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on Payment Systems and Financial Technology |
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Issue of 2024‒07‒08
23 papers chosen by |
| By: | Scarpini, Celeste; Santoro, Fabrizio; Abounabhan, Mary; Diouf, Awa |
| Abstract: | Mobile money-enabled digital merchant payments have significant promise for enhancing tax compliance in lowincome countries, and addressing persistent challenges. First, digital merchant payments offered by mobile money providers guarantee greater accessibility to safer and faster formal payment. Second, they help businesses to keep comprehensive records of their activities, expenses, and receipts – enhancing accuracy of tax filing, and perceptions of the tax administration’s monitoring and enforcement capabilities. Third, they improve businesses’ perceptions of the transparency and predictability of the tax system, by using more precise digital information for tax calculations. In addition, governments can use digital merchant payments to encourage business formalisation, by exempting them from new taxes on mobile money transactions. Many African governments use this strategy, while taxing other transaction types – such as mobile money withdrawals and person-to-person transfers. |
| Keywords: | Finance, |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:idq:ictduk:18363&r= |
| By: | Joebges, Heike; Herr, Hansjörg; Kellermann, Christian |
| Abstract: | Crypto assets' partial money-like use promotes toxic developments in the financial system. Even though crypto assets might be regarded as close substitutes to traditional money, we show that they lack important functions of money. Traditional fiat money requires several interacting institutions to stabilize its value and regulate its use. In our analysis, we elaborate on the risks associated with the difficulty of setting up regulatory institutions in the crypto sphere and the likelihood of periods of high volatility as well as their repercussions on the traditional financial system due to reciprocal integration. The shift of banking functions into the unregulated area of decentralized finance triggers a new quality of instability in the global financial system with an increasing probability of effects on the real economy. Regulation of crypto assets remains an urgent issue. |
| Keywords: | crypto assets, Bitcoin, stablecoins, financial crisis |
| JEL: | E42 G01 G23 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ipewps:296490&r= |
| By: | Maxi Guennewig |
| Abstract: | Blockchain capacity constraints induce congestion when many users want to transact at the same time, challenging the usability of cryptocurrencies as money. This paper argues that blockchain capacity constraints, coupled with the need to incentivize miners (validators) to maintain blockchain security, lead to low inflation outcomes when cryptocurrencies compete for user demand. If two coins are both used as medium of exchange, a low-inflation coin must experience higher congestion than a high-inflation coin; otherwise demand for the latter is zero. Coin issuers then strategically undercut each other’s money growth rates to boost transaction demand, limiting the overall inflation rate of the economy. However, the equilibrium is necessarily inefficient given unrealized gains from trade due to congestion and the cost of maintaining blockchain security. |
| Keywords: | Cryptocurrencies, currency competition, blockchain, inflation |
| JEL: | E40 E42 E5 |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2024_549&r= |
| By: | Noah, Alphonse; Tacneng, Ruth |
| Abstract: | Mobile money taxation gives African governments an opportunity to broaden their fiscal base and explore new revenue-generating possibilities. Cameroon introduced a 0.2 per cent tax on mobile money transfers and withdrawals from 1 January 2022. Our research analyses the behaviour of agents, who act as intermediaries between mobile money account holders and mobile money service providers, before and after the tax on mobile money (MM tax). Agents play a key role in the distribution of mobile money services. Their presence is vital for achieving financial inclusion, especially in areas less served by banks and other traditional financial service providers. An agent’s revenue is mainly derived from commission earned on each transaction – they receive an average of 40–45 per cent of the commission, and the remaining 55–60 per cent is shared between the mobile network operator, partner banks, and agent’s manager (superagent). Given their importance in the mobile money ecosystem, factors that negatively affect the attractiveness of the business for agents could have policy implications on financial inclusion. Summary of ICTD Working Paper 192. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:idq:ictduk:18367&r= |
| By: | Noah, Alphonse; Tacneng, Ruth |
| Abstract: | Agents play a key role in making financial services more accessible, especially for those who are financially excluded. Agents act as intermediaries between mobile money account holders and mobile money service providers, helping them to register as new customers and to credit and take money out of their accounts. In this paper, we explore how introducing a 0.2 per cent tax on mobile money transactions in Cameroon in 2022 affected the performance and revenue of agents. We mainly analyse agents’ commission and transactions using the administrative databases of those responsible for daily management of agent networks (henceforth superagents). To complement our analysis, we conducted a survey of agents in the Centre Region, asking about their business strategies after introducing the tax on mobile money. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:idq:ictduk:18369&r= |
| By: | Ken Armstrong; Leslie Conner Warren; Asani Sarkar |
| Abstract: | Spot bitcoin exchange-traded products (ETPs) began trading in the U.S. on January 11, 2024. For investors, these ETPs purport improved liquidity and price efficiency, and more convenient access to bitcoin trading compared to other means of trading bitcoin in spot markets. Proponents also cite bitcoin holdings as a portfolio diversification opportunity due to historically low correlation with traditional financial securities. Others argue that bitcoin remains a speculative asset and that ETPs increase its interconnections with the traditional financial system. In this post, we examine the initial performance, trading costs, and price efficiency of spot bitcoin ETPs in the U.S. |
| Keywords: | bitcoin; exchange-traded products (ETPs) |
| JEL: | G23 G14 G00 |
| Date: | 2024–05–28 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednls:98297&r= |
| By: | Arewa, Moyo |
| Abstract: | This paper explores the potential benefits and risks to tax administrations of implementing central bank digital currencies (CBDCs), a digital version of national currencies that is gaining momentum worldwide. It outlines some of the key features of CBDCs and then considers their implications for tax administration in low- and middle-income countries (LMICs) generally. The emergence of CBDCs provides LMICs with a significant opportunity to improve financial inclusion, improve payment systems and increase tax collection. CBDCs provide greater transparency, security and traceability, which could help tax authorities track income and net worth, detect tax evasion and increase tax revenue. However, there are also complex combinations of risks associated with deploying CBDCs. The revenue authorities need to thoroughly assess how they should adapt to these challenges. Governments must also ensure that CBDCs are developed and implemented transparently, fairly and consistently with broader public policy goals. This will help maximise the potential benefits of CBDC adoption while mitigating the risks – which may be particularly significant in LMICs. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:idq:ictduk:18361&r= |
| By: | Alexander Karaivanov and Shayan Zarifian (Simon Fraser University) |
| Abstract: | We analyze the economic determinants and dynamics of transaction fees in the Ethereum blockchain before and after two significant platform updates. The first is the August 2021 “London†upgrade, a switch from user-bid gas price (transaction fee per unit of complexity) to a fee model in which the gas price is the sum of an algorithmically determined base fee and an optional priority fee (tip) chosen by the user. The second update (“the Merge†) is the switch from proof-of-work to proof-of-stake transactions validation in September 2022. We estimate the impact on Ethereum transaction fees of both demand factors (block utilization, transaction type, ETH price in USD) and algorithmic supply-side factors (the block gas limit and base fee). Using data from nearly 900 million blockchain transactions, we find that the gas price is statistically significantly positively associated with the block utilization rate. A larger share of contract call transactions or legacy (user-bid gas price) transactions is linked with higher gas prices on average. On the supply side, a higher block gas limit is statistically significantly associated with lower gas prices. |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:sfu:sfudps:dp24-02&r= |
| By: | Niesten, Hannelore |
| Abstract: | This policy brief examines the effects of cumulative, specific 7.2 per cent taxes on mobile money (MM) service providers in Côte d’Ivoire. It assesses the unique tax framework, which deviates from the consumer-centric trend observed in many African countries, where end-users typically bear the burden. Initially targeting telecom companies, the tax expanded to encompass MM providers created by licensed telecom operators (Orange Money, MTN Money, and Moov Money) and, later, all companies providing MM operations. Concerns over potential investment declines persist, yet concrete evidence is absent. The data available suggests a decrease in MM turnover, partially due to lowered MM service prices, though telecom regulator reports note a lack of communication in MM revenue reporting. If specific taxes were reduced or abolished, the funds originally allocated could be reinvested, particularly to bolster agent commissions in rural zones, given the heightened competition between diverse payment service players in Côte d’Ivoire. The study emphasises the importance of a level playing field with other money transfer services provided by banks, local businesses, and fintech. |
| Keywords: | Finance, |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:idq:ictduk:18359&r= |
| By: | Ioramashvili, Carolin; Feldman, Maryann; Guy, Frederick; Iammarino, Simona |
| Abstract: | Small businesses within the digital sector are spread across the USA. However, a significant number of promising small businesses concentrate in major technology hubs, either initially or through relocation. This phenomenon can be attributed to the influential role played by localized markets for financing and acquisition, which is, in turn, driven by the dominant market positions held by major digital platforms. Our research demonstrates a clear pattern of localized acquisition markets, particularly in sectors frequently targeted by the seven largest American digital giants—Amazon, Alphabet (Google), Apple, Microsoft, Meta (Facebook), Oracle, and Adobe, collectively known as ‘Big Tech’. This localization trend has become more pronounced between 2000 and 2020. Our analysis indicates that the gravitational pull of these acquisition markets poses challenges to local initiatives aimed at fostering digital businesses. These efforts would be more successful if measures were taken to limit the market influence of digital platforms. |
| Keywords: | Big Tech; digital start-ups; acquisitions; monopoly; regional inequality |
| JEL: | R11 R12 F00 O33 |
| Date: | 2024–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:123670&r= |
| By: | Rhys Bidder; Timothy Jackson; Matthias Rottner |
| Abstract: | We examine the impact of central bank digital currency (CBDC) on banks and the broader economy - drawing on novel survey evidence and using a structural macroeconomic model with endogenous bank runs. A substantial share of German respondents would include CBDCs in their portfolio in normal times - replacing, in part, commercial bank deposits. This is hypothetical evidence for `slow’ disintermediation of the banking system. During periods of banking distress, households' willingness to shift to CBDC is even larger, implying a risk of `fast’ disintermediation. Our structural model captures both phenomena and allows for policy prescriptions. We calibrate to the Euro area and then introduce CBDC, exploiting our survey to parameterize its demand. We find two contrasting effects of CBDC on financial stability. `Slow' disintermediation shrinks a run-prone banking system with positive welfare effects. But the ability of CBDC to offer safety at scale makes bank-runs more likely. For reasonable calibrations, this second `fast disintermediation' effect dominates and the introduction of CBDC decreases financial stability and welfare. However, complementing CBDC with a holding limit or pegging remuneration to policy rates can reverse these results such that CBDC is welfare improving. Such policies retain the gains of increased stability arising from `slow' disintermediation while limiting the downsides of `fast' disintermediation. |
| Keywords: | CBDC, Financial Crises, Disintermediation, Run, Banking System, Money |
| JEL: | E42 E44 E51 E52 G21 |
| Date: | 2024–04–30 |
| URL: | https://d.repec.org/n?u=RePEc:liv:livedp:202407&r= |
| By: | Soriano, Cheryll Ruth |
| Abstract: | A crucial feature underpinning labour platforms that attract vast numbers of workers globally are artificial intelligence and algorithmic systems that perform labour management roles. Research in human-machine communication (HMC) suggests that technologies endowed with human social cues are perceived as distinct ‘social actors, ’ evoking responses from users or prompting users to seek responses from them. Drawing from the perspectives of Filipino platform workers in the ride-hailing and delivery sectors that interact with AI systems, this commentary highlights key dimensions of daily communicative experiences between location-based platform workers and their apps that oscillate around the competing experiences of visibility and opacity, (dis)trust, and care and surveillance. I argue that workers’ experiences reflect their expectations of equitable and ‘humane’ labour management that yield important governance implications and call for rethinking the design of algorithms and artificial intelligence systems that underpin labour platforms. |
| Date: | 2024–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:osf:mediar:adeyt&r= |
| By: | Adam Baybutt |
| Abstract: | We motivate the study of the crypto asset class with eleven empirical facts, and study the drivers of crypto asset returns through the lens of univariate factors. We argue crypto assets are a new, attractive, and independent asset class. In a novel and rigorously built panel of crypto assets, we examine pricing ability of sixty three asset characteristics to find rich signal content across the characteristics and at several future horizons. Only univariate financial factors (i.e., functions of previous returns) were associated with statistically significant long-short strategies, suggestive of speculatively driven returns as opposed to more fundamental pricing factors. |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2405.15716&r= |
| By: | Marit Hinnosaar; Toomas Hinnosaar |
| Abstract: | Social media influencers account for a growing share of marketing worldwide. We demonstrate the existence of a novel form of market failure in this advertising market: influencer cartels, where groups of influencers collude to increase their advertising revenue by inflating their engagement. Our theoretical model shows that influencer cartels can improve consumer welfare if they expand social media engagement to the target audience, or reduce welfare if they divert engagement to less relevant audiences. We validate the model empirically using novel data on influencer cartels combined with machine learning tools, and derive policy implications for how to maximize consumer welfare. |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2405.10231&r= |
| By: | Martin Spann; Marco Bertini; Oded Koenigsberg; Robert Zeithammer; Diego Aparicio; Yuxin Chen; Fabrizio Fantini; Ginger Zhe Jin; Vicki Morwitz; Peter Popkowski Leszczyc; Maria Ana Vitorino; Gizem Yalcin Williams; Hyesung Yoo |
| Abstract: | Over the past decade, an increasing number of firms have delegated pricing decisions to algorithms in consumer markets such as travel, entertainment, and retail; business markets such as digital advertising; and platform markets such as ride-sharing. This trend, driven primarily by the increased availability of digital data and developments in information technology, has economic and social consequences that are not yet well understood. The aim of this paper is therefore to examine various implications and challenges of algorithmic pricing for consumers, managers, and regulators. We contribute to the literature by defining and classifying algorithmic pricing, understanding managers' perceptions and adding empirical evidence on its use, raising important considerations for the three stakeholders, and finally outlining research priorities in this area. |
| JEL: | D4 L1 L4 L5 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:32540&r= |
| By: | Papathanassiou, Chryssa |
| Abstract: | The European Union is aiming to foster digital transformation in all sectors by 2030. It has pioneered cross-sectoral legislation on artificial intelligence, cloud computing services and crypto-assets for this purpose. Yet compared with the work done on ESG, the prospective banking regulation regime has still to articulate more purposefully how the industry should manage the risks from digital trends and how supervisors should assess them. This paper discusses digital innovation in the banking sector in the context of the academic literature on financial innovation and non-banks. It also considers how to foster a risk-based Pillar 2 prudential framework, as well as market discipline through harmonised Pillar 3 disclosures. The paper concludes that these latter two propositions can help reconcile the challenges stemming from the short-term horizon applied in prudential assessment and the longer-term horizon over which digital innovation will take place in the banking sector. |
| Keywords: | artificial intelligence, cloud computing, crypto-assets, digitalisation, supervision |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbops:2024351&r= |
| By: | Sophie Pommet (Université Côte d'Azur, CNRS, GREDEG, France); Sylvie Rochhia (Université Côte d'Azur, CNRS, GREDEG, France); Dominique Torre (Université Côte d'Azur, CNRS, GREDEG, France) |
| Abstract: | This paper aims to analyze the conditions in which the expansion of short-term rental platforms affects rents with a focus on the main destinations of French Riviera. Following a literature review, a simplified model capturing the characteristics of the French Riviera destinations predicts in the short run a positive effect on rents when there is a high pressure from short-term rentals. We validate these predictions using data from AirDNA which pertains to short-term rentals offered on the Airbnb platform, along with data on long-term rentals in the cities of Nice and Cannes. |
| Keywords: | Digital Platforms, Short-Term Rental, Tourism industry, Airbnb, residents, Over tourism |
| JEL: | L83 R31 Z31 L85 L86 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2024-14&r= |
| By: | Hongshen Yang; Avinash Malik; Andrea Raith |
| Abstract: | This research proposes a novel arbitrage approach with respect to multivariate pair trading called Optimal Trading Technique (OTT). We introduce the method to selectively form a "bucket" of fiat currencies anchored to cryptocurrency for simultaneously monitoring and exploiting trading opportunities. To handle the quantitative conflicts that arise when receiving multiple trading signals, a bi-objective convex optimization process is designed to cater to the investor's preference between profitability and risk tolerance. This process includes tunable parameters such as volatility punishment, action thresholds. During our experiments in the cryptocurrency market from 2020 to 2022 when the market was experiencing a vigorous bull-run immediately followed by a bear-run, the OTT realized an annualized profit of 15.49%. We further carried out the experiments in bull, bear, and full-cycle market conditions separately, and found that OTT is capable of achieving stable profit under various market conditions. Apart from the profitability side of the OTT, the arbitrage operation provides a new perspective of trading, which requires no external shorting and never hold intermediate cryptocurrency during the arbitrage period. |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2405.15461&r= |
| By: | Yuan, Luo; Su, Chang; Fang, Bo; Meng, Yunfan; Wang, Xinyang; Gao, Wenyou |
| Abstract: | Supply chain management is a key component of the Electronic-China Yuan (e-CNY) infrastructure and is crucial to developing and using e-CNY. This paper first provides an overview of the features of e-CNY and the idea of incorporating supply chain management into the creation of e-CNY software to better meet user payment requirements. This will help to reinforce the CNY's dominant position in the global monetary system. Meanwhile, this paper uses the fuzzy theory evaluation method to assess the software supply chain management informatization level. More broadly, this paper discusses the development level of digital enterprise supply chain management informatization to understand the current situation of e-CNY software supply chain management. The network's energy usage will increase when e-CNY software is developed. This research suggests a routing protocol based on the combination of chaotic particle swarm optimization (CPSO) and ant colony algorithm (ACA). It employs a new CPSO algorithm to optimize the cluster head selection. |
| Keywords: | Chaos Particle Ant Colony Algorithm; Digital Currency Electronic Payment; Electronic-China Yuan; Fuzzy Theory; simulation pptimization; supply chain management |
| JEL: | F3 G3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:123657&r= |
| By: | Chawla, Kartik (Tilburg University, School of Economics and Management) |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:tiu:tiutis:7209b224-c8e9-4703-8ee4-f8307371fa30&r= |
| By: | Iñaki Aldasoro; Leonardo Gambacorta; Anton Korinek; Vatsala Shreeti; Merlin Stein |
| Abstract: | At the core of the financial system is the processing and aggregation of vast amounts of information into price signals that coordinate participants in the economy. Throughout history, advances in information processing, from simple bookkeeping to artificial intelligence (AI), have transformed the financial sector. We use this framing to analyse how generative AI (GenAI) and emerging AI agents as well as, more speculatively, artificial general intelligence will impact finance. We focus on four functions of the financial system: financial intermediation, insurance, asset management and payments. We also assess the implications of advances in AI for financial stability and prudential policy. Moreover, we investigate potential spillover effects of AI on the real economy, examining both an optimistic and a disruptive AI scenario. To address the transformative impact of advances in AI on the financial system, we propose a framework for upgrading financial regulation based on well-established general principles for AI governance. |
| Keywords: | artificial intelligence, generative AI, AI agents, financial system, financial institutions |
| JEL: | E31 J24 O33 O40 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1194&r= |
| By: | International Monetary Fund |
| Abstract: | Japan’s financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, the pace of digitalization in Japan has increased substantially, but cyber incidents have also surged in recent years. The tight interdependencies within its financial system, and beyond, make Japan vulnerable to evolving cyber threats. The Financial Services Agency (FSA) and Bank of Japan (BOJ) have made progress in enhancing the cyber resilience of the financial sector, but further work and enhancements are needed. |
| Date: | 2024–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2024/113&r= |
| By: | Sara Boukaidi Laghzaoui (USMBA - Université Sidi Mohamed Ben Abdellah); Youssra Dkier (USMBA - Université Sidi Mohamed Ben Abdellah) |
| Abstract: | The global financial crisis of 2007, triggered by the failure of risky mortgage loans, drew governments' attention to the need for improving their citizens' financial literacy. This growing concern stems from increased individual responsibility, driven by factors such as longer life expectancy, rising education costs, and reductions in social benefits. Additionally, there has been a significant expansion in the supply and demand of financial products and services. Financial literacy, especially among bank customers, plays a pivotal role in shaping the behavior of bank directors. It influences the mechanisms for provisioning loan losses and opportunistic actions. Clients with strong financial literacy represents more stable sources of funding and contribute to more predictable loan loss provisions, thus fostering more consistent bank revenues. Furthermore, financial literacy enhances clients' ability to monitor banking performance and assess risk-taking, reducing the opportunities for opportunistic profit manipulation by bank directors. This article serves as a theoretical synthesis aiming to provide a comprehensive perspective on key concepts while shedding new light on the understanding of financial literacy among clients of the Banque Populaire and the financial support extended to small and medium-sized enterprises. In addition to offering financial advice, banks should actively engage in community initiatives aimed at bolstering the financial literacy of their clients. This commitment significantly impacts the enhancement of citizens' financial skills, leading to a better understanding of financial issues and an accumulated stability in the banking sector. Ultimately, the financial literacy of client's benefits society as a whole. |
| Abstract: | La crise financière mondiale de 2007, déclenchée par l'échec des prêts hypothécaires à risque, a attiré l'attention des gouvernements quant à l'amélioration de la littératie financière de leurs citoyens. Cette préoccupation s'accumule découle de la responsabilité individuelle grandissante, motivée par une espérance de vie prolongée, des coûts d'éducation en augmentation et des réductions des prestations sociales. De plus, l'offre et la demande de produits et services financiers ont connu une expansion significative. La littératie financière, notamment chez les clients des banques, joue un rôle déterminant dans les comportements des directeurs de banque. Elle influence les mécanismes de provisionnement des pertes sur prêts ainsi que les actions opportunistes. Les clients dotés d'une littératie financière solide représentent des sources de financement plus stables et contribuent à des provisions de pertes sur prêts plus prévisibles, favorisant des revenus bancaires plus constants. De plus, la littératie financière renforce la capacité des clients à surveiller les performances bancaires et à évaluer les prises de risque, notamment les possibilités de manipulations opportunistes des bénéfices par les directeurs de banque. Cet article constitue une synthèse théorique visant à offrir une perspective globale sur les principaux concepts, tout en apportant un nouvel éclairage sur la compréhension de la littératie financière chez les clients de la Banque populaire, ainsi que sur le soutien financier accordé aux petites et moyennes entreprises. Les banques, en plus de fournir des conseils financiers, devraient s'engager activement dans des initiatives communautaires visant à renforcer la littératie financière de leurs clients. Cet engagement a un impact significatif sur l'amélioration des compétences financières des citoyens, ce qui contribue à une meilleure compréhension des enjeux financiers et à une stabilité accumulée dans le secteur bancaire. En fin de compte, la littératie financière des clients profite à l'ensemble de la société. |
| Keywords: | Littératie financière Performance Secteur Financier Gestion de la Dette Investissement. JEL Classification : G53 Type du papier : Recherche Théorique Financial Literacy Performance Financial Sector Debt Management Investment. Classification JEL: G53 Paper type: Theoretical Research, Littératie financière, Performance, Secteur Financier, Gestion de la Dette, Investissement. JEL Classification : G53 Type du papier : Recherche Théorique Financial Literacy, Financial Sector, Debt Management, Investment. Classification JEL: G53 Paper type: Theoretical Research |
| Date: | 2023–12–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04563461&r= |