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on Payment Systems and Financial Technology |
| By: | Jon Frost; Jean-Charles Rochet; Hyun Song Shin; Marianne Verdier |
| Abstract: | We compare three competing digital payment instruments: bank deposits, digital platform tokens and central bank digital currencies (CBDCs). A simple theoretical model integrates the theory of two-sided markets and payment economics. We use the model to assess the impact of a public option such as a fast payment system that makes private payment instruments interoperable, or a CBDC that provides general access to public digital money. We show that both options are essentially equivalent for the industrial organisation of the payment system. We find that, even if they may lead to some degree of disintermediation, both options can contribute to increasing financial inclusion and improving social welfare. |
| Keywords: | payments, CBDC, fast payments, banks, big tech, platforms |
| JEL: | E42 E58 G21 L51 O31 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1301 |
| By: | Sya In Chzhen (School of Economics, University of East Anglia) |
| Abstract: | This study investigates the global drivers for the adoption and usage of digital financial services (DFS) using three waves of repeated cross-sectional data from 160 countries, exploiting a pooled logit regression and the Heckman selection model. We predict the impact of proxies of digital nancial services, including mobile money account ownership, mobile or internet transactions, as well as the ownership and usage of credit and debit cards, into the adoption and usage of digital fi nancial services. While con rming ndings from existing literature, our fi ndings highlight several original insights. We fi nd that the diffusion of informal digital fi nancial services begins in countries with negative net migration, whereas the di usion of formal digital fi nancial services begins in countries with positive net migration. Population density is an adverse driver of adoption and usage of informal digital financial services, and of the transition from adopting to using debit cards. The historical level of digital infrastructure has a strong legacy e ect on the usage of digital fi nancial services, at both extensive and intensive margins. Population density is an adverse driver of adoption and usage of informal digital financial services and debit cards, as well as the transition from adopting to using debit cards. This study offers guidance to policymakers and other stakeholders by identifying the global determinants of both adoption and usage of formal and informal digital financial services, independent of market-speci c contexts, and the key determinants influencing the transition from adoption to e ective usage of speci c digital fi nancial services tools. |
| Keywords: | Digital nance; Financial inclusion; Technological di usion; ROC |
| JEL: | C35 G21 O33 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:uea:ueaeco:2025-03 |
| By: | Alonso Alfaro-Ureña (Department of Economic Research, Central Bank of Costa Rica); Evelyn Muñoz-Salas (Department of Economic Research, Central Bank of Costa Rica) |
| Abstract: | Though originally created as a way to avoid financial institutions, the development and wider use around the globe of certain type of assets called cryptocurrencies has been facilitated by an increased interest in new ways to accumulate value. New cryptographic technology, wider access to the internet, and an increase in processing capacity has contributed to this process. Some characteristics of this type of assets allow it to serve as means of exchange and store of value, which are characteristics shared with fiat currency minted by central banks. Those shared characteristics may confuse final users about potential uses and risks for personal financial decisions. The purpose of this technical note is to bring light in about the technological process involved in the creation of these assets, and the possible implications associated with its use. ***Resumen: Aunque en sus inicios surgieron por la búsqueda de un mecanismo para realizar transacciones que permitiera prescindir de las entidades del sistema financiero, el desarrollo y expansión alrededor del mundo de activos denominados criptomonedas se ha facilitado por un interés creciente por nuevas formas de acumular valor. Lo anterior se ha combinado con avances en la investigación sobre criptografía, un acceso a internet más generalizado y el aumento de la capacidad de procesamiento de los equipos computacionales. Algunas características de estos activos permiten su uso como medio de intercambio y de almacenamiento de valor, usos que tradicionalmente se le asignan al dinero hoy día emitido por los bancos centrales. Lo anterior podría ser fuente de confusión para el usuario final sobre su potencial uso y los riesgos que implica para las finanzas personales. |
| Keywords: | Â Money; Central Banking; Blockchain; Dinero, Banca central, Cadena de bloques |
| JEL: | E40 E58 O30 |
| URL: | https://d.repec.org/n?u=RePEc:apk:nottec:1901 |
| By: | Michael S. Barr |
| Date: | 2025–11–11 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:102091 |
| By: | Virgilio B Pasin; Anna Wyllie |
| Abstract: | The net send limit (NSL) tool allows financial institutions in the Lynx payment system to control their intraday payment outflow levels. While other liquidity management tools and strategies in Lynx have been studied extensively, no prior research has been conducted on how system participants use NSLs. We analyze data on Lynx NSLs, payments and settlement times and find that participants adopt a “set it and forget it” approach to scheduling NSLs. As well, participants have distinct intraday “loosening” and “tightening” behaviours with different timing and impacts on payment delays. We discuss two potential reasons for this behaviour: signalling to counterparties and rational inattention. |
| Keywords: | Financial institutions; Payment clearing and settlement systems; Recent economic and financial developments |
| JEL: | C10 D82 E42 E58 G21 G41 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocadp:25-13 |
| By: | Chongwoo Choe; Antoine Dubus; Noriaki Matsushima; Shiva Shekhar |
| Abstract: | Marketplace platforms are central players in online retail and are in an advantageous position to leverage data generated by third-party sellers. This paper analyzes how a platform's encroachment decision - whether to enter its marketplace as a direct competitor - is shaped by regulations that restrict its use of seller data. We show that the platform's encroachment decision follows a non-monotonic pattern: it enters against sellers with either relatively low or sufficiently high brand value, but remains a pure intermediary for intermediate brand values. The data ban regulation alters this strategy by making the platform more likely to exclude low brand-value sellers and more likely to accommodate high brand-value sellers. The implication is that, while such regulation can enhance competition in markets with high-value sellers, it can inadvertently harm sellers and reduce consumer surplus in emerging markets, where sellers typically lack brand recognition and depend on platform visibility. These results underscore the need for more nuanced regulatory approaches - promoting data sharing in emerging markets and targeted bans in mature, established markets - to better balance welfare and competition. |
| Keywords: | marketplace platforms, data regulations, digital markets act, innovation |
| JEL: | L21 L51 L42 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12233 |
| By: | Heiko Leonhard; Ralf Laschinger; Wolfgang Schäfers |
| Abstract: | Tokenization is rapidly emerging as a transformative investment vehicle for assets, offering a compelling alternative to traditional asset securitization and equitization. For real estate, open-end funds and Real Estate Investment Trusts (REITs) have long provided retail investors with access to real estate cash flows and portfolio diversification alongside stocks and bonds. The tokenization of real estate introduces a novel approach to discretionary, self-custodial fractional ownership and portfolio construction of single properties. Despite its growing adoption, little empirical evidence exists regarding the performance of real estate tokens compared to traditional real estate investments. This study investigates the profitability and performance of real estate tokens at both the investor and market levels, positioning them as a novel investment vehicle within the rapidly evolving blockchain-based financial market. Using a unique dataset of several million wallet-specific blockchain transactions—including primary and secondary market activities as well as rental payments—covering 673 tokenized properties in the U.S. from April 2019 to May 2024, we benchmark real estate token performance against traditional real estate investments. Our findings indicate that real estate tokens deliver competitive returns relative to REITs, while offering the additional benefits of cost-efficient, 24/7 trading and granular exposure to single properties. However, the discretionary nature of real estate token portfolio construction potentially increases clustering risk, which is typically mitigated by investing in pooled real estate vehicles. Given the significant market potential of direct real estate ownership, our results highlight the transformative potential of real estate tokenization in reshaping investment strategies in real estate and asset markets. |
| Keywords: | Asset Pricing; blockchain; Real Estate Investment Vehicles; real estate tokenization |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_144 |
| By: | Villalba, Roberto; Venus, Terese E.; Trappmann, Juliana; Sauer, Johannes |
| Abstract: | In the Global South, smallholder farmers are among the most financially excluded groups and appropriate indicators are essential to develop targeted support mechanisms. As financial inclusion is a complex and multidimensional phenomenon, we design a framework to link the concepts of access and usage of financial services and propose the Smallholder Financial Inclusion Index (SFI). We use Multiple Correspondence Analysis to identify 12 relevant indicators to measure financial inclusion and calculate weights. To demonstrate the applicability of the index, we use data from smallholders in Bangladesh, Uganda, Tanzania, Nigeria, and Ivory Coast to compare household, regional, and national financial inclusion. The results show Uganda has the highest SFI score at 35.45, followed by Bangladesh at 31.85, Tanzania at 22.49, Nigeria at 17.49, and Ivory Coast at 11.28. This index can be disaggregated to regional levels, allowing policymakers to identify vulnerable parts of the country and their specific financial needs (e.g., using bank accounts for saving and acquiring loans). For example, in Nigeria, farmers in the coastal regions report access to savings almost twice as large as in the central region. Lastly, we estimate a censored regression model using the household scores to understand factors driving household financial inclusion. We find that information channels are significantly associated with financial inclusion. The proposed index shows that a detailed understanding of financial inclusion can support policymakers in targeting excluded groups at the household and regional levels. |
| Keywords: | Agricultural Finance, Consumer/Household Economics |
| URL: | https://d.repec.org/n?u=RePEc:ags:aes024:355342 |
| By: | Boliang Lin; Ruixi Lin |
| Abstract: | A currency with stable purchasing power can always provide a psychological haven for people around the world. However, since the collapse of the Bretton Woods system, issuing more cheap currencies has become a common trend in the international community, and the legalization and over issuance of stablecoins will strengthen this trend. In this context, our study focused on a parallel monetary system based on a redeemable self-decay/devalued money(RSDM). Firstly, we point out the idea of redeeming gold at a fixed denomination with gold certificates is similar to an impossible perpetual motion machine. Only when the face value of a gold token self-decays or self-depreciates and the weight of the reduced value can compensate for the storage cost of physical gold, can it be convertible or redeemable. Secondly, we pointed out that as a modern "good money" under the Internet environment, it must have two basic functions: long-term value storage and zero logistics cost of money circulation. Thirdly, we found that a single type of money is difficult to shoulder the responsibility of modern "good money". Only a parallel monetary system, including RSDM, such as a triple-monetary system consisting of RSDM, domestic fiat and major international reserve currencies, can form the ultimate safe haven of wealth and safeguard the reverse Gresham law. Based on this analysis, we build an integer programming model for currency optimization selection in a multi-monetary pool. Fourthly, several potential application scenarios of RSDM in the real world were discussed, including a new approach to activate dormant gold assets in India based on RSDM, and the gold monetization scheme in the United States. Finally, the demand for RSDM with precious metals as collateral was analyzed, providing theoretical support for establishing a sound parallel monetary system based on RSDM. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2511.00365 |
| By: | Anmar Kareem; Alexander Aue |
| Abstract: | This paper evaluates the performance of classical time series models in forecasting Bitcoin prices, focusing on ARIMA, SARIMA, GARCH, and EGARCH. Daily price data from 2010 to 2020 were analyzed, with models trained on the first 90 percent and tested on the final 10 percent. Forecast accuracy was assessed using MAE, RMSE, AIC, and BIC. The results show that ARIMA provided the strongest forecasts for short-run log-price dynamics, while EGARCH offered the best fit for volatility by capturing asymmetry in responses to shocks. These findings suggest that despite Bitcoin's extreme volatility, classical time series models remain valuable for short-run forecasting. The study contributes to understanding cryptocurrency predictability and sets the stage for future work integrating machine learning and macroeconomic variables. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2511.06224 |
| By: | Jeffrey Fossett; Michael Luca; Yejia Xu |
| Abstract: | We document price differences for identical trips on Uber and Lyft, based on an audit of the two platforms. While price dispersion exists in the market, device-level data show that only 16.1 percent of consumers opening one app also open the other. Our estimates suggest that the modest frictions involved in comparison shopping increase platforms’ gross booking volume by over $300 million annually in New York City alone. While price-comparison engines could in principle reduce frictions, Uber’s API terms of use limit such services, reducing riders’ ability to price compare. |
| JEL: | D0 D40 D80 D83 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34441 |
| By: | Cram-Martos, Virginia; González, Joaquín; Ramírez, Lautaro M.; Arteaga, Javiera |
| Abstract: | El presente trabajo explora el rol de las cadenas de bloque (Blockchain) en el comercio internacional, destacando su capacidad para mejorar la transparencia, la trazabilidad y la eficiencia en las cadenas de suministro. El análisis comienza con los desafíos tradicionales del comercio internacional —como la burocracia, la falta de confianza entre actores y los costos derivados de intermediarios—, para luego introducir el Blockchain como una tecnología disruptiva que puede ofrecer soluciones efectivas a estos retos, especialmente en América Latina y el Caribe. Se examinan las características técnicas del Blockchain (descentralización, inmutabilidad, criptografía, contratos inteligentes) junto con varias aplicaciones prácticas en áreas clave como la certificación de origen, el seguimiento de productos, la logística internacional y los pagos transfronterizos. También se abordan casos de uso concretos y experiencias piloto en distintas partes del mundo, con foco en cómo gobiernos y empresas están adoptando esta tecnología para optimizar procesos y garantizar mayor seguridad jurídica en las transacciones. Asimismo, se presentan los desafíos pendientes para una adopción masiva del Blockchain en el comercio internacional en la región: aspectos regulatorios, interoperabilidad tecnológica, escalabilidad, recursos humanos, financiamiento y, como es usual en procesos innovadores, la necesidad de generar marcos de confianza entre los actores involucrados. |
| Date: | 2025–09–16 |
| URL: | https://d.repec.org/n?u=RePEc:ecr:col025:82467 |
| By: | Koji Takahashi (Director, Institute for Monetary and Economic Studies, Bank of Japan (E-mail: kouji.takahashi-2@boj.or.jp)); Joon Suk Park (Manager, Office of Digital Currency of Bank of Korea (E-mail: parkjs@bok.or.kr)) |
| Abstract: | We use generative artificial intelligence (GenAI), specifically ChatGPT, to simulate surveys on payment tools, focusing on perceptions of privacy and benefits. To validate the responses generated by GenAI, we compare the results with an existing survey on the privacy of financial apps by Brits and Jonker (2023). By designing prompts for hypothetical respondents (hereafter generative agents) that mirror the distribution of characteristics observed in actual surveys, we find that their views on payment app benefits and privacy align with real survey results when respondents are grouped by their level of privacy concern. Privacy-concerned agents view financial apps less favorably and perceive more risks, even without indicating this tendency in the prompts. Additionally, ChatGPT reflects the stark difference between users and non- users observed in the actual survey, with users finding payment apps more beneficial and less risky than non-users, despite not specifying these features in the prompt. However, ChatGPT does not replicate the variation--measured by the standard deviation of responses--observed in the actual survey, even when we specify detailed demographic characteristics of the generative agents in the prompt to match the dispersion in the observed data. This result means that there is a possibility that minority opinions may not be reflected. Moreover, ChatGPT provides responses with a bias towards being more privacy concerned. These results suggest that GenAI has the potential to be used as a complementary tool for surveys on users' perceptions of the privacy and benefits of payment tools, rather than as a substitute for actual surveys responded by humans. |
| Keywords: | ChatGPT, Generative artificial agents, Privacy paradox, Westin index, Survey, Payment |
| JEL: | M31 C83 C45 D12 L86 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:ime:imedps:25-e-13 |
| By: | Joachim B. Kraus |
| Abstract: | Purpose – The capital raising and dissemination of companies have been examined in numerous studies, but typically only through sector-independent analyses. However, there are few studies focusing on the effects of macroeconomic variables on newer sectors such as PropTech (Property Technology). This paper aims to identify relevant macroeconomic drivers for this sector and complement them with specific factors from the fields of technology and real estate.Design/methodology/approach – Multiple linear regression and a Fixed-Effects-Model (FE) are applied to conduct the analysis. The first analysis is based on a sample of 220 observations from 22 countries during the period from 2014 to 2023. Each observation represents the annual volume of venture capital (VC) investments in PropTech per country. The second analysis includes 98 observations from 98 countries, where each observation corresponds to the current number of PropTech companies per million inhabitants in each country.Findings – This study confirms that macroeconomic variables significantly influence the amount of invested capital. Furthermore, the analysis reveals that technological infrastructure (measured by the number of telephone connections) and the house price index have a positive effect on PropTech investments or the proliferation of such companies.Practical Implications – For PropTech companies and their investors, understanding the interplay between macroeconomic variables, technological advancements, and the real estate sector is essential. The direct relationships identified in this study play a crucial role in providing a holistic understanding of how technological and real estate factors impact the PropTech sector.Originality/value – This study addresses a research gap by examining the relationship between factors influencing the dissemination and investment in PropTech. The integration of cross-sectoral and sector-specific variables provides a novel approach that expands existing research perspectives. |
| Keywords: | Digitalization; Fixed-Effects Regression; proptech; venture capital |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_41 |
| By: | Ester Duro; Gianluca Mattarocci; Massimo Papa |
| Abstract: | In some countries, one of the main vehicles of the money-laundering is the real estate market and frequently legislation doesn’t guarantee the payment traceability and detectability of the origin of the resources used (Agarwal and Agarwal, 2008). In the real estate market, the money laundering operations involve many providers as developers, financiers, real estate companies, brokers, etc… (Financial Crimes Enforcement Network, 2008) and each country has adopted different solutions in order to manage these issues.The lack of an efficient legislation has direct relevant effects on the property values. Anyone who wants to launder money is willing to pay higher than normal market ranges, thereby causing real estate bubbles (Boles, 2017). The detection of the money-laundering phenomenons could be completed taking into consideration the characteristics of the financier, of the new owner, the premium paid and the number of transactions made by the same buyer (Ferwerda e Unger, 2013).There aren’t evident results achieved by the anti-money laundering legislation in the Western Balkan Countries real estate market. The actual policy doesn’t permit to underline the social cost caused by the absence of an effective control mechanism. The objective is to present an analysis model applicable in the Balkan countries that allows to evaluate the new anti-money laundering regulations in the real estate market. The analysis is divided in three parts: the first part will analyse the Balkan legal background in relation to the AML legislation, second part will analyse the legal, social and economic consequences of the implementation of AML measures and the third part will be focused on an economic analysis of the phenomenon.FIRST PART. The starting point is the analysis of the legal background of the Balkan countries and we need to underline that, regardless of the EU membership, the AML legislation it’s quite uniform. The Balkan area we find regulations that limit the private interest in order to protect the public one that is identified in the economic order. This limitation is esplicated in particular with the imposition of controls obligation for any advisors operating in the market. The main consequence is a lack of balance between the contracting parties, because the advisor has direct control on costumer. This mechanism is contextualized in the real estate market implies the principle of ‘identification and knowledge of the client’. According to this principle the banker that is a private counterparty as the client, before the conclusion of a contract has the right to check if the client can justify the origin of the money. In the case in which the check has a negative result, the contract can’t be concluded. But we have to remind that also in the cases where the control has a positive result and the contract is concluded, the banker exercise its power to control during the execution of the contract. In addition, if during the execution the banker detects a suspect of money-laundering, the bank has the duty to recede unilaterally interrupting the contractual relationship. According to this mechanism in this way we can’t talk about autonomous regulation of interests because the AML legislation imposes the conditions of the regulation and transforms the private counterpart in a controller with limited powers.What are the consequences of this process? From a legal point of view there is a reinterpretation of some principles of civil and commercial law that were born in the roman law they are now the base of the civil law tradition. So, for example, it changes the interpretation of the concept of bona fide. A general principle that has the objective to create a mutual loyalty between the parties. But if the fundamental criteria in the determination of the good faith are lies and these ones define the difference between the categories could know/could not know (K.K. Sabirov, 2021), to what to extent can we say that the client or the banker is lying? In particular, is the bank acting in good faith when identifies the client but doesn’t inform him about the aim and the consequences of the identification process? Does the client that is subjected to a sort of questioning from the banker still have a sense of loyalty to the latter? The banker’s power to control has led to change the interpretation of the principle of ‘diligentia quam in suis’. This principle is translated in a contractual liability only for the amount of care that the obligor customarily exhibits in his own affairs, rather than the care that may be expected from a reasonable man. (Hausmaninger H., 1985). Is unavoidable that the required diligence of the banker expands, and he must have not only economic knowledge but also legal knowledge. In addition, we need to underline, that the non-conclusion or the withdraw from the contract doesn’t stop the circulation of illicit money. In the first case, anyone who wants to launder will find a different way to do it, in the second case the bank has to return the money to the client and this one will find another way to do it. The result of AML regulation is a reduction in contractual banking relationships and the creation of a mistrust in banks since citizens feel controlled. Last but not least, we have to think that the AML regulation imposes restrictions for those that the Government can control (bankers, notaries, real estate agents …). But what happens if these providers aren’t necessary? Nowadays we hear more and more about house bought using the blockchain, that implies a direct interaction between private parties, without using any real estate market professionals. What shall we do in these cases? Shall we control ourselves as private citizens?SECOND PART. These consequences may seem not relevant, because we rarely think about them but we often think about the application of the regulation without considering if it’s heading the right direction. The main question is: is it right to limit more and more the private interest in order to protect the public one? Are we really protecting the public interest as well as the economic order? The AML regulation in Europe it’s quite uniform but the results aren’t the same. In terms of actual facts, two EU members, Croatia and Bulgaria, are in the FATF grey list. The European Commission reports underline a particular attention in fighting money laundering in Romania. On the basis of the latest report from the Global Initiative on illicit financial flows, in Bosnia Herzegovina it is estimated that money laundering ranges from 400 milion to one billion euros. In addition, the Global Initiative against organized crime underlines that “Despite efforts to prevent illicit finance – such as the adoption of international frameworks, Financial Action Task Force (FATF) standards and the EU’s anti-money laundering (AML) directives – financial institutions in the Western Balkans remain highly vulnerable to sophisticated criminals and the inherent risks in the formal financial system. Financial institutions such as banks, microfinance institutions, cryptocurrency services and money transfer servicesTHIRD PART. For this reason the analysis cannot be separated from the study of the economic impact on the property values caused by money laundering. The objective is to identify reliable measurements to detect potential money laundering events in the real estate market.The third part analyses the development of real estate values in the main Balkan cities in the last 20 years to calculate property price indexes and the price/rent ratio for different Balkan countries markets (i.a. You, Yu, Lin, 2013). Data will be collected by the official publication made by the national institute of statistics and it will be focused only on the housing sector.The analysis will be focused on the regulatory innovations in the field of money laundering to identify with an event-study approach the effects of the policy on the price dynamics. Specifically, following the Nanda and Ross approach (2012), it will be verified the property prices reaction caused by the introduction of the AML regulation, using aggregated index and temporal dummy variables linked to the entry of the new legislation. The result will permit to underline potential benefits arising from the restriction imposed by AML regulation on the reduction of real estate bubbles. If it will be possible, the analysis will be completed considering also samples of similar properties (on the base of a propensity score match) in order to identify the property types that are more influenced by the new regulation.In addition, the evidences will permit to evaluate potential benefits as reduction of money laundering cases on the houses accessibility for Balkan citizens and the sustainability of home financing. |
| Keywords: | AML Regulation; Real Estate Market; Western Balkan countries |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_85 |
| By: | Heims, Eva |
| Abstract: | To what extent does regulatory agencies' failure to protect the public from harm result from undue industry influence? We argue that “regulatory capture” is invoked too easily to explain regulatory failure. To re‐examine the relationship between regulatory capture and regulatory failure, we use process‐tracing to study UK regulatory decision‐making about payment protection insurance (PPI), a product synonymous with one of the largest financial mis‐selling scandals of all time. We analyze the case through three different perspectives on regulatory decision‐making: regulatory capture, organizational reputation, and organizational blind spots. The findings show that only the combination of all three theoretical lenses enables us to make sense of the Financial Services Authority's approach to PPI. We advance regulatory failure theory by showing how different external pressures on regulators and internal organizational constraints interact to result in failure, thus providing a comprehensive framework for the study of regulatory failure that future studies can apply. |
| Keywords: | regulatory agencies; organizational reputation; regulatory failure; regulatory capture; organizational blind spots; payment protection insurance |
| JEL: | F3 G3 |
| Date: | 2025–11–11 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130150 |