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on Payment Systems and Financial Technology |
| By: | Mangave, Darshan |
| Abstract: | This paper observes at Adam Smith’s idea of the “invisible hand” and ask how it works in today’s world of algorithms and digital platforms. In the Wealth of Nations, Smith explained that when people act in their self-interest then markets balance themselves and society benefits. But now, in this century many economic choices are not made only by people. They are guided by algorithms. For examples, this can be seen in Amazon’s product rankings, Uber’s surge pricing, Google’s search results, Netflix’s recommendations, and AI trading in stock markets. These algorithmic systems connect buyers and sellers quickly, but they also create new problems like reduced competition, unfair pricing, manipulation of consumer choices, and market instability. The paper argues that the invisible hand has not disappeared, but it now takes the form of an “algorithmic hand.” For this hand to truly serve society, there must be careful attention to ethics and policy. |
| Keywords: | Adam Smith, Invisible Hand, Wealth of Nations, Algorithms, Digital Economy, Market Competition, Consumer Behaviour, Algorithmic Pricing, Platform Capitalism, Economic Policy. |
| JEL: | B12 D47 K23 L17 L86 O33 |
| Date: | 2025–09–14 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126154 |
| By: | Michael S. Barr |
| Date: | 2025–10–16 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:101946 |
| By: | Christopher J. Waller |
| Date: | 2025–10–15 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:101938 |
| By: | Raul A. Carrillo |
| Abstract: | Scholars and affiliates of the Levy Economics Institute have long demonstrated a granular understanding of the "operations" of money, which entails understanding the financial system's law and technology (Grey 2019, Tymoigne 2014, Fullwiler 2010, Bell and Wray 2002-3, Bell 2000). During the dot-com bubble, many Levy-affiliated economists underscored the relationship between government fiscal surpluses and unsustainable private debt (Godley and Wray 1999). Recently, scholars have written about the collapse of Silicon Valley Bank (Grey 2023; Tankus 2023) and resurgent speculation in the tech sector (Veneroso and Pasquali 2021). These are but a few examples. Here, I present some brief thoughts on money as a technology--money itself. I argue there is value in thinking of money not only as a legal institution, political, economic, or social relation but as technology. The exercise sharpens our vision of the future of money even as we continue to believe in radical uncertainty. I address a few points in this essay. First, I make the case for money as technology. I then survey three applications: 1) the trajectory of state money as a technology of public finance and its relationship to the suppression of indigenous and non-state monies, 2) the regulation of money-like liabilities issued by technology companies, which operate according to the accumulative logic of Silicon Valley rather than Wall Street, and 3) money's future as a technology of surveillance, discipline, and punishment. Finally, I call for scholarship to inform a vision of money as a more democratic technology (per the mission of the Economic Democracy Initiative and Levy Economics Institute). |
| Keywords: | Money; Technology; Neochartalism; Privacy; Surveillance; De-monetization |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1070 |
| By: | Christopher J. Waller |
| Date: | 2025–10–21 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:101979 |
| By: | Stanis{\l}aw Dro\.zd\.z; Robert Kluszczy\'nski; Jaros{\l}aw Kwapie\'n; Marcin W\k{a}torek |
| Abstract: | Multifractality in time series analysis characterizes the presence of multiple scaling exponents, indicating heterogeneous temporal structures and complex dynamical behaviors beyond simple monofractal models. In the context of digital currency markets, multifractal properties arise due to the interplay of long-range temporal correlations and heavy-tailed distributions of returns, reflecting intricate market microstructure and trader interactions. Incorporating multifractal analysis into the modeling of cryptocurrency price dynamics enhances the understanding of market inefficiencies, may improve volatility forecasting and facilitate the detection of critical transitions or regime shifts. Based on the multifractal cross-correlation analysis (MFCCA) whose spacial case is the multifractal detrended fluctuation analysis (MFDFA), as the most commonly used practical tools for quantifying multifractality, in the present contribution a recently proposed method of disentangling sources of multifractality in time series was applied to the most representative instruments from the digital market. They include Bitcoin (BTC), Ethereum (ETH), decentralized exchanges (DEX) and non-fungible tokens (NFT). The results indicate the significant role of heavy tails in generating a broad multifractal spectrum. However, they also clearly demonstrate that the primary source of multifractality are temporal correlations in the series, and without them, multifractality fades out. It appears characteristic that these temporal correlations, to a large extent, do not depend on the thickness of the tails of the fluctuation distribution. These observations, made here in the context of the digital currency market, provide a further strong argument for the validity of the proposed methodology of disentangling sources of multifractality in time series. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2510.13785 |
| By: | Kevin D. Tran; Leonardo Madio; Michelangelo Rossi; Mark J. Tremblay |
| Abstract: | We examine how greater price transparency affects pricing behavior in peer-to-peer markets. When Airbnb began displaying cleaning fee-inclusive prices to European users in response to EU regulation, hosts who had not charged fees raised their base prices by 67%, especially when competitors used cleaning fees. These adjustments arise because transparency changes how sellers perceive competitors’ prices: when fees are hidden, inattentive hosts benchmark only visible base prices; once fees are unshrouded, they realize competitors were effectively charging more. In contrast, hosts already charging cleaning fees reduce them by about 1.5%, particularly when serving more EU travelers. Transparency thus reduces price obfuscation for consumers but can increase prices for previously transparent sellers, revealing that regulatory efforts to enhance transparency may have unintended redistributive effects in decentralized markets. |
| Date: | 2025–04–02 |
| URL: | https://d.repec.org/n?u=RePEc:bri:uobdis:25/798 |
| By: | Daniela Balutel (York University) |
| Abstract: | This study explores public perceptions of Bitcoin prices and the factors shaping them using data from the Bitcoin omnibus survey conducted by the Bank of Canada from 2017 to 2021. Through regression analysis and Oaxaca–Blinder decomposition, I examine differences in price expectations between Bitcoin owners and nonowners. Additionally, I investigate how demographic characteristics, Bitcoin knowledge, and financial literacy influence these views. My findings reveal significant disparities, with owners consistently more optimistic about future prices than nonowners. The Oaxaca–Blinder decomposition shows that only a small portion of this gap is explained by observable characteristics, suggesting the presence of unobserved influences. Bitcoin knowledge emerges as a key explanatory variable, accounting for much of the explained difference, while demographic factors—such as age, gender, and education—also play important roles. |
| Date: | 2025–10–05 |
| URL: | https://d.repec.org/n?u=RePEc:boc:cand25:01 |
| By: | Maria Teresa Balaguer-Coll (Department of Finance and Accounting, Universitat Jaume I, Castellón, Spain); Lorenzo Caldirola (Department of Statistics and Operational Research, Universidad de Valencia, Spain); David Conesa (Department of Statistics and Operational Research, Universidad de Valencia, Spain); Rodrigo Cuenca De Armas (Department of Economics, Universitat Jaume I, Castellón, Spain); Emili Tortosa-Ausina (IVIE, Valencia and IIDL and Department of Economics, Universitat Jaume I, Castellón, Spain) |
| Abstract: | The article discusses the impact of physical bank branches on economic growth and the importance of considering this impact in a global context. Despite the rise of internet banking, physical access to essential goods and services remains crucial. Studies have shown a link between financial development, physical bank presence, and economic growth, but these studies have mostly been limited to single-country analyses, or lower territorial jurisdictions. To extend this research, we consider a large sample of countries and employ a Bayesian quantile regression approach to assess the varying impacts of bank branching on development. This method allows for an evaluation of whether the effects differ for poorer and richer regions. Results show that the stage of development is critical when assessing the impact of bank branch networks on development, and that the link is particularly weak in some geographical areas. |
| Keywords: | Bank branches; Financial development; Economic growth; Quantile regression |
| JEL: | G21 O16 O47 C23 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:jau:wpaper:2025/08 |
| By: | Michael McRae (Department of Economics, Trinity College Dublin) |
| Abstract: | This paper provides the first causal evidence that upstream infrastructure providers can reshape social media discourse by enforcing content moderation through access-based leverage. I exploit a 2022 update to Google's Play Store policy requiring stricter removal of violent threats and misinformation, along with variation in platform exposure across three similar 'Alt-Tech' social media platforms, within a triple-differences design. Using a novel panel of over 28 million posts from 62, 000 users, I find that threatening content declined sharply and persistently on the exposed platforms, particularly among high-risk users. These effects are not explained by user self-censorship, public awareness, contemporaneous events, or selective data loss. I also document significant reductions in lawful but politically sensitive narratives, including election denial and January 6 insurrection commentary. The findings show how infrastructure-level enforcement can durably alter the boundaries of permissible speech across platforms, contributing to literatures on platform governance, vertical restraints in digital markets, and the institutional foundations of online discourse. |
| Keywords: | platform governance; content moderation; digital infrastructure |
| JEL: | D83 L86 L82 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:tcd:tcduee:tep1425 |
| By: | Francesco Montaruli (Economic Research Unit, Banca d'Italia, Rome); Roberto Rinaldi (Luiss University - Rome) |
| Abstract: | This paper investigates the monetary theory of the Cambridge School, which emerged from the contributions of Alfred Marshall and Arthur Cecil Pigou between the late 19th and early 20th century. While still grounded in Fisher's quantity equation, the Cambridge School brought significant innovations to monetary theory. It emphasized the various functions of money beyond its role as a means of payment, which was the key insight of the quantity theory of money. The Cambridge School paved the way for new developments, eventually leading to John Mainard Keynes' 'A Treatise on Money' and 'The General Theory'. Specifically, Pigou examined the sum of currency and demand deposits as a ratio to nominal GDP, known as the k ratio. The Cambridge k is influenced by the current state of the economy and expectations regarding the purchasing power of money. Our analysis uses yearly time series data from Italy, spanning from its unification in 1861 to the introduction of the euro. We test the relationship between the k ratio and nominal interest rates. Our findings indicate that k follows a non-stationary process, challenging the notion of a stable velocity of circulation. However, when combined with two nominal non-stationary interest rates, we detect a cointegrating relationship which can be interpreted as a long-term equilibrium. The result of a Vector Error Correction Model (VECM) estimated over the entire time span supports the theoretical predictions of the Cambridge School. |
| Keywords: | the Cambridge School and "k"; money; integration; cointegration; VECM |
| JEL: | B10 B13 C32 E41 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:bdi:workqs:qse_56 |
| By: | Jameaba, Muyanja Ssenyonga |
| Abstract: | Today’s financial institutions have to adapt to changing business environment, increasingly demanding and differentiated customer preferences, and digitalization and technological changes. Using a documentary analysis approach, the article navigates the implications of the adoption of distributed ledger technology (BCT) on functions and performance of the general banking sector and financial system stability. Results underscore the role of DLT adoption in fundamentally changing the financial service development and delivery landscape, operations, providers, regulatory regime, and performance. DLT adoption is envisaged to trigger the entry of new non-bank providers, facilitate the development of collaborative financial innovations and operations, adoption of new business models that support open banking principles, maintain the leveraging of Big Data and data analytics. Consequently, banks have a diversified customer base, strengthened capacity and capabilities to leverage customer experience , fostering the development and deployment of financial innovations that bolster competitiveness. Moreover, DLT adoption has the potential to enhance the integrity and authenticity of financial service delivery, reduce vulnerability to cyber insecurity and financial fraud, foster decentralized authentication of financial transactions, increase operational efficiency, lower compliance cost, shorten onboarding of new product offers and customers, accelerate new product development and deployment. Moreover, DLT adoption enables traditional banks to protect their interest and non-interest income sources from new and nimbler players, bolsters banks’ financial intermediation and monetary policy transmission functions, widens banks’ ability to provide wealth custodianship services, fosters the provision of financial payments services to wider, diversified and transboundary clientele, and strengthen bank’s role in maintaining financial system stability |
| Keywords: | Blockchain, CBDC, crypto assets, digitalization, Fintechs, emerging technologies, open banking, P2P lending |
| JEL: | E52 G21 G28 O32 O33 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126280 |
| By: | Chahlae El Mrabet El Bannai (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Abdelmalek Essaadi University [Tétouan] = Université Abdelmalek Essaadi [Tétouan]) |
| Abstract: | Chahlae EL MRABET EL BANNAI. Digital transformation and adoption of |
| Keywords: | Banking performance -Mobile solutions -Adoption -Employees -Clients -Fintech. JEL code: G21 O33 L86 O55, Banking performance -Mobile solutions -Adoption -Employees -Clients -Fintech. JEL code: G21, O33, L86, O55 |
| Date: | 2025–09–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05255346 |
| By: | Weijie Zhong |
| Abstract: | We build a mechanism design framework where a platform designs GenAI models to screen users who obtain instrumental value from the generated conversation and privately differ in their preference for latency. We show that the revenue-optimal mechanism is simple: deploy a single aligned (user-optimal) model and use token cap as the only instrument to screen the user. The design decouples model training from pricing, is readily implemented with token metering, and mitigates misalignment pressures. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2510.09859 |
| By: | Younas, Aaqib; Ahmed, Jawad; Audi, Marc |
| Abstract: | The rapid expansion of mobile wallets and digital transaction platforms has transformed financial systems worldwide, reshaping the way consumers interact with money and manage spending. In Pakistan, services such as Easypaisa, JazzCash, and Raast have accelerated financial inclusion and improved efficiency, yet their behavioural consequences remain underexplored. This study aims to examine how the adoption of digital transaction platforms influences consumer spending behaviour, with a particular focus on psychological factors such as impulsivity, budgeting discipline, and mental accounting. To test the determinants of adoption and spending outcomes, was performed using multiple regression and the generalised method of moments was used. The findings reveal that income, education, digital literacy, mobile penetration, and financial inclusion positively influence digital payment adoption, whereas age and cultural orientation act as constraints. Behavioural analysis further indicates that frequent users of digital platforms experience a reduced “pain of paying, ” which encourages impulsive purchases, weaker adherence to budgeting, and diminished financial control, particularly among younger consumers. These results highlight the dual nature of digital finance: while it enhances inclusion and economic activity, it also increases risks of overspending and financial vulnerability. The study recommends integrating financial literacy into education systems, encouraging fintech providers to embed budgeting and savings tools, and strengthening regulatory oversight to ensure that the benefits of digital transaction platforms are maximised while their behavioural risks are mitigated. |
| Keywords: | Digital Finance, Consumer Behaviour, Mobile Wallets, Financial Inclusion |
| JEL: | G2 O3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126075 |
| By: | L. Randall Wray |
| Abstract: | This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx, Veblen, and Keynes. This paper examines and integrates (1) recent contributions by David Graeber and Duncan Foley that reinterpret Marx's labor theory of value, (2) the interpretation of Keynes's liquidity preference theory as a theory of asset pricing that began with Sraffa and was further developed by Minsky and Kregel, and (3) Modern Money Theory's approach to sovereign currency. As Heilbroner argued, money is central to the internal logic of the capitalist system, and is what makes capitalism truly different from other social organizations. Our theory of value informs our beliefs about how the deep structure of the economic system generates a system of prices denominated in the money of account. |
| Keywords: | Labor theory of value; Modern Money Theory; Liquidity Preference; Monetary Theory of Production; Marx; Keynes; Minsky; Graeber; Foley; Sraffa; Heilbroner |
| JEL: | B14 B24 B25 B51 B52 E11 E12 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1062 |
| By: | Stefan Jacewitz |
| Abstract: | With the passage of the GENIUS Act of 2025, stablecoins are poised to play a greater role in the U.S. financial system. Although very similar to bank deposits, stablecoins lack the government guarantees offered for bank deposits in the form of deposit insurance. This paper is the first to analytically derive the price of hypothetical “deposit” insurance for stablecoins. The price of this insurance is shown to be a function of the volatility of the stablecoin’s price (the price of debt), reflecting Merton’s (1977) deposit insurance pricing model. Empirical estimates of the price of stablecoin insurance are developed in a novel way: using the high frequency data on the spot-price of issuer debt that is available for stablecoins, but not for bank deposits. |
| Keywords: | stablecoins; deposit insurance; bank deposits |
| JEL: | G21 G23 G28 G29 |
| Date: | 2025–10–17 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedkrw:101961 |
| By: | Laura Lisset Montiel-Orozco |
| Abstract: | This working paper contrasts the neo-Keynesian and post-Keynesian theories of monetary policy for an open economy, highlighting the irrelevance of the orthodox theory and the explanatory capacity of heterodoxy for an emerging economy such as Mexico. It focuses on the role of the central bank and the case of the Mexican currency during the economic recovery after the Great Lockout. In the first section, we criticize two proposals of the 3-Equation New-Keynesian model, concluding that, implicitly, both models reaffirm the extreme neutrality of money and the exchange rate in both the short and the long runs. In contrast, we analyze the post-Keynesian exchange rate model proposed by John T. Harvey (2009). In addition, we rely on the fundamentals of the heterodox school of thought such as the financial instability hypothesis of Hyman Minsky (1994) and the relevance of capital flows for the determination of the exchange rate and its implications for economic growth and prices by Jan Kregel (2008). Finally, the erratic behavior of the excessive appreciation of the Mexican Super Peso against the dollar after the recovery of the COVID-19 crisis and in the context of global risk is presented. |
| Keywords: | Monetary Policy; New Keynesian Economics; post-Keynesian Economics; Foreign Exchange Rate; Mexico |
| JEL: | E31 E52 E10 E12 F31 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1057 |
| By: | Maxim Bichuch; Zachary Feinstein |
| Abstract: | An automated market maker (AMM) provides a method for creating a decentralized exchange on the blockchain. For this purpose, individual investors lend liquidity to the AMM pool in exchange for a stream of fees earned from its operations as a market maker. Within this work, we reinterpret the loss-versus-rebalancing as the implied fee stream generated by an AMM so that a risk-neutral investor is indifferent in the decision of providing liquidity. With this implied fee structure, we propose a novel fixed-for-floating swap on the fees generated by an AMM in order to quote the implied volatilities and implied correlations of digital assets. We apply this theory to realized fees in different markets to empirically validate the relevance of the deduced fee-based volatility. |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2509.23222 |
| By: | Korok Ray; Sindura Saraswathi |
| Abstract: | We formulate the design of a threshold signature scheme as made possible on cryptocurrency protocols like Bitcoin. The funds are secured by an m-of-n threshold signature, where at least m signatures are needed to unlock the funds. A user designs this scheme knowing that a malicious attacker can also obtain the signatures with some probability. Higher thresholds offer more security, but also risk locking the user out of his own funds. The optimal threshold balances these twin effects. Interventions like increasing the security or usability of the signatures allow for higher thresholds. We model dynamic threshold signature schemes, where the probability of a user or attacker obtaining signatures decays with time. A dynamic threshold signature scheme is optimal, and increasing security or usability allows for higher thresholds and longer time locks. |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2509.25408 |
| By: | Aditi Routh; Carly Urban |
| Abstract: | Approximately 5.6 million U.S. households remained unbanked in 2023. We examine the effects of state-mandated high school personal finance coursework on banking outcomes. Because the unbanked population resorts to alternative financial services, such as payday loans, for their financial needs, we also examine the interplay between payday loan regulation and financial education. We find that exposure to personal finance coursework is associated with a lower likelihood of being unbanked and of unbanked adults being uninterested in opening a bank account. This finding holds regardless of whether the state has allowed or restricted payday lending, but we find larger effects in states with stronger restrictions. These results suggest that, for financial inclusion, regulatory measures and financial education are more likely complements than substitutes. |
| Keywords: | financial education; Payday lending; financial inclusion; consumer finance |
| JEL: | D12 D14 G21 G28 |
| Date: | 2025–10–16 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedkrw:101957 |
| By: | Ghauri, Muhammad Aurang Zaib; Mudassar, Minza; Audi, Marc |
| Abstract: | Digitalization has emerged as a transformative force in modern industrial development, reshaping operational models, innovation practices, and competitive structures. This study investigates the impact of digitalization on the financial performance of industrial growth. Drawing on the resource-based view, dynamic capabilities theory, and transaction cost economics, the study develops a comprehensive framework linking digital strategy alignment, digital capabilities, technology adoption, innovation culture, and external support to industrial financial performance. Using panel data regression analysis on industrial firms, the results reveal that digital strategy alignment consistently exerts the strongest positive influence across measures of return on equity, return on assets, and asset turnover. Digital technology adoption and innovation culture show mixed effects, enhancing equity returns and operational efficiency while imposing short-term costs on asset-based performance. Digital capabilities display both transitional inefficiencies and long-term benefits, while external support emerges as statistically insignificant. These findings emphasize that the financial gains of digitalization are contingent on strategic coherence, organizational readiness, and cultural transformation rather than on technology adoption alone. The study contributes to both theory and practice by highlighting that firms must view digitalization as a holistic transformation process to overcome short-term paradoxes and achieve sustainable growth, while policymakers should focus on creating supportive ecosystems that strengthen firm-level capacities. |
| Keywords: | Digitalization, Industrial Growth, Financial Performance, Innovation Culture |
| JEL: | O1 O3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126074 |
| By: | Eric Tymoigne |
| Abstract: | A monetary approach that combines Chartalism, Nominalism, and Command origins of monetary systems is often deemed to have emerged only recently, while the Aristotelian approach (Commodity, Metallism, and Market origins of monetary systems) is the only one that existed until the end of the eighteenth/early-nineteenth century. In the major studies of the history of monetary thought, the Chartalism-Nominalism-Command approach is mostly left unmentioned, or at best reduced to an incoherent banality. The paper shows that this approach has a long and rich intellectual history among European monetary thinkers. In Europe, Plato was its first exponent, albeit in a very rudimentary way, and so one may call it the "Platonic approach." It is developed by Roman legists (such as Javolenus, Paulus, and Ulpian) and Medieval legists (such as Du Moulin, Hotman, and Butigella) who note that coins are similar to securities and that debts are serviced when nominal sums are paid rather than specific coins tendered. During the Renaissance and early modern period, a series of scholars and financial practitioners (such as Law, Dutot, Thomas Smith, and James Taylor) emphasize the financial logic behind monetary mechanics and the similarity of coins and notes. In the twentieth century, authors such as Innes, Knapp, Keynes, and Commons build onto the groundwork provided by these past scholars. In China, the Chartalism-Nominalism-Command approach develops independently and dominates from the beginning under Confucian and Legist thoughts. They emphasize the statecraft origins of monetary systems, the role of tax redemption, and the irrelevance of the material used to make monetary instruments. Clay, lead, paper, iron, copper, and tin are normal and convenient means to make monetary instruments, they are not special/emergency materials. The essence of a monetary instrument is not defined by its materiality but rather by its chartality, that is, by the promise it embeds. The Platonic approach rejects the categories and conceptualizations used by the Aristotelian approach and develops new ones, which leads to a different set of inquiries and understanding of monetary phenomena, problems, and history. |
| Keywords: | History of monetary thoughts; monetary theory; Chartalism; Nominalism; asset pricing; redemption |
| JEL: | B10 B11 B20 B26 E42 E62 G12 H30 K15 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1058 |
| By: | Abderraouf Ben Ahmed Mtiraoui (MOFID-Université de Sousse); Nadia Slimene (SU - Shaqra University, Saudi Arabia); Leila Chemli (Faculté des Sciences Economiques et de Gestion de Sousse, Université de Sousse, Tunisia) |
| Abstract: | The purpose of this paper is to assess the ability of a VAR model, used to predict. The results of the estimates lead to adopting a VAR model. However, the performances of this model are quite close, for certain horizons, to those performed by the forecasting organizations for the time series. We will first do a detailed analysis of Bitcoin prices, including the closing price. Next, we will move on to modeling the Bitcoin series using the VAR model, which will then be used for forecasting. We will move on to modeling the Bitcoin series using the VAR model, which consumers will then use. |
| Keywords: | VAR, Time Series, Bitcoin |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05253337 |
| By: | Kais Ben Mbarek (UJ - Université de Jendouba) |
| Abstract: | This educational document provides a structured analysis of financial intermediation in France, covering theoretical, institutional and recent sectoral developments. Intended for undergraduate and graduate students in economics and finance, it presents the fundamental mechanisms of banking and non-banking intermediation, the European regulatory framework (Basel III, PSD2, MiCA), as well as technological innovations transforming the sector (FinTech, blockchain, artificial intelligence). The guide is based on a progressive approach combining theoretical concepts and practical applications, enabling an in-depth understanding of contemporary issues in financial intermediation. The five chapters successively cover theoretical foundations, traditional banking intermediation, the role of financial markets, intermediation in insurance and savings, and the challenges of digital transformation. This work is part of an educational perspective aimed at providing students and young professionals with the keys to understanding a sector undergoing profound change. |
| Abstract: | Ce document pédagogique propose une analyse structurée de l'intermédiation financière en France, couvrant les aspects théoriques, institutionnels et les mutations récentes du secteur. Destiné aux étudiants de niveau Licence et Master en sciences économiques et financières, il présente les mécanismes fondamentaux de l'intermédiation bancaire et non bancaire, le cadre réglementaire européen (Bâle III, DSP2, MiCA), ainsi que les innovations technologiques transformant le secteur (FinTech, blockchain, intelligence artificielle). Le guide s'appuie sur une approche progressive alliant concepts théoriques et applications pratiques, permettant une compréhension approfondie des enjeux contemporains de l'intermédiation financière. Les cinq chapitres couvrent successivement les fondements théoriques, l'intermédiation bancaire traditionnelle, le rôle des marchés financiers, l'intermédiation dans l'assurance et l'épargne, et les défis de la transformation digitale. Ce travail s'inscrit dans une perspective pédagogique visant à fournir aux étudiants et jeunes professionnels les clés de compréhension d'un secteur en profonde mutation. |
| Keywords: | Innovation, France, Financial regulation, FinTech, Insurance, Financial markets, Banking, Financial intermediation, France Financial intermediation, Régulation financière, Assurance, Marchés financiers, Banque, Intermédiation financière, Intermédiation financière Banque Marchés financiers Assurance FinTech Régulation financière Innovation France Financial intermediation Banking Financial markets Insurance FinTech Financial regulation Innovation France |
| Date: | 2025–09–14 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05253490 |
| By: | Ignacio Carballo (Pontificia Universidad Católica Argentina. Buenos Aires, Argentina.); Martín Grandes (Universidad de Buenos Aires. Facultad de Ciencias Económicas. Instituto Interdisciplinario de Economía Política (IIEP). Centro de Estudios de la Estructura Económica. Buenos Aires, Argentina.); Carla Chinski (Universidad de Buenos Aires. Facultad de Ciencias Económicas. Buenos Aires, Argentina. CONICET–Universidad de Buenos Aires. Instituto Interdisciplinario de Economía Política (IIEP). Buenos Aires, Argentina.) |
| Abstract: | The paper studies financial inclusion and the digital gap among residents of informal settlements in Argentina (2020–2021), based on a multidimensional survey in 20 settlements across 10 provinces, highlighting the role of digital payments and infrastructure constraints. |
| Keywords: | Financial inclusion; Digital payments; Informal settlements; Poverty; Argentina |
| JEL: | E26 G51 G2 O35 O54 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:ake:iiepdt:2025-98 |
| By: | Suad Aal Thani (The Institute of Management, Economics and Finance of Kazan Federal University. Russian Federation Author-2-Name: Tatyana Palei Author-2-Workplace-Name: Doctor of Economics, Professor, Head of the General Management Department at the Institute of Management, Economics and Finance of Kazan Federal University. Russian Federation Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - The research analyzes how the combination of framing techniques, transmission pathways, and mental reasoning processes affects digital marketing material interactions, with a primary focus on clickbait and biased writing. The research combines Framing Theory with the Diffusion of Innovations and Elaboration Likelihood Model to understand how diverse digital content influences audience actions, affecting trust and the spread of content items. Methodology/Technique - Reported research demonstrates that clickbait headlines cause audiences to click more often, yet they keep users from the content for shorter periods. In contrast, biased content built with persuasive framing tendencies maintains audience retention in particular ideological communities. Balanced framing approaches produce greater trust and credibility among audience members. Findings - The research establishes that influencers play a vital role in disseminating content, while UGC and recommendation algorithms tend to amplify both engaging and highly contentious content. The evaluation of cognitive pathways reveals that factual information has lasting impacts on attitudes through central processing. In contrast, peripheral signals, such as surface-level emotions and visuals, initially spark interest in areas of low importance. The research shows that digital literacy can mitigate the impact of unbalanced content, as users with digital literacy tend to resist misinformation more effectively. The research findings offer a deeper understanding of how purposeful content presentation and social network multiplication mechanisms interact with audience processing methods to influence digital marketing success. Novelty - This study offers insights applicable to marketing specialists, content creators, and platform creators seeking to maximize user engagement while adhering to moral digital communication standards. Type of Paper - Empirical" |
| Keywords: | Clickbait, Biased Content, Digital Marketing, Kazan Federal University (KFU), Framing Theory, Diffusion of Innovations Theory, and Elaboration Likelihood Model. |
| JEL: | M37 L86 C88 D83 |
| Date: | 2025–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr349 |