initial coin offerings as funding source but receive also investments from more established investors prior or during their initial coin offering. In particular, blockchain related ventures have drawn the attention of (corporate) venture capitalists but only less is known on the interplay of these different funding sources and their influence on initial coin offerings as well as on ventures’ further development. Based on the signaling theory as well as the resource-based-view our empirical study find that venture capital investors as well as corporate venture capital investors have a significantly positive effect on initial coin offerings. Further, we find that the reputation, the time of treatment as well as the specialization of investors have a positive influence on the initial coin offering. Finally, our results indicate that the positive effect of venture capital investors as well as the specialization of an investor continues to influence blockchain based ventures’ success in the mid-term. |
| Date: | 2024–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:144176&r=pay |
| By: | Tendai Gwatidzo; Witness Simbanegavi |
| Abstract: | Using survey data from the World Banks Global Findex Database and a pseudo panel we investigate two pertinent issues pertaining to financial inclusion in South Africa. First, we consider the factors driving the likelihood of accessing financial services in South Africa. Second, we investigate the impact of banking sector competition on financial inclusion in South Africa essentially testing the information and market power hypotheses. Household head characteristics such as age, education and income are found to positively influence the likelihood of being financially included. Considering the relationship between financial inclusion and banking sector competition, evidence supports the information hypothesis rather than the market power hypothesis. That is, lower bank competition facilitates the formation of longer-lasting relationships between banks and their clients, which incentivises banks to invest in information generation and monitoring in previously unserved markets, thereby expanding financial inclusion. |
| Date: | 2024–04–16 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11061&r=pay |
| By: | Cheikh T. Ndour (Cheikh Anta Diop University, Dakar, Senegal); Simplice A. Asongu (Johannesburg, South Africa) |
| Abstract: | Purpose – This study examines the relevance of information and communication technologies in the effect of gender economic inclusion on environmental sustainability. Design/methodology/approach – The focus is on a panel of 42 sub-Saharan African countries over the period 2005-2020. The empirical evidence is based on generalized method of moments. The environmental sustainability indicator used is CO2 emissions per capita. Two indicators of women's economic inclusion are considered: women's labour force participation and women's unemployment. The chosen ICT indicators are mobile phone penetration, internet penetration and fixed broadband subscriptions. Findings – The results show that: (i) fixed broadband subscriptions represent the most relevant ICT moderator of gender economic inclusion for an effect on CO2 emissions; (ii) negative net effects are apparent for the most part with fixed broadband subscriptions (iii) both positive ICT thresholds (i.e., critical levels for complementary policies) and negative ICT thresholds (i.e., minimum ICT levels for negative net effects) are provided; (iv) ICT synergy effects are apparent for female unemployment, but not for female employment. In general, the joint effect of ICTs or their synergies and economic inclusion should be a concern for policymakers in order to better ensure sustainable development. Moreover, the relevant ICT policy thresholds and mobile phone threshold for complementary policy are essential in promoting a green economy. Originality/value –The study complements the extant literature by assessing linkages between information technology, gender economic inclusion and environmental sustainability. |
| Keywords: | ICT, Gender inclusion; Environment sustainability; Sub-Saharan Africa |
| JEL: | C52 O38 O40 O55 P37 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:24/004&r=pay |
| By: | Tina Highfill; Brian Quistorff |
| Abstract: | The U.S. Bureau of Economic Analysis (BEA) produces economic statistics through its system of satellite accounts that highlight specialized areas of the economy that are not directly apparent in BEA’s official economic statistics published under the North American Industry Classification System (NAICS), such as outdoor recreation and arts and culture. BEA recently developed a Digital Economy Satellite Account (DESA) to better understand this area of the economy as it involves production that spans multiple NAICS industries, ranging from computer manufacturing to internet-based retail trade (e-commerce) to software production. Currently, BEA’s digital economy statistics do not fully capture production of digital intermediary services earned from operating a digital platform that facilitates the direct interaction between multiple buyers and multiple sellers for a fee (such as rideshare), resulting in an incomplete picture of the digital economy. In this paper, we discuss options for measuring digital intermediary services across selected industries of interest to other international statistical agencies as well as BEA: rideshare, travel services, and food/grocery delivery services. We also provide experimental estimates of gross output for these services that cover 2018–2021 using two approaches. We find that digital intermediation services for rideshare, travel services, and food/grocery delivery services represented at least $31 billion in 2021 gross output, or close to 1 percent of the overall value of the digital economy based on the latest DESA statistics. |
| JEL: | E01 O4 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:bea:papers:0119&r=pay |
| By: | Dietlmeier, Simon Frederic; Floetgen, Rob Jago; Urmetzer, Florian |
| Abstract: | This short paper explores the foundations of B2B platform partnership management. After a theoretical derivation of the terminology, the performance measurement practices of a B2B platform owner offering the two platforms A and B to industrial customers are identified based on qualitative interviews with 21 employees. The research explores empirically whether and how platform partnership management performance is in reality measured, and what important success factors contribute to a functioning partnership management strategy. |
| Keywords: | Business-to-Business; B2B; Platform; Ecosystem; Industrial Internet of Things (IIoT); Segmentation; Verticalization; Vertical Information Systems |
| JEL: | A23 B4 K0 M2 O2 P5 Q5 R1 Y4 Z1 |
| Date: | 2024–04–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120610&r=pay |
| By: | Leogrande, Angelo |
| Abstract: | In the following article I analyze the determinants of regular internet users in the Italian regions. The data is analyzed both in terms of static analysis and also through the application of the k-Means algorithm optimized with the Elbow method. Subsequently, an econometric model is presented for estimating regular internet users in the Italian regions based on variables that reflect the state of technological innovation and digital culture. The results are analyzed and discussed in light of the implications that digitalisation has for triggering economic growth. |
| Keywords: | Innovation, Innovation and Invention, Management of Technological Innovation and R&D, Technological Change, Intellectual Property and Intellectual Capital |
| JEL: | O30 O31 O32 O33 O34 |
| Date: | 2024–04–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120612&r=pay |
| By: | rao, amar; Dagar, Vishal; dagher, leila; Shobande, Olatunji |
| Abstract: | This study aims to investigate the spillover effects from geopolitical risks (proxied by the geopolitical risk index) and cryptocurrencies-related uncertainty (proxied by the Cryptocurrency Uncertainty Index) to cryptocurrencies. We utilize the Baruník and Křehlík (2018) framework to detect time-frequency connectedness. Our investigation for the period 2017 to 2022 discovers significant spillover effects from both indices to cryptocurrencies. Utilizing the information transmission theory and network graphs, our findings reveal that some cryptocurrencies function as net receivers of spillovers from geopolitical risks and uncertainty in the short-term, while over longer time horizons they transform into net transmitters of spillovers to uncertainty. The study contributes to better understanding how uncertainty due to various factors (geopolitical, policy changes, regulatory changes, etc.) could affect the cryptocurrencies’ markets. |
| Keywords: | cryptocurrencies; geopolitical risk; market uncertainty; time–frequency connectedness |
| JEL: | C58 G15 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120582&r=pay |
| By: | Simplice A. Asongu (Johannesburg, South Africa) |
| Abstract: | The purpose of the study is to assess if a policy of female inclusive education should be complemented with a policy of female ownership of bank accounts to fight female unemployment. The study therefore examines how female ownership of bank accounts moderates the incidence of female education on female unemployment. The focus is on 44 Sub-Saharan African (SSA) countries for the period 2004 to 2018 and the empirical evidence is based on interactive quantile regressions. The interactions are tailored such that female ownership of bank accounts influence the effect of female inclusive education on female unemployment. From the empirical findings, it is evident that female ownership of bank accounts does not effectively moderate female education in order to reduce female unemployment unless complementary policies are considered. The complementary policies should be in view of boosting the interaction between female education and female bank account ownership in increasing employment opportunities for the female gender and by extension, reducing female unemployment. The invalidity of the moderating effect is robust to the inclusion of more elements in the conditioning information set as well as accounting for other dimensions of endogeneity such as simultaneity and the unobserved heterogeneity. Policy implications are discussed. This study contributes to the extant literature by assessing how female ownership of bank accounts complement female inclusive education to reduce female unemployment. |
| Keywords: | Africa; Inequality; Gender; Inclusive development; Unemployment |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:24/001&r=pay |
| By: | Santoro, Fabrizio; Prichard, Wilson; Mascagni, Giulia |
| Abstract: | Tax administrations in Africa and, more broadly, low-income countries (LICs), are increasingly investing in advanced digital technologies, in an effort to build more effective, rules-based and efficient tax systems. Those efforts fit within broader government efforts towards e-government and the establishment of digital public infrastructures (DPI). 1 While these efforts to digitalise tax administration are multi faceted, affecting all aspects of administration, recent years have seen growing attention to the potential impacts of digital ID systems (DIS) and digital merchant payments (DMP), both of which are linked closely to broader discussions of the potential of DPI to strengthen development outcomes. This growing attention has been driven by hopes that building such systems can contribute to significant improvements in tax systems and revenue collection as part of broader and ambitious digitalisation efforts undertaken by African governments (World Bank 2016; IMF 2020). |
| Keywords: | Finance, Technology, |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18297&r=pay |
| By: | Ioannis Giagkiozis (Chrysor Trading); Emilio Said (ADIA - Abu Dhabi Investment Authority) |
| Abstract: | Perpetual swaps are derivative contracts that allow traders to speculate on, or hedge, the price movements of cryptocurrencies. Unlike futures contracts, perpetual swaps have no settlement or expiration in the traditional sense. The funding rate acts as the mechanism that tethers the perpetual swap to its underlying with the help of arbitrageurs. Open interest, in the context of perpetual swaps and derivative contracts in general, refers to the total number of outstanding contracts at a given point in time. It is a critical metric in derivatives markets as it can provide insight into market activity, sentiment and overall liquidity. It also provides a way to estimate a lower bound on the collateral required for every cryptocurrency market on an exchange. This number, cumulated across all markets on the exchange in combination with proof of reserves, can be used to gauge whether the exchange in question operates with unsustainable levels of leverage, which could have solvency implications. We find that open interest in Bitcoin perpetual swaps is systematically misquoted by some of the largest derivatives exchanges; however, the degree varies, with some exchanges reporting open interest that is wholly implausible to others that seem to be delaying messages of forced trades, i.e., liquidations. We identify these incongruities by analyzing tick-by-tick data for two time periods in 2023 by connecting directly to seven of the most liquid cryptocurrency derivatives exchanges. |
| Keywords: | Bitcoin, Derivatives, Open Interest, Trading, Perpetual Swaps, Exchanges |
| Date: | 2024–04–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04531639&r=pay |
| By: | Benjamin R. Bridgman; Tina Highfill; Jon D. Samuels |
| Abstract: | Measuring the digital economy is a high priority for analysts of economic growth. We augment the Bureau of Economic Analysis’s Digital Economy Satellite Account to include digital services provided by high-tech consumer durables. We find that including the service flow from these goods raises the growth rate of the digital economy between 2005 and 2021 from 6.4 percent per year to 6.9 percent per year. Consumer durable services accounted for about 10 percent of digital economy GDP within augmented digital economy GDP. While most household services are not digital, the household owns a significant part of the digital infrastructure. |
| JEL: | D13 E01 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:bea:papers:0117&r=pay |
| By: | Alessio Brini; Jimmie Lenz |
| Abstract: | The paper analyzes the cryptocurrency ecosystem at both the aggregate and individual levels to understand the factors that impact future volatility. The study uses high-frequency panel data from 2020 to 2022 to examine the relationship between several market volatility drivers, such as daily leverage, signed volatility and jumps. Several known autoregressive model specifications are estimated over different market regimes, and results are compared to equity data as a reference benchmark of a more mature asset class. The panel estimations show that the positive market returns at the high-frequency level increase price volatility, contrary to what is expected from the classical financial literature. We attributed this effect to the price dynamics over the last year of the dataset (2022) by repeating the estimation on different time spans. Moreover, the positive signed volatility and negative daily leverage positively impact the cryptocurrencies' future volatility, unlike what emerges from the same study on a cross-section of stocks. This result signals a structural difference in a nascent cryptocurrency market that has to mature yet. Further individual-level analysis confirms the findings of the panel analysis and highlights that these effects are statistically significant and commonly shared among many components in the selected universe. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.04962&r=pay |
| By: | Ekene ThankGod Emeka (University of Nigeria, Nsukka, Nigeria); Simplice A. Asongu (Johannesburg, South Africa); Yolande E. Ngoungou (Soa, Cameroon) |
| Abstract: | This study examines the effects of gender economic inclusion on economic complexity in Africa, as well as the moderating role of governance institutions on the relationship between gender inclusion and economic complexity. The analysis was based on the pooled OLS and the system generalized method of moments (GMM) estimation techniques, with data from 34 African economies between 2010-2021. The analysis uncovered several important findings. First, from the most robust model (i.e., GMM), positive synergies are apparent because gender economic inclusion promotes economic complexity, and governance dynamics further enhance the positive effect of gender economic inclusion on economic complexity. Second, regardless of the adopted technique, a predominantly positive and statistically significant relationship was identified between gender economic inclusion and economic complexity. Third, it was observed that while governance institutions exhibit a negative relationship with economic complexity, they play a positive role in moderating the relationship between gender inclusion and economic complexity. Fourth, factors such as foreign direct investment inflow, trade openness, and international tourism were identified as potent drivers of economic complexity in Africa, while the impact of human capital appears to be relatively subdued. Consequently, the study emphasizes the need for institutional reforms to improve governance transparency, accountability, and efficiency, alongside advocating for gender-inclusive policies and increased investment in education. |
| Keywords: | Gender economic inclusion; economic complexity; governance institutions; panel data; Africa |
| JEL: | G20 I10 I32 O40 O55 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:24/003&r=pay |
| By: | Richard Fedorko (University of Prešov in Prešov, Faculty of Management and Business, Konstantinova 16, 080 01, Prešov, Slovakia Author-2-Name: Mikuláš Kizák Author-2-Workplace-Name: University of Prešov in Prešov, Faculty of Management and Business, Konstantinova 16, 080 01, Prešov, Slovakia Author-3-Name: Dárius Župina Author-3-Workplace-Name: University of Prešov in Prešov, Faculty of Management and Business, Konstantinova 16, 080 01, Prešov, Slovakia 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 - The global surge in internet purchases drives economic growth and contributes significantly to developed countries' improved living standards. Methodology/Technique - This unprecedented e-commerce boom, facilitated by the convenience of round-the-clock online shopping, has reshaped consumer behavior. Within this landscape, educational level emerges as a prominent demographic determinant influencing online purchasing patterns. The Slovak Republic has experienced an upward trajectory in internet purchases across various educational segments, highlighting a growing preference for online shopping experiences. Findings - However, it is important to note that a discernible gap in online shopping behavior persists between these educational strata. Moreover, Slovakia's achievement of its convergence goal, aligning with the European Union's admission average, underscores its commitment to growth and development. This accomplishment highlights the nation's progress and reflects the pivotal role of e-commerce in shaping economic trajectories. Novelty - We analyze the trend of online shopping in Slovakia compared to the EU 27 average and top-performing countries, finding that Slovakia exhibits a steeper trend, especially among highly educated individuals. In an era where online interactions and transactions have become integral to daily life, the nexus between educational attainment, online purchasing behavior, and economic advancement demands continued research and analysis. Type of Paper - Empirical" |
| Keywords: | E-commerce, Education level, Slovak Republic, Internet purchases, Convergence |
| JEL: | D12 L81 |
| Date: | 2024–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr330&r=pay |
| By: | Daniel Freund; S\'ebastien Martin; Jiayu Kamessi Zhao |
| Abstract: | Flexibility is a cornerstone of operations management, crucial to hedge stochasticity in product demands, service requirements, and resource allocation. In two-sided platforms, flexibility is also two-sided and can be viewed as the compatibility of agents on one side with agents on the other side. Platform actions often influence the flexibility on either the demand or the supply side. But how should flexibility be jointly allocated across different sides? Whereas the literature has traditionally focused on only one side at a time, our work initiates the study of two-sided flexibility in matching platforms. We propose a parsimonious matching model in random graphs and identify the flexibility allocation that optimizes the expected size of a maximum matching. Our findings reveal that flexibility allocation is a first-order issue: for a given flexibility budget, the resulting matching size can vary greatly depending on how the budget is allocated. Moreover, even in the simple and symmetric settings we study, the quest for the optimal allocation is complicated. In particular, easy and costly mistakes can be made if the flexibility decisions on the demand and supply side are optimized independently (e.g., by two different teams in the company), rather than jointly. To guide the search for optimal flexibility allocation, we uncover two effects, flexibility cannibalization, and flexibility abundance, that govern when the optimal design places the flexibility budget only on one side or equally on both sides. In doing so we identify the study of two-sided flexibility as a significant aspect of platform efficiency. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.04709&r=pay |
| By: | Nancy Isarin; Eva Barteková; Andrew Brown; Peter Börkey |
| Abstract: | Waste crimes create social and economic issues. Offenders commit crime due to either a lack of awareness of waste law or the belief that there is a low risk of being caught and punished. OECD countries are using digital tools to improve their use of resources with the aim to promote compliance and detect violation of waste law. This paper reviews the types of waste crimes, their motivations, and opportunities for governments to use digital tools for their enforcement efforts. It finds that governments have thus far mainly focused on digitalising their data collection and their exchange of information with the public and partners. Further application of digital tools can improve the connection of these tools and test predictive analytical tools such as artificial intelligence systems. |
| Keywords: | circular economy, digital technologies, Illegal Behaviour and the Enforcement of Law, resource efficiency |
| JEL: | L22 L23 O14 K42 |
| Date: | 2024–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:oec:envaaa:234-en&r=pay |
| By: | Henri-Louis Vedie |
| Abstract: | Cette étude est consacrée à la faillite de FTX, considérée comme la deuxième plateforme mondiale d’échanges des cryptomonnaies, derrière Binance, avant l’annonce de sa faillite en novembre 2022. Annonce qui va être un véritable coup de tonnerre, les ébranlant très sérieusement. Après avoir rappelé l’indispensable à connaitre des cryptomonnaies et de leurs plateformes d’échange, l’étude rappelle l’historique d’une faillite arrivant au pire moment, avec des cours du bitcoin qui s’effondrent depuis octobre 2021, fragilisant encore davantage des plateformes d’échange déjà sous surveillance. Elle met aussi en évidence la personnalité contrastée de celui qui l’a créée, Samuel Banking-Fried, insistant sur l’ampleur d’une faillite où tout va se jouer en une semaine. |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb27-23&r=pay |
| By: | Canitgia Tambariki (BINUS Business School Master Program, Bina Nusantara University, Jakarta, Indonesia Author-2-Name: Octavianie Bernadette Sondakh Author-2-Workplace-Name: BINUS Business School Doctor of Research in Management, Bina Nusantara University, Jakarta, Indonesia Author-3-Name: Virgino Agassie Dondokambey Author-3-Workplace-Name: BINUS Business School Doctor of Research in Management, Bina Nusantara University, Jakarta, Indonesia Author-4-Name: "Evelyn Hendriana" Author-4-Workplace-Name: "BINUS Business School Doctor of Research in Management, Bina Nusantara University, Jakarta, Indonesia " 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 - This study aims to analyze the relationships between perceived knowledge and protection habits on cybersecurity behavior among active mobile banking users in Indonesia. The research direction involves empirical testing, employing the protection motivation theory (PMT) to develop a mediating model encompassing threat appraisal and coping appraisal components. Methodology/Technique - A quantitative research approach was employed to examine the twelve hypotheses developed based on the extended PMT. An online survey could obtain 380 valid responses where the respondents were selected using a purposive sampling technique. Since this study extended the PMT, data was analyzed using PLS-SEM to maximize the predictive model. Findings - This study validated the protection motivation theory (PMT) by confirming the effect of all threat and coping appraisal components on protection behavior, except for perceived vulnerability. The results also reported a substantial impact of perceived knowledge and protection habits on cybersecurity behavior among active mobile banking users in Indonesia. Novelty - This research is one of a few studies that extend PMT by integrating perceived knowledge and protection habits to understand consumer behavior toward cybersecurity risk. Type of Paper - Empirical" |
| Keywords: | Cybersecurity behavior, Mobile banking, Perceived knowledge, Protection habit, protection Motivation theory (PMT). |
| JEL: | M31 M15 |
| Date: | 2024–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr327&r=pay |