|
on Payment Systems and Financial Technology |
|
Issue of 2024‒07‒29
29 papers chosen by |
| By: | Han, Seoni (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)) |
| Abstract: | Digital technology is gaining attention as a game changer to reshape the landscape of Africa’s financial industry. This widespread adoption of mobile money has significantly broadened financial accessibility and reduced the proportion of the financially excluded population. The transformation of the financial industry was further accelerated by the COVID-19 pandemic with a surge in online payments and increased fintech activities. Digital finance has arisen as a solution to address the economic and non-economic constraints in the financial market, such as transaction costs, information asymmetry between financial institutions and customers, and uncertainty in outcomes of financial services. Digital finance strengthens economic resilience of individuals and households by offering a broader spectrum of strategies for risk mitigation and risk sharing. In Kenya, mobile money penetration has facilitated financial management for low-income groups, increased women’s labor market participation, and reduced poverty rates. The access to finance of small and medium-sized enterprises is especially crucial in developing countries. Limited access to financial services poses significant challenges for SMEs, obstructing their ability to operate seamlessly, increase sales, and boost exports. In Sub-Saharan Africa, only about one-fifth of SMEs can gain access to loans through traditional financial institutions. Han et al. (2023) conducts on an empirical analysis of Kenyan firms and finds that the firms’ use of mobile money is positively correlated with their financial accessibility, and their investment activities in both tangible assets (fixed assets) and intangible assets (R&D expenditure). Korea has the potential to strengthen its cooperation with Africa in digital finance and the financial sector by actively participating in international initiatives for financial inclusion, promoting more private investments into the financial sector or fintech industry in Africa, enhancing Africa's digital competitiveness in digital infrastructure and skilled workforce, and finally supporting digital transformation in the context of regional integration. |
| Keywords: | Africa; Digital technology; Digital Finance; Financial Inclusion |
| Date: | 2024–05–31 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kiepwe:2024_015&r= |
| By: | Mr. Serhan Cevik |
| Abstract: | The emergence of financial technologies—fintech—has become an engine of change, promising to expand access to financial services and give a boost to financial inclusion. The ownership of accounts in formal financial institutions increased from 51 percent of the world’s adult population in 2011 to 76 percent in 2021, but there is still significant variation across countries. So has the rapid growth of fintech delivered the promise of broadening financial services to the under-served populations? In this paper, I use a comprehensive dataset to investigate the relationship between fintech and financial inclusion in a panel of 84 countries over the period 2012–2020 and obtain interesting empirical insights. First, the magnitude and statistical significance of fintech on financial inclusion varies according to the type of instrument. While digital lending has a significant negative effect on financial inclusion, digital capital raising is statistically insignificant. Second, the overall impact of fintech is also statistically insignificant for the full sample, but becomes positive and statistically highly significant in developing countries. Policymakers need to develop an adequate regulatory framework that balances fostering innovation and ensuring equitable treatment of individuals and groups. This requires better financial education, strong regulatory institutions, and well-calibrated prudential regulations for a level playing field and effective supervision. |
| Keywords: | Fintech; financial innovation; financial inclusion |
| Date: | 2024–06–28 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2024/131&r= |
| By: | Clemens M. Graf von Luckner; Mr. Robin Koepke; Ms. Silvia Sgherri |
| Abstract: | This paper shows how cryptocurrency markets can fuel cross-border capital flight by serving as marketplaces that match counterparts with and without (illicit) access to FX. In countries where international transactions are restricted, crypto exchanges effectively allow domestic agents to pay a premium to buy foreign currency. The counterparts to these transactions are agents with access to FX, who sell crypto holdings purchased abroad. A stylized model illustrates that restricted foreign currency amid economic imbalances incentivizes these transactions via persistent crypto premia in local relative to global markets. We analyze relative crypto pricing data in several country case studies, providing empirical support that crypto markets serve as marketplaces for capital flight that already took place, rather than a novel channel for capital flight. We make available a novel dataset on crypto market premia, which we propose as indicators of excess demand for foreign currency and capital control intensity. The dataset will be posted along with this paper and updated periodically. |
| Keywords: | Capital flows; digital money; capital controls |
| Date: | 2024–06–28 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2024/133&r= |
| By: | Huynh, Cong Minh; Nguyen, Minh Quoc Bao |
| Abstract: | This study investigates the factors influencing the adoption of blockchain technology in logistics in Vietnam, focusing on customer perspectives. Utilizing the Technology Acceptance Model (TAM), the research examines key determinants such as attitude, perceived ease of use, perceived usefulness, and behavioral intention, and their impact on actual use behavior. Data were collected from a refined sample of 208 respondents through structured offline surveys, initially drawn from a pool of 250 participants. The analysis was conducted using Smart PLS 4.0, a powerful tool for Partial Least Squares Structural Equation Modeling (PLS-SEM), to ensure robust and reliable results. The findings reveal that user attitude, perceived ease of use, and perceived usefulness significantly influence behavioral intention, which in turn positively affects the actual use of blockchain technology. The study emphasizes the importance of addressing user perceptions to enhance the adoption of blockchain in logistics, highlighting the potential for blockchain to improve transparency, efficiency, and security in the supply chain. These insights offer valuable guidance for businesses and policymakers aiming to foster blockchain integration in logistics, particularly in emerging markets like Vietnam. |
| Keywords: | Blockchain Adoption, Logistics, Technology Acceptance Model (TAM), Supply chain, Vietnam |
| JEL: | D20 D21 D22 O30 O31 O32 |
| Date: | 2024–06–15 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121251&r= |
| By: | Naz Koont; Tano Santos; Luigi Zingales |
| Abstract: | We study the impact of digital banking on the value of the deposit franchise and the stability of the banking sector. Using the classification of digital banking in Koont (2023), we find that when the Fed funds rate increases, deposits flow out faster, and the cost of deposits increases more in banks that offer a mobile app and brokerage services. Using the model of Drechsler et al. (2023b), we find that correcting for digital betas and deposit outflows results in a deposit franchise value that is 14-22% lower for digital-broker banks relative to traditional banks. Moreover, we find that digital-broker banks’ deposit franchise values increase by less when interest rates rise, serving as less of a hedge. We apply this analysis to the case of Silicon Valley Bank (SVB) and find that the reduced value of the deposit franchise can explain why SVB was insolvent in early March 2023, even before the bank run occurred. |
| JEL: | G21 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:32601&r= |
| By: | Hasan, Amena; Nahar, Kamrun; Akhter, Suraiya |
| Abstract: | This article explores the risks and impacts of cryptocurrency scams on investors, the market, and the global financial system. It emphasizes the need for government regulation, enforcement activities, and consumer education to address these scams. The article also discusses the relationship between the grey economy and the technosocial, highlighting the evolving nature of online and offline life and its implications for criminology. The study uses ethnographic research and participant observation to investigate the cultural context of cryptocurrency frauds. It examines various types of scams, including pump-and-dump schemes, advanced fee frauds, and rug pulls. The article concludes by emphasizing the importance of combating cryptocurrency frauds to protect investors, foster technological innovation, and maintain customer trust. |
| Keywords: | Cryptocurrency; scams; risk; blockchain; regulatory; technosocial |
| JEL: | D4 F6 G2 K22 |
| Date: | 2024–01–17 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121215&r= |
| By: | Chongwoo Choe; Noriaki Matsushima; Shiva Shekhar |
| Abstract: | We study the GDPR's opt-in requirement in a model with a firm that provides a digital service and consumers who are heterogeneous in their valuations of the firm's service as well as the privacy costs incurred when sharing personal data with the firm. We show that the GDPR boosts demand for the service by allowing consumers with high privacy costs to buy the service without sharing data. The increased demand leads to a higher price but a smaller quantity of shared data. If the firm's revenue is largely usage-based rather than data-based, then both the firm's profit and consumer surplus increase after the GDPR, implying that the GDPR can be welfare-improving. But if the firm's revenue is largely from data monetization, then the GDPR can reduce the firm's profit and consumer surplus. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:dpr:wpaper:1246&r= |
| By: | Bogdan Oancea |
| Abstract: | The term of big data was used since 1990s, but it became very popular around 2012. A recent definition of this term says that big data are information assets characterized by high volume, velocity, variety and veracity that need special analytical methods and software technologies to extract value form them. While big data was used at the beginning mostly in information technology field, now it can be found in every area of activity: in governmental decision-making processes, manufacturing, education, healthcare, economics, engineering, natural sciences, sociology. The rise of Internet, mobile phones, social media networks, different types of sensors or satellites provide enormous quantities of data that can have profound effects on economic research. The data revolution that we are facing transformed the way we measure the human behavior and economic activities. Unemployment, consumer price index, population mobility, financial transactions are only few examples of economic phenomena that can be analyzed using big data sources. In this paper we will start with a taxonomy of big data sources and show how these new data sources can be used in empirical analyses and to build economic indicators very fast and with reduced costs. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.11913&r= |
| By: | Tuval Danenberg; Drew Fudenberg |
| Abstract: | We study the impact of endogenous attention in a dynamic model of social media sharing. Each period, a distinct user randomly draws a story from the pool of stories on the platform and decides whether or not to share it. Users want to share stories that are true and interesting, but differentiating true stories from false ones requires attention. Before deciding whether to share a story, users choose their level of attention based on how interesting the story is and the platform's current proportions of true and false stories. We characterize the limit behavior of the share of true stories using stochastic approximation techniques. For some parameter specifications, the system has a unique limit. For others, the limit is random -- starting from the same initial conditions, the platform may end up with very different proportions of true and false stories and different user sharing behavior. We present various comparative statics for the limit. Endogenous attention leads to a counterbalancing force to changes in the credibility of false stories but can intensify the effects of changes in false stories' production rate. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.11024&r= |
| By: | Agnès Helme-Guizon (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, UGA INP IAE - Grenoble Institut d'Administration des Entreprises - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, UGA - Université Grenoble Alpes) |
| Abstract: | Background: While the benefits of co-creation are well documented, the potential of online co-creation for marketing and social marketing, in particular, remains underexplored. Focus of the article: In this article, the author addresses the main challenges associated with online co-creation in social marketing. The author provides suggestions based on the literature on online research communities and her own experience. Importance to the social marketing field: Identifying challenges and providing solutions should facilitate the development of online co-creation. Recommendations for Research or Practice: Several recommendations are made to address the challenges raised by online co-creation process in social marketing, including choosing the digital platform, recruiting and initiating participation, crafting the co-creation journey, engaging and facilitating interactive participation, nurturing co-creation online, creating a unique experience, and evaluating the co-creation process. Limitations: The discussion presented here is purely based on the opinions and experiences of the author. |
| Keywords: | Co-Creation, Online Research Communities, Participation, Engagement |
| Date: | 2024–06–17 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04615939&r= |
| By: | Bidder, Rhys; Jackson, Timothy P.; Rottner, Matthias |
| 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. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bubdps:299237&r= |
| By: | Banchenko, Denis; Burilova, Tatyana; Mutsalkhanova-Yushchenko, Olena; Prokofyeva, Olga; Nekhaev, Igor Nikolaevich; Lev, Shishkin |
| Abstract: | The article describes a new emerging market based on cutting-edge research and its funding mechanism through the use of NFT. |
| Date: | 2023–05–09 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:3k7tn&r= |
| By: | QIN, Abby Youran; Dubree, Wil; Wagner, Michael W. |
| Abstract: | Political homophily has been extensively examined as an individual tendency, but we know little about the social, cultural, and economic conditions that foster homophilic connections. We offer a contextual explanation of political homophily and shed light on spatial polarization from a social-communication network perspective by combining GLMNet models, spatial lag regressions, and geographically weighted regressions to examine various ecological factors’ roles in the political homophily observable in county-level physical mobility and Facebook friendship networks. Overall, our analyses suggest that urban culture characterized by large population, robust local news provision, racial-ethnic diversity, and progressive political culture tend to foster politically inclusive connections. More specifically, the proportion of Democrats is strongly associated with more cross-cutting connections, both online and offline. While population size is associated with lower offline homophily, racial-national diversity and local news availability play more important roles in lowering online homophily. Geographical contexts matter in the way people socialize with one another, even in the era of internet and social media. |
| Date: | 2024–06–27 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:3yg8q&r= |
| By: | Ofori, Pamela E.; Ofori, Isaac K.; Castelnovo, Paolo |
| Abstract: | The Sustainable Development Goal 5 emphasises the need to achieve gender parity in economic participation. Perusing the extant scholarship on female economic inclusion in Africa, we identify two pressing gaps. First, we find that previous studies have not explored how innovation affects female economic inclusion (FEI). Second, we note that prior studies have not examined the interactive effect of innovation and economic freedom on FEI. This study addresses these gaps by using macro data from 1995-2022 for a sample of 51 African countries. Findings from the two-step system GMM estimator reveal the following: (1) innovation reduces FEI, whereas economic freedom increases it, and (2) economic freedom moderates innovation to promote FEI. Further, we find that this positive total effect of innovation on FEI is remarkable at higher thresholds of economic freedom. We conclude that for innovation to promote FEI in Africa, investments in promoting economic freedom are critical. |
| Keywords: | Africa; Innovation; Economic freedom; Female economic inclusion, GMM. |
| JEL: | E24 J16 J21 O31 O55 |
| Date: | 2024–03–15 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121244&r= |
| By: | Lukas K\"ung; George M. Giaglis |
| Abstract: | Decentralized autonomous organizations (DAOs) are emerging innovative organizational structures, enabling collective coordination, and reshaping digital collaboration. Despite the promising and transformative characteristics of DAOs, the potential technological advancements and the understanding of the business value that organizations derive from implementing DAO characteristics are limited. This research applies a systematic review of DAOs' business applicability from an open systems perspective following a best-fit framework methodology. Within our approach, combining both framework and thematic analysis, we discuss how the open business principles apply to DAOs and present a new DAO business framework comprising of four core business elements: i) token, ii) transactions, iii) value system and iv) strategy with their corresponding sub-characteristics. This paper offers a preliminary DAO business framework that enhances the understanding of DAOs' transformative potential and guides organizations in innovating more inclusive business models (BMs), while also providing a theoretical foundation for researchers to build upon. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.12445&r= |
| By: | Fantazzini, Dean |
| Abstract: | This paper investigates the estimation of the Value-at-Risk (VaR) across various probability levels for the log-returns of a comprehensive dataset comprising four thousand crypto-assets. Employing four recently introduced Adaptive Conformal Inference (ACI) algorithms, we aim to provide robust uncertainty estimates crucial for effective risk management in financial markets. We contrast the performance of these ACI algorithms with that of traditional benchmark models, including GARCH models and daily range models. Despite the substantial volatility observed in the majority of crypto-assets, our findings indicate that ACI algorithms exhibit notable efficacy. In contrast, daily range models, and to a lesser extent, GARCH models, encounter challenges related to numerical convergence issues and structural breaks. Among the ACI algorithms, the Fully Adaptive Conformal Inference (FACI) and the Scale-Free Online Gradient Descent (SF-OGD) stand out for their ability to provide precise VaR estimates across all quantiles examined. Conversely, the Aggregated Adaptive Conformal Inference (AgACI) and the Strongly Adaptive Online Conformal Prediction (SAOCP) demonstrate proficiency in estimating VaR for extreme quantiles but tend to be overly conservative for higher probability levels. These conclusions withstand robustness checks encompassing the market capitalization of crypto-assets, time series size, and different forecasting methods for asset log-returns. This study underscores the promise of ACI algorithms in enhancing risk assessment practices in the context of volatile and dynamic crypto-asset markets. |
| Keywords: | Value at Risk (VaR); Adaptive Conformal Inference (ACI); Aggregated Adaptive Conformal Inference (AgACI); Fully Adaptive Conformal Inference (FACI); Scale-Free Online Gradient Descent (SF-OGD); Strongly Adaptive Online Conformal Prediction (SAOCP), GARCH; Daily Range; Risk Management |
| JEL: | C14 C51 C53 C58 G17 G32 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121214&r= |
| By: | Ayinde, Opeyemi E.; Oloyede, Adeola O.; Miranda, Mario J.; Omotesho, Kemi; Ayinde, Kayode; Ayinde, Love J. |
| Keywords: | Agricultural Finance, Financial Economics, Consumer/ Household Economics |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea22:343827&r= |
| By: | Mark B. Richardson; Stefan Loesch |
| Abstract: | The scope of this article includes the three preeminent descriptions of concentrated liquidity from Bancor (2020 and 2022), and Uniswap (2021), as well as three additional descriptions informed by trigonometric analysis of the same. The purpose of this contribution is to organize the seminal and derivative forms of this cornerstone DeFi technology, and algebraically and geometrically elaborate these descriptions to achieve an authoritative and near-exhaustive overview of the underlying theory powering the current state-of-the-art in decentralized exchange infrastructure. This material was created for the Token Engineering Academy Study Season 2024, a cohort-based online program scheduled for April-July 2024. The Study Season offers access to a bachelor-level online learning program, and complementary live tracks with the most influential practitioners and researchers in the sector - all provided as free, public goods. |
| Date: | 2024–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2407.02496&r= |
| By: | Christopher J. Waller |
| Date: | 2024–06–24 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:98437&r= |
| By: | Sara Germain (UQAM - Université du Québec à Montréal = University of Québec in Montréal); Claire Estagnasié (UQAM - Université du Québec à Montréal = University of Québec in Montréal, UniCA - Université Côte d'Azur, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur, LabCMO - Laboratoire de communication médiatisée par ordinateur - UQAM - Université du Québec à Montréal = University of Québec in Montréal, CIRST - Centre interuniversitaire de recherche sur la science et la technologie - UdeM - Université de Montréal - UQAM - Université du Québec à Montréal = University of Québec in Montréal, RECOR - Groupe de recherche sur la Communication Organisante); Valérie Reid; Camille Alloing (CEREGE [Poitiers, La Rochelle] - Centre de recherche en gestion [EA 1722] - IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - UP - Université de Poitiers = University of Poitiers - UP - Université de Poitiers = University of Poitiers - ULR - La Rochelle Université, UQAM - Université du Québec à Montréal = University of Québec in Montréal) |
| Abstract: | The aim of this paper is to draw a holistic portrait of the affective work required of community managers (CMs) in Quebec. By adopting a critical stance towards the dual platformization required of CMs, we address the issues of hyperconnection and technostress associated with their occupation. Special attention is given to the disconnection tactics used by CMs to compensate for their dependence on platforms. The data presented are based on research carried out as part of a funded project on CM work in Quebec (online ethnography of 30 organizations, 33 interviews with CMs, and two focus groups). |
| Abstract: | Cette communication dresse un portrait holistique du travail affectif exigé des gestionnaires de communautés en ligne (GCL) au Québec. En adoptant une posture critique face à la double plateformisation exigée aux GCL, nous adressons les enjeux de l'hyperconnexion et du technostress liés à leur occupation professionnelle. Une attention particulière est portée aux tactiques de déconnexion auxquelles les GCL font usage pour pallier une certaine dépendance face aux plateformes. Les données présentées se basent sur une recherche effectuée dans le cadre d'un projet subventionné portant sur le travail des GCL au Québec (ethnographie en ligne de 30 organisations, 33 entrevues avec des GCL, et deux groupes de discussion). |
| Keywords: | social networks, platformization, hyperconnection, tactics, disconnection, réseaux sociaux, plateformisatio, Hyperconnexion, affect, tactiques, Déconnexion |
| Date: | 2024–04–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04621998&r= |
| By: | Xiao, Xiangyi; Yan, Zhen; Wang, Yue; Wang, Hong Holly |
| Keywords: | Food Consumption/Nutrition/Food Safety, Marketing, Health Economics And Policy |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea22:343847&r= |
| By: | Emina Milišić (Central Bank of Bosnia and Herzegovina); Emina Žunić Dželihodžić (Central Bank of Bosnia and Herzegovina) |
| Abstract: | This paper examines the pass-through of European Central Bank (ECB) monetary policy to deposit rates in Bosnia and Herzegovina (B&H). We use aggregate and bank-level data to study interest rate pass-through by bank size and ownership for the period 2012-2023. In extensions, we also study pass-through by counterparty and maturity of deposit contracts. Our results suggest that average pass-through is slow and incomplete. We document that pass-through is faster and more complete for banks which are small and foreign-owned, as compared to banks which are large (and foreign-owned), or banks which are small and domestic. This finding suggests that pass-through depends both on domestic market power of banks as well as their access to foreign money markets. |
| Keywords: | monetary policy; transmission mechanism; deposit rates; currency board |
| JEL: | E42 E52 E58 E60 |
| Date: | 2024–07–04 |
| URL: | https://d.repec.org/n?u=RePEc:gii:giihei:heidwp10-2024&r= |
| By: | Michelle W. Bowman |
| Date: | 2024–06–25 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:98438&r= |
| By: | Elia Sartori (CSEF) |
| Abstract: | We study the distribution of goods that are freely duplicated and damaged. The monopolist solves a screening problem that is not cost-separable and requires a concave-linear preference specification to generate nontrivial allocations, associated with two interdependent inefficiencies: underacquisition and damaging. In a game where firms acquire market power through an irreversible investment, both monopoly and active competition emerge as equilibria. Despite worsening underacquisition and inducing double-spending, competition may increase welfare because it mitigates the damaging inefficiency by distributing a version for free. We discuss an application to information markets, where experts produce a signal and sell Blackwell-garbled versions of it. |
| Date: | 2024–06–20 |
| URL: | https://d.repec.org/n?u=RePEc:sef:csefwp:719&r= |
| By: | Victor Aguirregabiria; Robert Clark; Hui Wang |
| Abstract: | Geographic dispersion of depositors, borrowers, and banks may prevent funding from flowing to high loan demand areas, limiting credit access. Using bank-county-year level data, we provide evidence of the geographic imbalance of deposits and loans and develop a methodology for investigating the contribution to this imbalance of branch networks, market power, and scope economies. Results are based on a novel measure of imbalance and estimation of a structural model of bank competition that admits interconnections across locations and between deposit and loan markets. Counterfactual experiments show branch networks and competition contribute importantly to credit flow but benefit more affluent markets. |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2407.03517&r= |
| By: | Henri-Louis Vedie |
| Abstract: | En 2023, et selon le think tank américain « Atlantic Council », 114 pays ont engagé une réflexion sur La Monnaie numérique de banque centrale (MNBC). Cette réflexion concerne la MNBC de gros, visant à repenser l’interbancarité et la MNBC de détail, celle que la Chine développe avec un succès certain depuis 2014 avec son e yuan, réservé aujourd’hui au seul marché intérieur chinois, en attendant mieux. L’objet de ce Policy Brief est, tout d’abord, de rappeler que les MNBC ne sont ni une monnaie électronique ni un crypto actif, mais une monnaie plurielle. Il se propose, ensuite, et à partir de données du Fonds monétaire international (FMI) et de la Banque des règlements internationaux (BRI), de procéder à une approche, globale et statistique, du nombre de banques centrales et de pays concernés. Enfin, cette approche est complétée par l’exploitation spatiale de données précisant les pays concernés, leurs banques centrales respectives, leur préférence pour une MNBC de gros et/ ou de détail etc. |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:ppaper:pb22-24&r= |
| By: | de Padua, David (Asian Development Bank); Lanzafame, Matteo (Asian Development Bank); Qureshi , Irfan (Asian Development Bank); Taniguchi, Kiyoshi (Asian Development Bank) |
| Abstract: | Remittances are an important source of external financing in Pakistan, amounting to around 10% of gross domestic product in 2021. As such, an appropriate understanding of the key macroeconomic drivers of remittances has important policy implications. Combining a database of bilateral remittances between Pakistan and its main remittance-sending countries with monthly macroeconomic data over 2003–2021, we use a Bayesian vector autoregression model to understand the drivers of remittances to Pakistan. Specifically, we do so by estimating the impact of various structural shocks on remittance growth in Pakistan. We find that macroeconomic variables, including economic activity, inflation, equity markets, and interest rates—both in Pakistan and migrants’ host countries—play a significant role, and their contributions vary over time. |
| Keywords: | remittances; macroeconomics; Pakistan |
| JEL: | E70 F22 F24 |
| Date: | 2024–07–10 |
| URL: | https://d.repec.org/n?u=RePEc:ris:adbewp:0733&r= |
| By: | Malcolm Fisher; Alan Walsh |
| Abstract: | Nous présentons des observations tirées de données canadiennes s’échelonnant de 2002 à 2022 et recueillies par la Banque du Canada. Chaque année, la Banque soumet ce type de données au Conseil de stabilité financière pour qu’il les intègre à son rapport Global Monitoring Report on Non-Bank Financial Intermediation. |
| Keywords: | Bilan sectoriel; Institutions financières |
| JEL: | G2 G21 G22 G23 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocsan:24-15fr&r= |
| By: | Lott, Yvonne |
| Abstract: | Die digitale Transformation kann die Geschlechterungleichheit auf dem Arbeitsmarkt verstärken - und zwar aufgrund des bestehenden Gender Digital Gap. Der vorliegende Report zeigt auf Basis der aktuellen Welle des Nationalen Bildungspanels, dass der Gender Digital Gap bei der Verwendung von Computersoftware bzw. vernetzten digitalen Technologien am Arbeitsplatz und hinsichtlich der Einschätzung der eigenen Berufschancen in einem digitalisierten Arbeitsmarkt existiert. In diesen Bereichen sind in erster Linie Frauen in Teilzeit benachteiligt. Damit liefert der Report erste empirische Evidenz für einen bestehenden Gender Part-Time Digital Gap. |
| Keywords: | Automatisierung/Digitalisierung, Technologischer Wandel, Wirtschaft |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wsirep:299255&r= |