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on Payment Systems and Financial Technology |
| By: | Elie BOLA BOONGO (UNIKIS - Université de Kisangani) |
| Abstract: | This article examines the challenges of adopting cryptocurrency as legal tender in the Central African Republic (CAR). Cryptocurrencies, which rely on blockchain technology, are decentralized digital currencies that emerged after the subprime mortgage crisis. The global market for these assets is now valued at over $2 trillion. In Africa, the volume of cryptocurrency transactions increased by 1200% between 2018 and 2021, reflecting a growing interest in digital assets. In response, several African countries, including Nigeria, Ghana, and South Africa, are exploring central bank-issued digital currency projects. However, reactions to cryptocurrencies across Africa vary: some countries, like Egypt, have banned them, while others have taken a more open approach.In the Central African Economic and Monetary Community (CEMAC), the Bank of Central African States (BEAC) has expressed concerns about the security of cryptocurrencies and their impact on the banking sector. The CAR's adoption of Bitcoin as official currency in 2022 prompted responses from the BEAC, which recommended conducting a prior study before introducing a central bank digital currency to avoid disrupting the existing economy. Despite these concerns, this initiative in the CAR is seen as a way to open new economic opportunities and promote inclusive growth.The article, however, warns of the risks associated with the lack of a regulatory framework for cryptocurrencies in the CAR. Without regulation, the monetary and banking system, as well as consumers, face various dangers, including extreme volatility of cryptocurrencies, scams, and criminal activities such as money laundering and terrorist financing. It emphasizes the urgent need to regulate this sector to protect users and stabilize the financial system, while also strengthening the capabilities of financial oversight authorities to address the challenges posed by these digital assets. |
| Abstract: | Cet article examine les enjeux de l'adoption de la cryptomonnaie comme monnaie légale en République Centrafricaine (RCA). Les cryptomonnaies, qui reposent sur la technologie blockchain, sont des monnaies numériques décentralisées apparues après la crise des subprimes. Leur marché global est désormais évalué à plus de 2000 milliards de dollars. En Afrique, le volume des transactions en cryptomonnaies a augmenté de 1200% entre 2018 et 2021, témoignant d'un intérêt croissant pour ces actifs numériques. En réponse, plusieurs pays africains, comme le Nigeria, le Ghana et l'Afrique du Sud, explorent des projets de monnaies digitales émises par leurs banques centrales. Cependant, les réactions face aux cryptomonnaies en Afrique varient: certains pays, tels que l'Égypte, les interdisent, tandis que d'autres adoptent une approche plus ouverte. Dans la Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC), la Banque des États de l'Afrique Centrale (BEAC) a exprimé des inquiétudes concernant la sécurité des cryptomonnaies et leurs répercussions sur le secteur bancaire. L'adoption du Bitcoin par la RCA comme monnaie officielle en 2022 a déclenché des réactions de la BEAC, qui recommande une étude préalable avant l'introduction d'une monnaie numérique de banque centrale afin de ne pas perturber l'économie existante. Malgré ces préoccupations, en RCA, cette initiative est perçue comme un moyen d'ouvrir de nouvelles perspectives économiques et de promouvoir une croissance inclusive. L'article met toutefois en garde contre les risques liés à l'absence de cadre réglementaire pour les cryptomonnaies en RCA. Sans réglementation, le système monétaire et bancaire, ainsi que les consommateurs, sont exposés à divers dangers, notamment la volatilité extrême des 1 Chercheur indépendant en économie monétaire, financière et internationale, doctorant en sciences économiques à l'université de Kisangani. cryptomonnaies, les arnaques et les activités criminelles, telles que le blanchiment d'argent et le financement du terrorisme. Il souligne l'urgence de réguler ce secteur pour protéger les utilisateurs et stabiliser le système financier, tout en renforçant les capacités des autorités de surveillance financière afin de faire face aux défis posés par ces actifs numériques. |
| Keywords: | Cryptomonnaie, Monnaie Légale, Monnaie Numérique Banque Centrale, Bitcoin Crypto-Currency, legal tender, Central Bank Digital Currency, Bitcoin |
| Date: | 2023–10–25 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04909680 |
| By: | KOUAKOU, Thiédjé Gaudens-Omer |
| Abstract: | This article analyzes the factors explaining the volatility of cryptocurrency prices and the regulatory pathways aimed at the stability of these prices. Considering cryptocurrency as a social innovation and a total social fact, the social economy approach distinguishes two essential components in the value of cryptocurrencies: an intrinsic value which ensures the stability of this encrypted currency, and a value resulting from a balance of power between ethical users and speculative users with different logics. The extreme volatility of cryptocurrencies is explained by the prevalence of extractive (speculative) logic over collaborative (ethical) logic and is reinforced via their spatial (decentralized) logic. The study recommends “negotiated” and democratic regulation of cryptocurrencies, taking into account the interaction between ethics and technique at the heart of the blockchain, and implemented on a national and supranational scale. Such regulation requires configuring blockchain protocols compatible with limited volatility and cryptocurrencies backed by projects of concrete utility. |
| Keywords: | cryptocurrencies, blockchain, social economy, regulation |
| JEL: | E40 E50 G28 |
| Date: | 2025–02–24 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123774 |
| By: | Lee, Kuo Chuen; Li, Yang; Xu, Weibiao; Zhao, Willy |
| Abstract: | Proponents of blockchains believe that this technology will revolutionize e-commerce. To evaluate this belief, we invite several groups of students to transact on a decentralized peer-to-peer marketplace built on the platform provided by Origin Protocol Inc., and then we conduct a survey about their experience of usage. Based on our survey results, we find that 33% of respondents play tricks on others, which implies that this undesirable result may hinder the widespread adoption of blockchain technologies. We also attempt to propose a conceptual mechanism to mitigate fraudulent behaviors. In the event of disputation, a trusted authority is entitled to the right to downgrade the fraudulent side’s credit record, which is stored by a permissioned blockchain accessed only by the authority. Such a punishment can effectively decrease agents' incentives to sell counterfeits and leave fake ratings. In sum, we must distinguish what we proposed blockchains will do and what blockchains can do before enabling this technology in e-commerce. |
| Keywords: | Arbitration, Blockchains, E-commerce, Fraud, Privacy, Trust |
| JEL: | C7 C9 G02 L1 L4 O33 |
| Date: | 2025–01–05 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123654 |
| By: | Garnett, Philip (University of York) |
| Abstract: | There has been a lot of hype around blockchains and non fungible tokens (NFTs). However the technology is yet to establish itself beyond a limited number of fairly specific use cases, namely cryptocurrency and digital art. This commentary seeks to propose an outline framework for NFTs and Blockchains for digital provenance of important digital artifacts such as citizen intelligence and newspapers. This article develops an outline framework and reasoning for NFT and Blockchain technology to be used to establish provenance of digital artifacts in what is an increasingly contested digital space. A space where the subtle (and perhaps not so subtle) manipulation of video, images, and all forms of digital evidence and documents by humans, and increasingly artificial intelligence, could be used to challenge contemporary narratives and manipulate the past. This framework should be seen as an opening proposal to ignite discussion, as the establishment of any technology in this space should not be done without careful consideration. Nor should it be done by a single individual or group. |
| Date: | 2023–02–19 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:whmxb_v1 |
| By: | Md. Shelim Miah (Southeast University) |
| Abstract: | Mobile Financial Services (MFS) have revolutionized financial transactions in Bangladesh, offering convenience, accessibility, and efficiency. The COVID-19 pandemic significantly accelerated the adoption of MFS, highlighting its critical role in a cashless economy. This study examines consumer attitudes and behavioral intentions toward MFS adoption in Bangladesh, utilizing a quantitative research design with a structured survey of respondents aged 16 and above. Findings indicate that ease of use, convenience, and agent availability are key factors influencing MFS adoption. While gender differences in perception were noted, adoption was independent of age, income, education, or occupation. Challenges such as fraud, security concerns, and trust issues persist, necessitating improvements in service reliability, customer support, and digital literacy. To enhance user experience and expand adoption, the study recommends feature enhancements, user-friendly mobile applications, strategic agent deployment, and promotional incentives. Despite its rapid growth, the MFS sector in Bangladesh requires continuous innovation to ensure security, affordability, and seamless transactions for a financially inclusive future. |
| Keywords: | Mobile Financial Services (MFS), Digital Payments, Cashless Economy, Consumer Behavior, Post-COVID Transactions, Financial Inclusion |
| Date: | 2024–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04959442 |
| By: | Bosch, Oriol J. (The London School of Economics and Political Science); Sturgis, Patrick; Kuha, Jouni; Revilla, Melanie |
| Abstract: | In the digital age, understanding people’s online behaviours is vital. Digital trace data has emerged as a popular alternative to surveys, many times hailed as the gold standard. This study critically assesses the use of web tracking data to study online media exposure. Specifically, we focus on a critical error source of this type of data, tracking undercoverage: researchers’ failure to capture data from all the devices and browsers that individuals utilize to go online. Using data from Spain, Portugal, and Italy, we explore undercoverage in commercial online panels and simulate biases in online media exposure estimates. The paper shows that tracking undercoverage is highly prevalent when using commercial panels, with more than 70% of participants affected. In addition, the primary determinant of undercoverage is the type and number of devices employed for internet access, rather than individual characteristics and attitudes. Additionally, through a simulation study, it demonstrates that web tracking estimates, both univariate and multivariate, are often substantially biased due to tracking undercoverage. This represent the first empirical evidence demonstrating that web tracking data is, effectively, biased. Methodologically, the paper showcases how survey questions can be used as auxiliary information to identify and simulate web tracking errors. |
| Date: | 2023–10–08 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:t2dbj_v1 |
| By: | Rzayev, Khaladdin; Sakkas, Athanasios; Urquhart, Andrew |
| Abstract: | The network effect, measured by users’ adoption, is considered an important driver of cryptocurrency market dynamics. This study examines the role of adoption timing in cryptocurrency markets by decomposing total adoption into two components: innovators (early adopters) and imitators (late adopters). We find that the innovators’ component is the primary driver of the association between user adoption and cryptocurrency returns, both in-sample and out-of-sample. Next, we show that innovators’ adoption improves price efficiency, while imitators’ adoption contributes to noisier prices. Furthermore, we demonstrate that the adoption model captures significant cryptocurrency market phenomena, such as herding behaviour, more effectively, making it better suited for forecasting models in cryptocurrency pricing. These results suggest that our methodology for linking early and late adopters to market dynamics can be applied to various domains, offering a framework for future research at the intersection of operational research and financial markets. |
| Keywords: | cryptocurrency adoption; imitators; innovators; market quality; network effects; predictive modelling |
| JEL: | F3 G3 |
| Date: | 2025–05–16 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126508 |
| By: | Kotkaniemi, Anniina; Ylä-Anttila, Tuomas; Chen, Ted Hsuan Yun |
| Abstract: | Social media is an important arena of contestation for policy actors. Yet, little research has explored the relationship between policy actors’ behaviour online and offline. In this study, we focus on actor influence, a key aspect of policy systems, by exploring four types of policy influence. We ask 1) are actors influential in policy-making central in social media networks? and 2) are they able to shape the structure of policy communication on social media? Using exponential random graph models on survey and Twitter data from the Finnish climate policy domain, we find that reputationally influential actors in offline policy-making are also central online, but the pattern does not hold for those with offline formal-institutional influence. Further, offline influence does not translate to being an online influencer; actors influential offline do not shape the structure of the Twitter network. Our results suggest that online influence is partially distinct from influence offline. |
| Date: | 2023–07–05 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:dnrg6_v1 |
| By: | Francesco Puoti; Fabrizio Pittorino; Manuel Roveri |
| Abstract: | This paper offers a thorough examination of the univariate predictability in cryptocurrency time-series. By exploiting a combination of complexity measure and model predictions we explore the cryptocurrencies time-series forecasting task focusing on the exchange rate in USD of Litecoin, Binance Coin, Bitcoin, Ethereum, and XRP. On one hand, to assess the complexity and the randomness of these time-series, a comparative analysis has been performed using Brownian and colored noises as a benchmark. The results obtained from the Complexity-Entropy causality plane and power density spectrum analysis reveal that cryptocurrency time-series exhibit characteristics closely resembling those of Brownian noise when analyzed in a univariate context. On the other hand, the application of a wide range of statistical, machine and deep learning models for time-series forecasting demonstrates the low predictability of cryptocurrencies. Notably, our analysis reveals that simpler models such as Naive models consistently outperform the more complex machine and deep learning ones in terms of forecasting accuracy across different forecast horizons and time windows. The combined study of complexity and forecasting accuracies highlights the difficulty of predicting the cryptocurrency market. These findings provide valuable insights into the inherent characteristics of the cryptocurrency data and highlight the need to reassess the challenges associated with predicting cryptocurrency's price movements. |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2502.09079 |
| By: | Ansar, Saniya; Klapper, Leora; Singer, Dorothe |
| Abstract: | This paper examines global data on unbanked and underbanked consumers to highlight the role that improved financial literacy and capability could play in motivating and enabling the safe and beneficial use of financial services. The paper uses data from Global Findex, a demand-side survey on ownership and use of accounts at formal financial institutions. The paper reviews the self-reported barriers to account ownership and use cited by unbanked adults, and identifies the challenges faced by account owners who could not use an account without help. Together, these issues point to the importance of financial education to improve digital and financial literacy skills, in addition to product design that considers customer abilities, and strong consumer safeguards to ensure that customers benefit from financial access. |
| Date: | 2023–03–07 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:10345 |
| By: | Honglin Fu; Yebo Feng; Cong Wu; Jiahua Xu |
| Abstract: | Masterminds are entities organizing, coordinating, and orchestrating cryptocurrency pump-and-dump schemes, a form of trade-based manipulation undermining market integrity and causing financial losses for unwitting investors. Previous research detects pump-and-dump activities in the market, predicts the target cryptocurrency, and examines investors and \ac{osn} entities. However, these solutions do not address the root cause of the problem. There is a critical gap in identifying and tracing the masterminds involved in these schemes. In this research, we develop a detection system \textsc{Perseus}, which collects real-time data from the \acs{osn} and cryptocurrency markets. \textsc{Perseus} then constructs temporal attributed graphs that preserve the direction of information diffusion and the structure of the community while leveraging \ac{gnn} to identify the masterminds behind pump-and-dump activities. Our design of \textsc{Perseus} leads to higher F1 scores and precision than the \ac{sota} fraud detection method, achieving fast training and inferring speeds. Deployed in the real world from February 16 to October 9 2024, \textsc{Perseus} successfully detects $438$ masterminds who are efficient in the pump-and-dump information diffusion networks. \textsc{Perseus} provides regulators with an explanation of the risks of masterminds and oversight capabilities to mitigate the pump-and-dump schemes of cryptocurrency. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.01686 |
| By: | Nohayla Badrane (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT); Zineb Bamousse (Ecole nationale de commerce et de gestion settat) |
| Abstract: | In a rapidly evolving landscape marked by continuous change and complex challenges, effective cash management stands as a cornerstone for ensuring business sustainability and driving performance. To address these pressing demands, cash managersare increasingly turning to innovative financing solutions such as venture capital, green finance, crowdfunding, advanced services from Pan-African banks, and blockchain technology. These cutting-edge tools are pivotal in bolstering resilience against market volatility, ecological transitions, and the accelerating pace of technological change. The present article aims to examine how such innovative financial approaches can serve as strategic drivers, enabling businesses to transform challenges into opportunities. The analysis underscores that rethinking cash management through innovation is a critical pathway toboost the performance of Moroccan companies. Therefore, embracing these forward-thinking strategies unlocks new avenues for development empowering them to adapt with agility amidst the uncertainties of a shifting environment. |
| Abstract: | Sous l'emprise d'un paradigme économique traversé par des mutations constantes et des défis contemporains complexes, la gestion de la trésorerie s'impose la pierre angulaire qui conditionne la pérennité et influe sur la performance des entreprises. Face à ces enjeux, les trésoriers sont appelés à se servir des modes de financement innovants tels que le capital-risque, la finance verte, le Crowdfunding, les solutions avant-gardistes des banques panafricaines, ainsi que les services offerts par la blockchain. Ces outils novateurs agissent comme des catalyseurs majeurs de la résilience face à un paysage imprégné de la volatilité des marchés, des transitions écologiques et des exigences croissantes d'adaptation technologique. A ce propos, le présent article a pour ambition d'investiguer la manière dont ces modes de financements innovants peuvent servir de leviers stratégiques pour transformer ces défis en opportunités. Les résultats mettent en évidence que l'innovation au coeur de la gestion de la trésorerie constitue un vecteur incontestable pour soutenir la compétitivité et booster la performance des entreprises marocaines, Elle ouvre ainsi de nouvelles perspectives de développement en leur permettant de naviguer avec agilité à travers les turbulences d'un environnement en pleine mutation. |
| Keywords: | Innovative cash management, Financial performance, Sustainability, Innovative financing instruments, Resilience, Gestion de trésorerie innovante, Performance financière, Pérennité, Instruments de financement innovants, résilience |
| Date: | 2025–02–14 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04956625 |
| By: | Mensah, Justice Tei |
| Abstract: | his paper presents global evidence on the impact of expansion in mobile telephony and broadband Internet services on economic development at the subnational level. Leveraging two decades of satellite data on nightlights and the global expansion of 2G, 3G, and 4G mobile networks in over 34, 000 subnational districts in 120 countries, it documents three main findings on the effects of mobile phones on local economic development (proxied by nightlights): I. The expansion of mobile coverage has a positive effect on economic activity. Using the GDP—nightlights elasticity from Henderson et al. (2012), the estimates suggest a GDP growth—mobile phone penetration elasticity of 0.018–0.023; II. While mobile broadband (3G & 4G) Internet connectivity is associated with economic development across all countries, 2G connectivity boosts local economic growth mainly in developing countries; III. The economic effects of expansion in mobile network connectivity are more pronounced in countries that hitherto had limited access to fixed-line telephone infrastructure, thus highlighting the importance of mobile phones to developing countries in leapfrogging the technology ladder. |
| Date: | 2023–07–24 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:10526 |
| By: | Paul Gertler; Brett Green; Renping Li; David Sraer |
| Abstract: | Pay-as-you-go (PAYGo) financing is a novel contract that has recently become a popular form of credit, especially in low- and middle-income countries (LMICs). PAYGo financing relies on lockout technology that enables the lender to remotely disable the flow benefits of collateral when the borrower misses payments. This paper quantifies the welfare implications of PAYGo financing. We develop a dynamic structural model of consumers and estimate the model using a multi-arm, large scale pricing experiment conducted by a fintech lender that offers PAYGo financing for smartphones. We find that the welfare gains from access to PAYGo financing are equivalent to a 3.4% increase in income while remaining highly profitable for the lender. The welfare gains are larger for low-risk consumers and consumers in the middle of the income distribution. Under reasonable assumptions, PAYGo financing outperforms traditional secured loans for all but the riskiest consumers. We explore contract design and identify variations of the PAYGo contract that further improve welfare. |
| JEL: | D14 D86 G21 G23 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33484 |
| By: | Liang Lyu; James Siderius; Hannah Li; Daron Acemoglu; Daniel Huttenlocher; Asuman Ozdaglar |
| Abstract: | How has Wikipedia activity changed for articles with content similar to ChatGPT following its introduction? We estimate the impact using differences-in-differences models, with dissimilar Wikipedia articles as a baseline for comparison, to examine how changes in voluntary knowledge contributions and information-seeking behavior differ by article content. Our analysis reveals that newly created, popular articles whose content overlaps with ChatGPT 3.5 saw a greater decline in editing and viewership after the November 2022 launch of ChatGPT than dissimilar articles did. These findings indicate heterogeneous substitution effects, where users selectively engage less with existing platforms when AI provides comparable content. This points to potential uneven impacts on the future of human-driven online knowledge contributions. |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2503.00757 |
| By: | Loeser, John Ashton |
| Abstract: | The household welfare gains from financial inclusion are empirically elusive. This paper establishes that household welfare gains from a financial technology are equal to the area under dynamically compensated demand in a household model with incomplete financial markets, and general technology, preferences, and choice sets. This paper then estimates compensated demand for financial technologies leveraging three randomized control trials that introduce experimental variation in interest rates. Welfare gains per dollar lent or saved are small as compensated demand elasticities are large, but still correspond to large aggregate welfare gains from financial inclusion. |
| Date: | 2023–06–12 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:10481 |
| By: | Yao, Koffi Yves; Kouakou, Auguste Konan; |
| Abstract: | This paper examines the essential role of migration and remittances in development across sub-Saharan Africa, with a particular focus on Côte d’Ivoire. It demonstrates that these financial flows help alleviate poverty and stabilise the economy in the short term while fostering long-term development through investments in human capital, entrepreneurship, and social protection. However, several challenges persist: excessive reliance on remittances may hinder local productivity, weaken exports, and increase import dependency. The paper recommends policies aimed at economic diversification, enhanced financial inclusion, reduced transfer costs, and better-coordinated migration policies to maximise the developmental benefits of remittances. |
| Keywords: | Migration, Remittances, Financing of Development |
| JEL: | F22 F24 O1 |
| Date: | 2025–02–13 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123655 |
| By: | Calice, Pietro; Diaz Kalan, Federico Alfonso; Dunz, Nepomuk Max Ferdinand; Miguel Liriano, Faruk |
| Abstract: | Economic activity depends on a flourishing biodiversity and intact environment through the provision of ecosystem services. The depletion of these services poses physical risks for the financial sector. This paper attempts to measure the potential exposure of the banking systems in 20 emerging markets to nature loss through their lending portfolio. The results show that banks in emerging markets allocate around half of their credit portfolio to firms whose business processes are highly or very highly dependent on one or more ecosystem services. The results also provide initial and preliminary evidence that points to a negative correlation between country income level and dependency on ecosystem services. Accounting for indirect dependencies on ecosystem services via supply chains and trade could change this observed relationship, however. Furthermore, the highest dependencies on ecosystem services across countries tend to be on climate regulation and flood and storm protection, indicating the interconnectedness of climate change and nature loss. |
| Date: | 2023–05–02 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:10432 |
| By: | Lazanoe Rajamarison (Université de Toliara - Université de Toliara) |
| Abstract: | The question that should be asked in this article is to know the period during which inflation took place in Madagascar. It could also be asked in this article whether inflation could have existed, or not, in a country where an institute in charge of monetary issuance, or at least, an organization that deals with monetary regulation did not yet exist? This question arises for specialists in economic history, or for a possible expert, given that the objective of this writing is to detect the existence of a correlation between the use of money in a country with an archaic type economy, and a possible existence of inflation which is a phenomenon generated by the circulation of money. This being posed in the sense that Orthodox theory strives to demonstrate the fact that inflation only occurs in the presence of money and an issuing institute (monetary statistics, among other things for measuring inflation). To be able to answer these questions, it was necessary on our part to carry out a bibliographic review, to carry out surveys with the country's Monetary Issue Institute and at the end to divide this present article into two parts, the first of which will try to provide elements of explanation on the introduction of money within the country, and the extent of its power over the entire environment of exchanges, including its intrinsic value. In the second part, on the other hand, an attempt to create a single Malagasy currency will be developed. It would therefore be presented, in this part, some texts justifying the need for the creation of a specifically Malagasy currency, as well as the reaction of pre-colonial society to this project. Some developments in the Malagasy currency in response to the demand of the colonial economy also flesh out this part, and from these analyses, this study will draw a conclusion on a possible existence, or the opposite, of the phenomenon of price increases throughout the Malagasy economy from the time before and during colonization. In conclusion, inflation is a concept generally unknown to the monarchical era; it was an unsuitable concept because the economy of the time was not yet effectively monetized. On the other hand, the concept of inflation was established little by little when the Malagasy Nation began to adopt the European consumption mode. From the moment the country chose to found its own monetary issuing institute, the operation of the money market causes the variation of the currency circuit and automatically creates the needs of the market in terms of financing and refinancing of the economy. In this sense, the supply and demand of money sets the market price (interest rate) and favors or not the variation in the price level. It would therefore be necessary to advance, following this situation, that inflation is truly a monetary phenomenon. |
| Abstract: | La question qui devrait se poser, dans cet article, est de savoir l'époque pendant laquelle l'inflation a eu lieu à Madagascar. Il pourrait être également demandé dans cet article si l'inflation aurait pu exister, ou non dans un pays où un institut en charge de l'émission monétaire, ou du moins, un organisme qui s'occupe de la réglementation monétaire n'existait pas encore ? Cette question se pose à l'endroit des spécialistes en histoire économique, ou à un éventuel expert, étant donné que l'objectif de cet écrit est de décelé l'existence d'une corrélation entre l'utilisation de la monnaie dans une contrée d'économie de type archaïque, et une éventuelle existence de l'inflation qui est un phénomène généré par la circulation de la monnaie. Ceci étant posé dans le sens où la théorie Orthodoxe s'efforce de démonter le fait que l'inflation ne survienne qu'en présence de la monnaie et d'un institut d'émission (de la statistique monétaire, entre autres pour la mesure de l'inflation). Pour pouvoir répondre à ces questions, il s'avérais nécessaire de notre part, de passer à une revue bibliographique, à des enquêtes auprès de l'Institut d'émission monétaire du pays et à la fin de diviser ce présent article en deux parties, dont la première essaiera apporte des éléments d'explications sur l'introduction de la monnaie à l'intérieur du pays, et l'étendue de son pouvoir sur l'ensemble de l'environnement des échanges, incluant de sa valeur intrinsèque. En deuxième partie, par contre, une tentative de création d'une monnaie unique malagasy sera à développer. Il serait donc exposé, dans cette partie, quelques textes justifiant la nécessité d'une création de monnaie proprement malagasy, ainsi que la réaction de la société pré-coloniale par rapport à ce projet. Quelques évolutions de la monnaie malagasy face à la demande de l'économie coloniale viennent également étoffer cette partie, et à partir de ces analyses, cette étude tirera une conclusion sur une éventuelle existence, ou le contraire, du phénomène de hausse de prix dans l'ensemble de l'économie malagasy de l'époque pré et pendant la colonisation. En conclusion, l'inflation est un concept généralement inconnu de l'époque monarchique ; c'était un concept non adapté car l'économie de l'époque n'est pas encore effectivement monétarisée. Par contre, le concept d'inflation s'établi petit à petit lorsque la Nation malagasy commençait à adopter le mode de consommation des européens. A partir du moment où le pays a choisi de fonder son propre institut d'émission monétaire, le jeu du marché monétaire entraine la variation du circuit de la monnaie et créé automatiquement les besoins du marché en termes de financement et du refinancement de l'économie. Dans ce sens, l'offre et la demande de monnaie fixe le prix du marché (taux d'intérêt) et favorise ou non la variation du niveau des prix. Il serait donc nécessaire d'avancer, suivant cette situation que l'inflation est vraiment un phénomène monétaire. |
| Keywords: | Inflation, Histoire, Monnaie, Madagascar |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04947196 |