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on Payment Systems and Financial Technology |
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Issue of 2024‒05‒27
eighteen papers chosen by |
| By: | Xintong Wu; Wanling Deng; Yuotng Quan; Luyao Zhang |
| Abstract: | In the evolving landscape of digital finance, the transition from centralized to decentralized trust mechanisms, primarily driven by blockchain technology, plays a critical role in shaping the cryptocurrency ecosystem. This paradigm shift raises questions about the traditional reliance on centralized trust and introduces a novel, decentralized trust framework built upon distributed networks. Our research delves into the consequences of this shift, particularly focusing on how incidents influence trust within cryptocurrency markets, thereby affecting trade behaviors in centralized (CEXs) and decentralized exchanges (DEXs). We conduct a comprehensive analysis of various events, assessing their effects on market dynamics, including token valuation and trading volumes in both CEXs and DEXs. Our findings highlight the pivotal role of trust in directing user preferences and the fluidity of trust transfer between centralized and decentralized platforms. Despite certain anomalies, the results largely align with our initial hypotheses, revealing the intricate nature of user trust in cryptocurrency markets. This study contributes significantly to interdisciplinary research, bridging distributed systems, behavioral finance, and Decentralized Finance (DeFi). It offers valuable insights for the distributed computing community, particularly in understanding and applying distributed trust mechanisms in digital economies, paving the way for future research that could further explore the socio-economic dimensions and leverage blockchain data in this dynamic domain. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.17227&r=pay |
| By: | Marcin W\k{a}torek; Pawe{\l} Szyd{\l}o; Jaros{\l}aw Kwapie\'n; Stanis{\l}aw Dro\.zd\.z |
| Abstract: | The non-fungible token (NFT) market emerges as a recent trading innovation leveraging blockchain technology, mirroring the dynamics of the cryptocurrency market. To deepen the understanding of the dynamics of this market, in the current study, based on the capitalization changes and transaction volumes across a large number of token collections on the Ethereum platform, the degree of correlation in this market is examined by using the multivariate formalism of detrended correlation coefficient and correlation matrix. It appears that correlation strength is lower here than that observed in previously studied markets. Consequently, the eigenvalue spectra of the correlation matrix more closely follow the Marchenko-Pastur distribution, still, some departures indicating the existence of correlations remain. The comparison of results obtained from the correlation matrix built from the Pearson coefficients and, independently, from the detrended cross-correlation coefficients suggests that the global correlations in the NFT market arise from higher frequency fluctuations. Corresponding minimal spanning trees (MSTs) for capitalization variability exhibit a scale-free character while, for the number of transactions, they are somewhat more decentralized. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.15495&r=pay |
| By: | Fengqi Xie (Tomsk State University); Marina Ryzhkova (Tomsk State University) |
| Abstract: | In recent years, the concept of central bank digital currency (CBDC) has gained significant attention in the field of monetary economics and finance. CBDC is a digital form of central bank money that can be used by the public and commercial banks for payments and other transactions. This paper provides a comparative study of the development status of CBDC in different countries and regions, including China, Sweden, the United States, and the European Union. The study examines the motivations for developing CBDC, the design features of CBDC, the legal and regulatory frameworks for CBDC, and the potential benefits and risks of CBDC. The findings suggest that while there is no one-size-fits-all approach to CBDC, there are some common themes and challenges that policymakers need to address in designing and implementing CBDC. |
| Keywords: | Central bank digital currency; Development status; Motivation; Design feature; Legal and regulatory frameworks; Potential benefits and risks |
| JEL: | G32 E58 G28 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:14115979&r=pay |
| By: | Francesca Carapella; Jin-Wook Chang; Sebastian Infante; Melissa Leistra; Arazi Lubis; Alexandros Vardoulakis |
| Abstract: | A Central Bank Digital Currency (CBDC) is a form of digital money that is denominated in the national unit of account, constitutes a direct liability of the central bank, and can be distinguished from other central bank liabilities. We examine the positive and negative implications for financial stability of a CBDC under different design options. We base our analysis on the lessons derived from historical case studies as well as on analytical frameworks useful to characterize the mechanisms through which a CBDC can affect financial stability. We further discuss various policy tools that can be employed to mitigate financial stability risks. |
| Keywords: | CBDC; Financial stability; Runs; Stablecoins; Central bank liabilities; Regulation |
| JEL: | E40 E50 G01 G21 G23 G28 |
| Date: | 2024–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2024-21&r=pay |
| By: | Martino, Edoardo D; Ringe, W. Georg |
| Abstract: | In the past decade, the legal and economic literature on blockchain technology and its applications has flourished. This new technology holds great promise for enhancing the efficiency of contracting. Building on the classic Coase theorem, blockchain as a decentralised mechanism of decision-making should be superior to centralised regulation, possibly yielding substantial efficiency gains. Notably, it also has the potential to improve the allocation of property rights and reduce transaction costs. However, many of these enthusiastic views about what blockchain technology may bring are overblown. This article demonstrates that blockchain creates a variety of new externalities, which cannot be addressed by the decentralised actors using it. The most obvious of them is the environmental externality stemming from the energy-intensive mining process. In addition, more immediate externalities emerge, for example through the operational and legal risks of being part of a blockchain transaction, which are particularly evident in the crypto economy. Moreover, issues surrounding blockchain governance may exacerbate these challenges. In conclusion, we propose several regulatory strategies to mitigate these shortcomings and harness the full potential of blockchain technology. |
| Keywords: | blockchain technology, Coase theorem, social cost |
| JEL: | K11 K22 K29 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ilewps:80&r=pay |
| By: | Giulio Cornelli; Leonardo Gambacorta; Rodney Garratt; Alessio Reghezza |
| Abstract: | Decentralised finance (DeFi) lending protocols have experienced significant growth recently, yet the motivations driving investors remain largely unexplored. We use granular, transaction-level data from Aave, a leading player in the DeFi lending market, to study these motivations. Our theoretical and empirical findings reveal that the search for yield predominantly drives liquidity provision in DeFi lending pools, whereas borrowing activity is mainly influenced by speculative and, to some extent, governance motives. Both retail- and large investors seek potential high returns through market movements and price speculation, however the latter engage in DeFi borrowing relatively more than the former also to influence protocol decisions and accrue more significant governance rights. |
| Keywords: | cryptocurrency, DeFi, decentralized finance, lending |
| JEL: | G18 G23 O39 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1183&r=pay |
| By: | Tsuyuguchi, Takeshi; Wang, Haibo (Texas A&M International University) |
| Abstract: | On September 15th, 2022, Ethereum transitioned from Proof of Work to Proof of Stake blockchain. The time-series Difference-in-Differences model is employed by taking the Bitcoin network as the control group while Ethereum as the treatment group to identify the effects of the protocol change. Vector AutoRegression models are used to identify the dynamic relationship between Ethereum and Bitcoin. Despite Ether's price dropping 10% initially, the daily returns and total fees in USD are not significantly different after Ethereum Merge, while trading volumes and various network factors in the Ethereum platform indicate significant differences compared to Bitcoin. |
| Date: | 2023–11–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:mg2zy&r=pay |
| By: | William Barnett (Department of Economics, University of Kansas and Center for Financial Stability, New York City); Hyun Park (Department of Economics, Valparaiso University, Valparaiso, IN 46383, USA) |
| Abstract: | We use the New-Keynesian DSGE framework and VAR to investigate the usefulness and relevancy of monetary services, augmented to include credit card transaction services. We use the new credit-card-augmented Divisia monetary aggregates in the models to further the existing research on their usefulness and relevancy. In this research, we compare three different monetary aggregates within the New-Keynesian framework: (1) the aggregation theoretic "true" monetary aggregate, (2) the credit-card-augmented Divisia monetary aggregate, and (3) the simple sum monetary aggregate. We acquire the following primary results. (1) The credit-card-augmented Divisia monetary aggregate tracks the theoretical (true) monetary aggregate, while simple-sum does not. Although this result would be expected from the theory in classical economic models, the result is not an immediate implication of the theory in New-Keynesian models and therefore needs empirical confirmation. (2) Under the recursive VAR framework, the credit-card-augmented Divisia monetary aggregate serves as a preferable monetary policy indicator compared to the traditional federal funds rate. (3) On theoretical grounds, we find that the separability condition for existence of a monetary aggregator function could fail, if credit card deferred payment services were excluded from the monetary services block, unless all markets are perfect. |
| Keywords: | Credit-card-augmented Divisia monetary aggregates, New-Keynesian DSGE, credit card services, VAR. |
| JEL: | E12 E41 E51 E52 E58 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:kan:wpaper:202408&r=pay |
| By: | Marc Vivian Lindou Tanka (UN - Université de Ngaoundéré/University of Ngaoundéré [Cameroun]); Kevin Landry Lindjouom Tanka (UN - Université de Ngaoundéré/University of Ngaoundéré [Cameroun]) |
| Abstract: | In the current commercial context where we are witnessing rapid development in information and communication technologies, maintaining the company's positioning forces it to continually renew its products and services. This reality is evident in the banking sector. Among these new technologies, E-banking occupies an increasingly important place in the offering of banking products and services. The adoption of this channel by customers represents tremendous economic potential for banks. However, the wide diffusion of electronic banking services has not led to a significant increase in the use and adoption of banking services. E-banking is a service provided by several banks, it allows customers to carry out bankingtransactionsthrough the Internet using a PC, mobile, minitel, etc.Thisarticle aims to measure the level of adoption of e-banking in Cameroon. Two steps have been highlighted to achieve this. First, we constructed an adoption index using the score method. Secondly, the Nagar and Basu (2002) and Krishnakumar and Nagar (2008) methodology is used. The statistical calculation shows that the level of adoption of e-banking in Cameroon is 0.495 or 49.5% with a standard deviation of 1.032. This rate is intermediate. All this is undoubtedly explained by the low level of financial inclusion in Cameroon where the banking rate still remains very low. It follows that, in their community development strategy, banks and public authorities would benefit from designing and implementing effective financial inclusionpolicies. |
| Abstract: | Résumé Dans le contexte commercial actuel où on assiste à un développement fulgurant dans des technologies de l'information et de la communication, le maintien du positionnement de l'entreprise la contraint à renouveler continuellement ses produits et services. Cette réalité est évidente dans le secteur bancaire. Parmi ces nouvelles technologies, le E-banking occupe une place de plus en plus importante dans l'offre des produits et services bancaires. L'adoption de ce canal par les clients représentent pour les banques un formidable potentiel économique. Cependant, la large diffusion des services bancaires électroniques n'a pas conduit à une augmentation significative de l'utilisation et de l'adoption des services bancaires. Le e-banking est un service fourni par plusieurs banques, il permet aux clients de mener des transactions bancaires à travers l'Internet en utilisant un PC, mobiles, minitel, etc. Cet article a pour objectif de mesurer le niveau d'adoption du e-banking au Cameroun. Deux étapes ont été mises en évidence pour y parvenir. Premièrement, nous avons construit un indice d'adoption en utilisant la méthode des scores. Deuxièmement, la méthodologie Nagar et Basu (2002) et Krishnakumar et Nagar (2008) est utilisée. Le calcul statistique relève que le niveau d'adoption du e-banking au Cameroun est de 0.495 soit 49.5% avec un écart type de 1.032. Ce taux est de niveau intermédiaire. Tout cela s'explique sans doute par le faible niveau d'inclusion financière au Cameroun où le taux de bancarisation reste encore très faible. Il en résulte que, dans leur stratégie de développement communautaire, les banques et les autorités publiques gagneraient à concevoir et mettre en œuvre des politiques d'inclusion financière efficaces. Mots clés : indice d'adoption, niveau d'adoption, e-banking, méthode des scores, banque Type de l'article : Recherche appliquée Classification JEL: E49, O16, O32, G20 Abstract In the current commercial context where we are witnessing rapid development in information and communication technologies, maintaining the company's positioning forces it to continually renew its products and services. This reality is evident in the banking sector. Among these new technologies, E-banking occupies an increasingly important place in the offering of banking products and services. The adoption of this channel by customers represents tremendous economic potential for banks. However, the wide diffusion of electronic banking services has not led to a significant increase in the use and adoption of banking services. E-banking is a service provided by several banks, it allows customers to carry out banking transactions through the Internet using a PC, mobile, minitel, etc.This article aims to measure the level of adoption of e-banking in Cameroon. Two steps have been highlighted to achieve this. First, we constructed an adoption index using the score method. Secondly, the Nagar and Basu (2002) and Krishnakumar and Nagar (2008) methodology is used. The statistical calculation shows that the level of adoption of e-banking in Cameroon is 0.495 or 49.5% with a standard deviation of 1.032. This rate is intermediate. All this is undoubtedly explained by the low level of financial inclusion in Cameroon where the banking rate still remains very low. It follows that, in their community development strategy, banks and public authorities would benefit from designing and implementing effective financial inclusion policies. Keywords: adoption index, adoption level, e-banking, score method, bank Type of article: Empirical research Marc Vivian LINDOU TANKA (Doctorant) Laboratoire de Recherche en Marketing et Logistique (LAREMALO) Faculté des Sciences Économiques et de Gestion Université de Ngaoundéré-Cameroun Kevin Landry LINDJOUOM TANKA (Enseignant-doctorant) Laboratoire d'Économie Appliquée (LEA) Faculté des Sciences Economiques et de Gestion Université de Ngaoundéré-Cameroun |
| Keywords: | indice d'adoption niveau d'adoption e-banking méthode des scores banque Type de l'article : Recherche appliquée Classification JEL : E49 O16 O32 G20 adoption index adoption level e-banking score method bank Type of article: Empirical research JEL Classification: E49 O16 O32 G20, indice d'adoption, niveau d'adoption, e-banking, méthode des scores, banque Type de l'article : Recherche appliquée Classification JEL : E49, O16, O32, G20 adoption index, adoption level, score method, bank Type of article: Empirical research JEL Classification: E49, G20 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04551120&r=pay |
| By: | José Manuel Carbó (BANCO DE ESPAÑA); Hossein Jahanshahloo (CARDIFF UNIVERSITY BUSINESS SCHOOL AND DIGITAL TRANSFORMATION INSTITUTE (CARDIFF UNIVERSITY)); José Carlos Piqueras (BANCO DE ESPAÑA) |
| Abstract: | El mercado de criptoactivos ha experimentado un notable crecimiento en los últimos años, acompañado de grandes fluctuaciones en su valor. Esta expansión, junto con su creciente integración en los sistemas financiero y monetario, ha incrementado los potenciales riesgos para la economía en su conjunto. Sin embargo, el seguimiento de esta actividad no resulta sencillo dada la naturaleza descentralizada de sus operativas y la ausencia de requerimientos de reporte sobre las operaciones. Para comprender mejor los datos disponibles sobre criptoactivos, en este trabajo analizamos las diferentes fuentes de información centradas en Bitcoin, el criptoactivo más conocido. Analizamos dos tipos de datos. Por un lado, los datos directos, es decir, los procedentes de la cadena de bloques Bitcoin, y por otro, los datos de terceros, obtenidos de plataformas de intercambio, agregadores de información y empresas de servicios especializados. Exponemos las ventajas y las limitaciones de ambos tipos datos en lo que respecta a temas de interés para las autoridades financieras. Si bien el análisis de la cadena de bloques tiene la ventaja de ser público y fiable, para abordar temas como el lavado de dinero o la estabilidad financiera es necesario emplear datos adicionales de terceros, con los riesgos asociados que ello implica. |
| Keywords: | Bitcoin, blockchain, criptomonedas, riesgos financieros |
| JEL: | G15 G2 E42 L86 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:bde:opaper:2411&r=pay |
| By: | Salzer, Tim |
| Abstract: | This chapter offers a concise overview of China's endeavors towards establishing a state-backed digital currency from the early 2000s to the present, culminating in the digital yuan. Drawing on the social scientific literature concerned with large technical systems, we assert two main arguments. First of all, while many commentators have considered that the new payment infrastructure could overhaul the existing institutional arrangements in the realm of payments and in particular weaken private financial entities, its evolution actually follows a much more incremental logic and relies on both private and public institutions. Secondly, many foreign observers have assumed that the digital yuan represents a long-planned attempt at challenging the international currency hierarchy and American international hegemony. Contrary to this line of thinking, we argue that initially, currency digitalization in the PRC was first and foremost motivated by domestic factors. The project assumed an openly international dimension only after other foreign countries began to initiate their own attempts at currency digitalization under the new slogan of developing "Central Bank Digital Currencies". |
| Date: | 2024–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:5yq4r&r=pay |
| By: | Bosch, Oriol J. (The London School of Economics and Political Science); Asensio, Marc; Roberts, Caroline |
| Abstract: | Smartphones are now ubiquitous in daily life, requiring the development of accurate methodologies to study their impact on various aspects of human experience. A promising approach to collect mobile log data is to ask participants to donate, in the context of online surveys, the data that is already available to them through features such as iOS Screen Time and Android Digital Wellbeing. This approach grants participants control over the data they share while providing researchers with valuable observational insights into their mobile and app behaviours. However, the active involvement required from participants poses challenges, leading to low compliance rates and potential biases in the final sample of donors. This study investigates whether the method used to collect data donations, and the incentives provided, have an impact on compliance rates, and the subsequent composition of the sample. Specifically, we implemented a 2 x 3 between-subject web survey experiment (N = 872) in a research-led probability-based panel in Switzerland. Participants were randomly asked to capture and share their data through screenshots, video recordings, and by manual imputation (which we call enhanced recall). Results show that, while compliance rates are very low when using screenshots and video recordings as data donation methods, almost two thirds of participants donated their data by manually imputing their log data. The methods also differ in terms of sample composition, with enhanced recall introducing fewer biases. Overall, our study sheds light on maximizing compliance in data donation studies, offering insights for researchers studying mobile and app usage. |
| Date: | 2024–04–18 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:q8v35&r=pay |
| By: | Bañez, Emerson S. |
| Abstract: | The study aims to evaluate the country’s legal framework for taxing digital transactions, specifically the extent to which provisions of the law can map onto the value of digital markets. Based on findings on the structure of the digital commerce value chain and its possible interactions with both current and proposed tax regimes, the study provides four policy prescriptions: (a) optimize existing tax authority over platforms, (b) have a digital-ready tax administration, (c) expand the scope for investigation and liability, and (d) engage at the international level. Nonresident providers are the ones that have gained the most from digital markets while minimizing the tax impact of their activities. The Philippines should continue to explore multilateral options for the reallocation of taxing rights as well as address the issue of “base erosion and profit shifting”. Such options include regional tax treaties and the Organisation for Economic Co-operation and Development’s framework treaty. Efforts at negotiating and crafting the provisions should take into account the Philippines’ trading power relative to other countries, and its comparative ability to exercise jurisdiction. |
| Keywords: | digital taxation;taxes;digital commerce;tax law;tax administration |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:phd:rpseri:rps_2024-04&r=pay |
| By: | Helyette Geman |
| Abstract: | On Friday, March 10 -2023, the US and the world discovered that the Federal Deposit Insurance Corporation (FDIC) had seized the Silicon Valley Bank after SVB’s customers had withdrawn an extraordinary $42 billion from their deposits on March 16. This $4.2 billion an hour, or more than $1 million per second for ten straight hours, an unprecedented event made possible by the use of Apps by many startup founders to access their accounts and advise their friends to do the same -what the Chairman of the House of Financial Services Committee called ‘the first Twitter -fueled bank run’. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb16-23&r=pay |
| By: | Marlé van Eyk (Department of Marketing Management, Nelson Mandela University); Danie Ferreira (Department of Marketing Management, Nelson Mandela University) |
| Abstract: | Customer experience is influenced by many determining factors. The key characteristics of a customer experience imply personal interaction between the customer and organisation. In order to differentiate themselves and so remain relevant and competitive, retailers need to constantly improve customer experiences in both the traditional marketplace and online market space. The aim of the study is to theoretically identify and evaluate the characteristics of an online shopping experience in the retail environment. Based on previous research, five characteristics relevant to an online shopping experience were identified, namely product, shopping procedure, shopping environment, staff service and personalization. A quantitative research method was used by means of a web-based survey using both convenience and snowball sampling to obtain the responses from a sample of 400 respondents. The responses were statistically analysed using SPSS Version 27. Face validity of the measuring instrument was ensured by four experts in the marketing field and reliability of the measuring instrument was confirmed by calculating the Cronbach-alpha coefficient, which was above the recommended 0.7. Based on the results the CFA, the applicability of the five characteristics identified can be confirmed. The empirical results provided evidence that supports the existence of positive correlations between five independent experience factors (customer experience characteristics), with customer experience (dependent variable). Recommendations made from this study will be helpful to online retailers in delivering customer experience in order to gain a competitive advantage. |
| Keywords: | Customer Experience, Online Shopping, Retail Context |
| JEL: | M31 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:14115925&r=pay |
| By: | Gonzalo Garcia-Atance Fatjo |
| Abstract: | A tool to improve the effectiveness and the efficiency of public spending is proposed here. In the 19th century banknotes had a serial number. However, in modern days the use of digital transactions that do not use physical currency has opened the possibility to digitally track almost each cent of the economy. In this article a serial number or tracking number for each cent, pence or any other monetary unit of the economy is proposed. Then, almost all cents can be tracked by recording the transactions in a public distributed ledger, rather than recording the amount of the transaction, the information recorded in the block of the transaction is the actual serial number or tracking number for each cent that changes ownership. In order to keep the privacy of the transaction, only generic identification of private companies and individuals are recorded along with generic information about the concept of transaction, the region and the date/time. A secondary public distributed ledger whose blocks are identified by a hash reference that is recorded in the bank statement available to the payer and the payee allows for checking the accuracy of the first public distributed ledger by comparing the transactions made in one day, one region and one type of concept. However, the transactions made or received by the government are recorded with a much higher level of detail in the first ledger and a higher level of disclosure in the second ledger. The result is a tool that is able to accurately track public spending, to keep privacy of individuals and companies and to make statistical analysis and experiments or real tests in the economy of a country. This tool has the potential to assist public policymakers in demonstrating the societal benefits resulting from their policies, thereby enabling more informed decision-making for future policy endeavours. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.13189&r=pay |
| By: | Tim Kaiser; Annamaria Lusardi |
| Abstract: | This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects of financial literacy on financial behaviors and outcomes. Finally, we review the evidence on the causal effects of financial education programs focusing on randomized controlled trial evaluations. The article concludes with perspectives on future research priorities for both financial literacy and financial education. |
| JEL: | D14 G53 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32355&r=pay |
| By: | Joana Garcia; João Amador |
| Abstract: | We analyze how firms choose the currency in which they price their transactions in services trade and explore to what extent the U.S. dollar has a dominant role in those transactions, as documented by earlier literature for goods trade. Using a new granular dataset detailing the currency used by Portuguese firms in extra and intra-EU trade, we show that currency choices in services trade are active firm-level decisions. Services exporters that are larger and that rely more on inputs priced in foreign currencies are less likely to use the domestic currency in their services exports. Moreover, we document that the U.S. dollar has a dominant role as a vehicle currency in services trade, but it is less prevalent than in goods trade. Our results are consistent with this difference arising from a lower openness of services markets and from a stronger reliance of services in domestic inputs. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ptu:wpaper:w202316&r=pay |