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on Payment Systems and Financial Technology |
| By: | Zijia Meng; Victor Feng |
| Abstract: | Digital payments play a pivotal role in the burgeoning digital economy. Moving forward, the enhancement of digital payment systems necessitates programmability, going beyond just efficiency and convenience, to meet the evolving needs and complexities. Smart contract platforms like Central Bank Digital Currency (CBDC) networks and blockchains support programmable digital payments. However, the prevailing paradigm of programming payment logics involves coding smart contracts with programming languages, leading to high costs and significant security challenges. A novel and versatile method for payment programming on DLTs was presented in this paper - transforming digital currencies into token streams, then pipelining smart contracts to authorize, aggregate, lock, direct, and dispatch these streams efficiently from source to target accounts. By utilizing a small set of configurable templates, a few specialized smart contracts could be generated, and support most of payment logics through configuring and composing them. This approach could substantially reduce the cost of payment programming and enhance security, self-enforcement, adaptability, and controllability, thus hold the potential to become an essential component in the infrastructure of digital economy. |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2508.21075 |
| By: | Dominique Torre (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); Qing Xu (ICL, Junia, Université Catholique de Lille) |
| Abstract: | We examine the potential of upcoming Central Bank Digital Currencies (CBDCs) to be used as a means of transferring remittances. In a simple theoretical model, CBDCs compete with traditional channels provided by specialized intermediaries and with digital transfer options already offered by fintech companies. Their success depends on factors such as anonymity, potential conversion into cash, and the network effects generated by CBDC transactions among recipients' families. |
| Abstract: | Nous examinons le potentiel des futures monnaies numériques de banque centrale (CBDC) en tant que moyen de transfert de fonds. Dans un modèle théorique simple, les CBDC sont en concurrence avec les canaux traditionnels fournis par des intermédiaires spécialisés et avec les options de transfert numérique déjà proposées par les entreprises de technologie financière. Leur succès dépend de facteurs tels que l'anonymat, la possibilité de conversion en espèces et les effets de réseau générés par les transactions en CBDC entre les familles des bénéficiaires. |
| Keywords: | fintech, cross-border payments, E58 Central Bank Digital Currencies, D85, JEL Classification: E42 D85 E58 Central Bank Digital Currencies cross-border payments fintech, Migrants, Fintech, Cross-boarder payments, Central Bank Digital Currencies, JEL Classification: E42 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-05208283 |
| By: | Pulak Ghosh; Boris Vallee; Yao Zeng |
| Abstract: | Borrowers’ use of cashless payments improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment usage complements other signals of borrower quality. We rationalize these empirical findings using a framework in which borrowers signal their lower likelihood of diverting cash flows through payment technology choice, and screening accuracy is further strengthened by informational complementarities. The informational synergy we uncover provides a rationale for the joint rise of cashless payments and FinTech lending, as well as for open banking. |
| JEL: | E42 G21 G23 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34148 |
| By: | Yin, Wei (School of Economics and Management, Southeast University, Nanjing, China); Wu, Fan (School of Economics and Management, Southeast University, Nanjing, China); Zhou, Peng (Cardiff Business School, Cardiff University, Cardiff, UK); Kirkulak-Uludag, Berna (Faculty of Business, Dokuz Eylul University, Ä°zmir, Turkiye) |
| Abstract: | The cryptocurrency market is characterized by rapid risk transmission, strong interconnectedness, and substantial downside risk, driven by technical similarities among major cryptocurrencies and herd behavior of investors. To analyze these dynamics, we construct a directed, weighted cryptocurrency risk spillover network consisting of 20 leading cryptocurrencies, using the DCC-GARCH-Copula-ΔCoVaR model. The market is segmented into six groups based on the interdependence of market values. The study evaluates the resilience of the network under a range of scenarios, including both random failures and intentional attacks, and validates the findings through a real-world case study of the 2022 Luna collapse. The results show that the overall resilience of the cryptocurrency risk network has improved as the market matures. Leading cryptocurrencies act as net risk receivers, enhancing the network's robustness. In contrast, active cryptocurrencies can accelerate the contagion of risks across the market. These findings suggest that effective risk management in the cryptocurrency market requires not only the stabilization of major cryptocurrencies but also the ongoing monitoring of smaller, high-activity cryptocurrencies. |
| Keywords: | Cryptocurrency, Risk spillover, Complex network, Resilience |
| JEL: | G11 G12 G15 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:cdf:wpaper:2025/18 |
| By: | Jacinthe Cloutier (Laval University, Québec); Hugo Chouinard (Laval University, Québec) |
| Abstract: | The realm of cryptoassets is highly complex and requires specific knowledge to avoid making risky decisions. This study aims to identify the determinants of both objective and subjective knowledge levels regarding the Bitcoin blockchain. Data were collected from the adult population of Quebec (Canada) in the fall of 2024 (n = 1, 078). The results of multiple linear regression analyses indicate that men, perceived risk, self-efficacy, and subjective knowledge level positively influence the objective knowledge level about the Bitcoin blockchain. Conversely, the subjective knowledge level about the Bitcoin blockchain is negatively influenced by household size, age, perceived compatibility, and the presence of facilitators, while it is positively influenced by attitude, self-efficacy, objective knowledge about the Bitcoin blockchain, and perceived knowledge of traditional investment. The findings are discussed in light of the educational needs in this complex domain, particularly among young consumers. |
| Keywords: | Cyptoassets; Objective knowledge; Subjective knowledge; Canadian consumers; Investment |
| JEL: | G11 O33 D83 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iefpro:15116802 |
| By: | Minjung Park; Gyuyeon Na; Soyoun Kim; Sunyoung Moon; HyeonJeong Cha; Sangmi Chai |
| Abstract: | Abnormal cryptocurrency transactions - such as mixing services, fraudulent transfers, and pump-and-dump operations -- pose escalating risks to financial integrity but remain notoriously difficult to detect due to class imbalance, temporal volatility, and complex network dependencies. Existing approaches are predominantly model-centric and post hoc, flagging anomalies only after they occur and thus offering limited preventive value. This paper introduces HyPV-LEAD (Hyperbolic Peak-Valley Lead-time Enabled Anomaly Detection), a data-driven early-warning framework that explicitly incorporates lead time into anomaly detection. Unlike prior methods, HyPV-LEAD integrates three innovations: (1) window-horizon modeling to guarantee actionable lead-time alerts, (2) Peak-Valley (PV) sampling to mitigate class imbalance while preserving temporal continuity, and (3) hyperbolic embedding to capture the hierarchical and scale-free properties of blockchain transaction networks. Empirical evaluation on large-scale Bitcoin transaction data demonstrates that HyPV-LEAD consistently outperforms state-of-the-art baselines, achieving a PR-AUC of 0.9624 with significant gains in precision and recall. Ablation studies further confirm that each component - PV sampling, hyperbolic embedding, and structural-temporal modeling - provides complementary benefits, with the full framework delivering the highest performance. By shifting anomaly detection from reactive classification to proactive early-warning, HyPV-LEAD establishes a robust foundation for real-time risk management, anti-money laundering (AML) compliance, and financial security in dynamic blockchain environments. |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2509.03260 |
| By: | Beknazar-Yuzbashev, George; Jiménez Durán, Rafael; McCrosky, Jesse; Stalinski, Mateusz |
| Abstract: | Most social media users have encountered harassment online, but there is scarce evidence of how this type of toxic content impacts engagement. In a pre-registered browser extension field experiment, we randomly hid toxic content for six weeks on Facebook, Twitter, and YouTube. Lowering exposure to toxicity reduced advertising impressions, time spent, and other measures of engagement, and reduced the toxicity of user-generated content. A survey experiment provides evidence that toxicity triggers curiosity and that engagement and welfare are not necessarily aligned. Taken together, our results suggest that platforms face a trade-off between curbing toxicity and increasing engagement |
| Keywords: | toxic content, moderation, social media, user engagement, browser experiment |
| JEL: | C93 D12 D83 D90 I31 L82 L86 M37 Z13 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cbscwp:324647 |
| By: | Valeria García; Leonardo Luna |
| Abstract: | This document investigates the activity in the issuance of tokenized bonds, its conditions, and implications. The issuance of digital bonds is part of different public-private initiatives aimed at exploring the benefits and challenges of tokenization for the financial system. Although tokenization is still in an incipient stage, more recently, these initiatives have gained greater dynamism. The evolution of technology is implying a profound transformation of the financial system, not only for end users, but also payment systems and their infrastructures, redefining financial intermediation processes and the role of intermediaries. The issuance of digital bonds is framed in this context. Tokenization offers the potential for significant efficiency gains, through cost reduction and process acceleration, as well as reducing the risks present in current infrastructures. Experimental results confirm this potential. However, scaled adoption of tokenization raises several challenges and policy implications. The concentration of digital bond issuances in areas with greater legal and regulatory developments highlights the importance of achieving an adequate balance between promoting financial innovation and ensuring market integrity, financial stability, and investor protection. Interoperability emerges as a crucial factor to be addressed to avoid the risk of market fragmentation. Equally relevant will be providing a means of secure settlement. |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:chb:bcchwp:1029 |
| By: | Hanfeng Chen; Maria Elena Filippin |
| Abstract: | We study the implications of a central bank digital currency (CBDC) for the transmission of household preference shocks and for welfare in a New Keynesian framework where the CBDC competes with bank deposits for household resources and banks have market power. We show that an increase in the benefit of CBDC has a mildly expansionary effect, weakening bank market power and significantly reducing the deposit spread. As households economize on liquid asset holdings, they reduce both CBDC and deposit balances. However, the degree of bank disintermediation is low, as deposit outflows remain modest. We then examine the welfare implications of CBDC rate setting and find that, compared to a non-interest-bearing CBDC, the gains with standard coefficients for a CBDC interest rate Taylor rule are modest, but they become considerable when the coefficients are optimized. Welfare gains are higher when the CBDC provides a higher benefit. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.15048 |
| By: | Torben Klarl (University of Bremen, Indiana University Bloomington); Alexander S. Kritikos (DIW Berlin, University of Potsdam, GLO Essen, CEPA); Knarik Poghosyan (DIW Berlin) |
| Abstract: | While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between ECF campaigns and traditional investors, such as banks and venture capitalists (VCs). Using data from the two leading German platforms – Companisto and Seedmacht – we employ spatial eigenvalue filtering and negative binomial estimations. In addition, we introduce an event study based on the implementation of the Small Investor Protection Act in Germany allowing us to obtain causal evidence. Our combined analysis reveals a significant geographic concentration of successful ECF campaigns in some, but not all, dense areas. ECF campaigns tend to cluster in dense areas with VC activity, while they are less prevalent in dense areas with high banking activity, and are rarely found in rural areas. Thus, rather than closing the so-called regional funding gap, our results suggest that, from a spatial perspective, ECF fills the gap when firms in dense areas seek external financing below the minimum equity threshold offered by VCs and when there are few banks offering loans. |
| Keywords: | Crowdfunding, Finance Geography, Entrepreneurial Finance, Venture Capital (VC) Proximity |
| JEL: | G30 L26 M13 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:pot:cepadp:91 |
| By: | Kiarash Firouzi |
| Abstract: | Extreme volatility, nonlinear dependencies, and systemic fragility are characteristics of cryptocurrency markets. The assumptions of normality and centralized control in traditional financial risk models frequently cause them to miss these changes. Four components-volatility stress testing, stablecoin hedging, contagion modeling, and Monte Carlo simulation-are integrated into this paper's modular simulation framework for crypto portfolio risk analysis. Every module is based on mathematical finance theory, which includes stochastic price path generation, correlation-based contagion propagation, and mean-variance optimization. The robustness and practical relevance of the framework are demonstrated through empirical validation utilizing 2020-2024 USDT, ETH, and BTC data. |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.08915 |
| By: | Cheuk Hang Leung; Yijun Li; Qi Wu |
| Abstract: | Fintech lending has become a central mechanism through which digital platforms stimulate consumption, offering dynamic, personalized credit limits that directly shape the purchasing power of consumers. Although prior research shows that higher limits increase average spending, scalar-based outcomes obscure the heterogeneous distributional nature of consumer responses. This paper addresses this gap by proposing a new causal inference framework that estimates how continuous changes in the credit limit affect the entire distribution of consumer spending. We formalize distributional causal effects within the Wasserstein space and introduce a robust Distributional Double Machine Learning estimator, supported by asymptotic theory to ensure consistency and validity. To implement this estimator, we design a deep learning architecture comprising two components: a Neural Functional Regression Net to capture complex, nonlinear relationships between treatments, covariates, and distributional outcomes, and a Conditional Normalizing Flow Net to estimate generalized propensity scores under continuous treatment. Numerical experiments demonstrate that the proposed estimator accurately recovers distributional effects in a range of data-generating scenarios. Applying our framework to transaction-level data from a major BigTech platform, we find that increased credit limits primarily shift consumers towards higher-value purchases rather than uniformly increasing spending, offering new insights for personalized marketing strategies and digital consumer finance. |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2509.03063 |
| By: | Darrell Norman Burrell (Marymount University, Arlington, VA, USA) |
| Abstract: | The growing prevalence of computer-mediated communication (CMC) has prompted critical inquiry into how core human experiences, such as empathy, are transformed in digital environments. Contrary to the widespread assumption that technology inherently diminishes empathy, this study examines the nuanced psychological processes by which empathy is constructed, expressed, and experienced in online interactions. Focusing on emotional exchanges within digital contexts such as online support groups, teletherapy, and peer-to-peer forums, this research applies established psychological frameworks of affective and cognitive empathy to examine the enabling and inhibiting conditions of "digital empathy." Drawing on theories from social and cyberpsychology, as well as perspective-taking theory, the study explores how empathy functions when traditional nonverbal cues are limited or reinterpreted through text, emojis, video, and asynchronous responses. This work makes an original contribution by moving beyond the deficit model of digital interaction, offering a more differentiated understanding of empathy's adaptability and resilience online. It demonstrates that under certain psychological and contextual conditions, digital environments can facilitate profound emotional attunement, peer solidarity, and affective regulation. |
| Keywords: | Digital Empathy, Cyberpsychology, Online Communities, Psychological Safety Computer-Mediated Communication, Digital Well-being, Online Support Groups, Empathic Communication, Digital Civility |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0526 |
| By: | Saon Ray (Indian Council for Research on International Economic Relations (ICRIER)); Vasundhara Thakur |
| Abstract: | The urgent need to address climate change has placed environmental degradation and sustainable development at the centre of policy discussions. This highlights the importance of examining how the financial system directs funds toward green investments or emission-intensive industries. Expanding financial inclusion integrates more individuals into the formal financial system, influencing capital allocation. India has introduced several initiatives in recent years to enhance financial inclusion. In this context, this study explores the impact of financial inclusion on carbon emissions in India from 1990 to 2018. It also examines the interplay of financial inclusion and financial development on carbon emissions in India. The study uses the ARDL bounds testing approach to find a long-run relationship between financial inclusion and carbon emissions. However, the interaction between financial inclusion and financial development does not significantly impact emissions in the long run. These findings contribute to understanding the role of financial inclusion in shaping India's environmental trajectory. |
| Keywords: | financial inclusion, carbon emissions, financial development, banking, green finance, icrier |
| Date: | 2025–03 |
| URL: | https://d.repec.org/n?u=RePEc:bdc:wpaper:427 |
| By: | Bontems, Philippe; Hamilton, Stephen F.; Lepore, Jason |
| Abstract: | Multisided platforms have emerged as an increasingly important market structure with the rise of the digital economy. In this paper, we consider sequential price setting behavior by platforms and demonstrate sequential pricing outcomes Pareto dominate simultaneous pricing outcomes in terms of firm and industry profits. We compare policy implications and find prices are more balanced across the platform and average prices are higher under sequential pricing than under simultaneous pricing. We also demonstrate that pricing power can be considered independently on each side of the market under multihoming behavior. |
| Keywords: | Network Effects; Two-Sided Markets; Platform Competition |
| JEL: | D43 L13 L40 L86 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:130858 |
| By: | Angela D. Spencer (Capitol Technology University, Laurel, United States) |
| Abstract: | This paper addresses the significant gap in cybersecurity education with the rapid technological advancement, such as immersive technologies, decentralized digital platforms, and artificial intelligence advances. The educational programs are not adequately preparing students to confront new cyber challenges. While some technologies (i.e., virtual reality, augmented reality, AI systems, etc.) are increasingly redefining digital interactions and communication, more cyber challenges and opportunities are also developing that must be incorporated into cybersecurity education. This study employed a mixed-methods approach to analyze curricular materials from the top twenty cybersecurity courses, developed ten pedagogical use cases for immersive technologies and Web3, conducted a case study on an AI tutoring system in cybersecurity education, reviewed 137 peer-reviewed publications on cybersafe learning literacy, and consulted with eighteen cybersecurity professionals across various sectors. The findings included identified cyber threats (deepfake avatars and biometric spoofing), improved learning opportunities, and enhanced learners' engagement due to AI-tutoring. Still, the research provides a promising framework to incorporate these advancements into cyber science, including immersive simulations in syllabi as an example of an integrated experience, and interdisciplinary modules in AI ethics and blockchain security. Overall, this work aims to raise a better cybersecurity workforce in order to protect against potential digital threats that continuously evolve, while also addressing and encouraging fairness regarding access to technology and other ethical vectors. Future work should explore how these approaches will be adopted across cultures and the long-term impact of AI tutoring on future professional outcomes. |
| Keywords: | Cybersecurity Education, Immersive Technologies, Artificial Intelligence, Web3, Metaverse, Digital Identity, Cyber Science, Extended Reality |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0537 |
| By: | Us-Salam, Danish (Central Bank of Ireland) |
| Abstract: | The growing popularity of crypto assets has driven increased engagement, often fuelled by promotional content that highlights past returns while downplaying risks. This paper evaluates the effectiveness of behaviourally informed risk warnings in such a setting. Using an online randomized controlled trial, participants viewed simulated investment promotions for two financial products: stocks and crypto assets. Treatments combined behaviorally informed risk warnings with past return information, the same information but with returns shown before warnings, or risk warnings paired with price volatility cues. The first treatment significantly improved risk comprehension and perception by 5% and 4%. These effects are further magnified by the order in which information is presented and by increasing the salience of risk information. Showing risk warnings after potential returns increases risk comprehension by 12% and risk perception by 6%, suggesting evidence in favor of recency bias. Similarly, showing risk warnings and price volatility cues improves risk comprehension by 10% and risk perception by 7%, reflecting the effect of heightened risk salience. These effects are driven by at-risk investors, defined as individuals who follow crypto market updates on social media but have not yet invested in crypto assets. In line with prior evidence, we find no effect among those who have previously invested in crypto assets, likely because their decisions are shaped more by past investment outcomes than by ex-ante warnings. |
| Keywords: | Crypto Assets, Risk Warnings, Order of Information, Recency Bias, Salience. |
| JEL: | D83 G11 G41 C93 G53 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:cbi:wpaper:9/rt/25 |
| By: | Marco Reuter; Mr. Itai Agur; Alexander Copestake; Maria Soledad Martinez Peria; Mr. Ken Teoh |
| Abstract: | Cross-border payments are changing: existing intermediaries are upgrading their networks and new platforms based on novel digital forms of money are being explored, even as geoeconomic fragmentation is introducing new frictions. We develop a stylized model to assess the potential implications for the level and volatility of capital flows and exchange rates. On levels, we find that lower frictions in cross-border payments reduce UIP deviations and increase capital flows. On volatility, we find that the impact of lower frictions depends on the type of shock and the degree to which frictions decline. For real shocks, lower frictions increase capital flow volatility and reduce exchange rate volatility. For financial shocks, lower frictions increase exchange rate volatility while the impact on capital flow volatility is ambiguous. Specifically, when frictions decline by a small amount, capital flow volatility increases, while the opposite holds when the reduction in frictions is large. An increase in frictions reverses these results. |
| Keywords: | Exchange Rates; Capital Flows; Interest Parity; Payment Frictions |
| Date: | 2025–08–29 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/171 |
| By: | Francielly Hedler Staudt; Renato Ferreira Machado (UFSM - Universidade Federal de Santa Maria = Federal University of Santa Maria [Santa Maria, RS, Brazil]); Maria Di Mascolo (G-SCOP - Laboratoire des sciences pour la conception, l'optimisation et la production - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, G-SCOP_DOME2S - Design, Engineering and Operation Management of Systems and Services - G-SCOP - Laboratoire des sciences pour la conception, l'optimisation et la production - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Gülgün Alpan (G-SCOP - Laboratoire des sciences pour la conception, l'optimisation et la production - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Enzo Morosini Frazzon (UFSC - Universidade Federal de Santa Catarina = Federal University of Santa Catarina [Florianópolis]) |
| Abstract: | The integration of Blockchain technology (BCT) into supply chains and logistics operations has emerged as a promising field to address the challenges inherent to efficiency, transparency and security. The literature about benefits and barriers in blockchain implementation has been growing in the last years. However, it remains unclear to managers at which stage of BCT implementation projects these challenges arise. Therefore, based on the qualitative analysis of case studies and literature reviews, this work provides to professionals and researchers the association of the main barriers to be overcome in the BCT implementation phases. The PRISMA research methodology is used to define the portfolio of 161 articles from the Scopus database. The content analysis results show that private and hybrid Blockchain models are most recommended for supply chains, due to their secure integrity and processing speed. The technologies most associated with BCT continue to be QRcode, RFID, IoT, smart contracts. However, technologies such as Metaverse, Digital Twins and Machine Learning were also found. Finally, regarding the four implementation phases, the pre-adoption and adoption BCT phases are associated with a greater number of barriers in blockchain implementations. It demonstrates the importance of clearly presenting the technology to the target audience and have the managers and employees engagement during BCT implementation process. |
| Keywords: | Logistics, Barriers, Drivers, Technology, Blockchain implementation |
| Date: | 2025–06–23 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05216994 |
| By: | Andlib, Zubaria |
| Abstract: | This study examines the effectiveness of a digital financial literacy intervention aimed at improving financial knowledge, confidence, and behaviour among rural women in Pakistan. Using a randomized controlled trial conducted in two selected villages in the Rawalpindi district, women were assigned to receive digital financial literacy training either individually or jointly with a male household member. The intervention, delivered in person and via mobile phones, focused on core topics including budgeting, saving, and secure digital transactions. The training substantially improved women's financial knowledge, digital confidence, and self-efficacy. The intervention also increased the use of mobile wallets, greater engagement with formal savings mechanisms, and encouraged more consistent budgeting practices. When male household members participated alongside women, the intervention further enhanced women's financial autonomy and promoted more active joint decision-making over household finances. These findings demonstrate the potential of contextually grounded digital interventions to expand women's financial inclusion and highlight the value of household engagement in reinforcing women's economic agency. |
| Keywords: | Digital Financial Literacy, Financial Inclusion, Women's Empowerment, Behavioral Interventions, Randomized Controlled Trial |
| JEL: | C93 D14 O16 J16 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1656 |
| By: | Ebone McCoy (Capitol Technology University, Washington DC, USA) |
| Abstract: | The increasing reliance on digital infrastructure and rapid expansion of cloud computing have significantly amplified cybersecurity risks. Although technical solutions to these challenges are being developed, the ethical implications of these risks are often overlooked. This study investigates the ethical dimensions of modern cybersecurity challenges, particularly in the context of high-profile cyberattacks such as SolarWinds (2020), Colonial Pipeline (2021), and the Log4j vulnerability (2021). These incidents underscore the moral responsibilities of organizations in securing their software supply chains, protecting personal data, and mitigating the broader social impact of cybercrime. This paper explores the role of ethical frameworks, such as deontological ethics, utilitarianism, and virtue ethics, in shaping cybersecurity policies and proposes actionable recommendations for integrating these ethical principles into cybersecurity strategies. By examining these threats through an ethical lens, this study aims to provide actionable insights for organizations, policymakers, and cybersecurity professionals to create more responsible and resilient digital environments. |
| Keywords: | Cybersecurity Ethics, Privacy, Ransomware, Supply Chain Attacks, Software Vulnerabilities, Ethical Hacking, Zero Trust, Ethical Responsibility |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0499 |
| By: | Samuel Fiifi Eshun (Institute of Economic Studies, Charles University, Prague, Czech Republic); Evzen Kocenda (Institute of Economic Studies, Charles University, Prague, Czech Republic; Environment Centre, Charles University, Prague, Czech Republic; CESifo Munich; IOS Regensburg) |
| Abstract: | We present a comprehensive meta-analysis of the determinants of financial inclusion, synthesizing 3, 817 estimates from 102 studies published between 2013 and 2024. To reconcile divergent findings, we convert all results to a common unbiased metric-the partial correlation coefficient corrected via the UWLS+3 approach-and apply recent advances in meta-analysis methodology. The evidence shows that while reported effects are small and positive, they are systematically inflated by publication bias; once corrected, the underlying impact is more modest but remains economically meaningful. Among determinants, income-related factors play only a minor role, whereas technology, infrastructure, and persistence over time have far greater influence. Regional variation is substantial: Sub-Saharan Africa and MENA benefit more consistently from inclusion drivers than Europe or Asia. The results temper overly optimistic interpretations of individual studies and provide robust benchmarks for policymakers seeking to design effective and realistic strategies for advancing inclusive finance worldwide. |
| Keywords: | Financial inclusion, banks, meta-analysis, model uncertainty, publication bias, Bayesian model averaging |
| JEL: | C83 G21 O16 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:fau:wpaper:wp2025_14 |