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on Payment Systems and Financial Technology |
| By: | Losada Baños, José Javier |
| Abstract: | Throughout the millennial history of money, various payment instruments have been developed: some designed to facilitate economic transactions and others to preserve accumulated wealth, adapting in each historical period to the conditions and capabilities of the society of their time. In this context, the maturity achieved by the cryptocurrency industry over the last five years, especially in areas such as blockchain, oracle networks, self-custody, multi-chain environments, and decentralized applications —DApps—combined with today's colossal data processing capacity, opens up the possibility of applying these 21st-century technologies to the construction of a new international monetary system. This article explains how to use these telematic tools to achieve this, as well as their implications in the financial and economic arena, including enhanced financial stability and the recognition of the Fundamental Right of People to Safeguard the Wealth. |
| Keywords: | sistema monetario; bitcoin; cadena de bloques; blockchain; autocustodia; criptomoneda; estabilidad financiera; derecho fundamental de las personas a preservar la riqueza |
| JEL: | E42 E59 F31 G21 G23 O33 O35 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127678 |
| By: | Schilirò, Daniele |
| Abstract: | This study explores the transformative role of financial technology (FinTech) within the broader context of innovation ecosystems and its interconnections with financial inclusion. Financial technology has grown significantly in recent years. It encompasses sectors such as digital payments, blockchain, artificial intelligence, regulatory technology and insurance technology, reshaping the operational dynamics of financial systems, improving efficiency, competition, and transparency. In turn, the rapid adoption of data-intensive technologies introduces new regulatory and ethical challenges. Following an approach based on an examination of scientific literature the study first emphasizes the need to move beyond a technology-centric view and adopt an ecosystem-oriented perspective. This view highlights the interaction between technological advances, institutional frameworks, and market structures, as well as their impact on innovation. The analysis also shows that global connections and collaborations within FinTech ecosystems favor the development and diffusion of new innovations. Furthermore, FinTech and its ecosystem promote financial inclusion by reducing barriers to entry, making access to services affordable, and tailoring solutions to diverse customer needs. This benefits disadvantaged and underbanked populations, thereby expanding economic participation and reducing inequality. Given that current literature does not explicitly highlight the interrelationship among FinTech, innovation ecosystems, and financial inclusion, this study — without pretending to be exhaustive — underscores their interconnection. It demonstrates how collaborative technological innovation can expand access to financial services, despite the challenges and problems that remain to be solved. The article concludes that financial technology should be understood as a systemic force with profound implications for economic transformation, regulatory adaptation, the democratization of access, and the reduction of inequality. |
| Keywords: | Fintech; digital technologies; financial inclusion; innovation ecosystems; technological innovation; regulation |
| JEL: | F30 G2 G32 O31 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127045 |
| By: | Paul David Richard Griffiths (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School); Abhishek Mukherjee (University of Waikato [Hamilton]); Paresha N Sinha (University of Waikato [Hamilton]) |
| Abstract: | Purpose -This study aims to investigate the diffusion of financial technology (Fintech) in Vietnam by applying a service ecosystem perspective. It reconsiders traditional innovation diffusion approaches by focusing on the interplay of services, institutions and ecosystem dynamics across distinct Fintech service domains. Design/methodology/approach -This study employed a qualitative approach using the Knowledge Cafe method for data collection. Transcripts were coded and analysed thematically across different diffusion phases. Findings were validated through a half-day workshop with banking professionals. Findings -Government regulation in Vietnam has enhanced trust within the Fintech ecosystem, driving digital transactions and financial inclusion. However, as the regulations are heavily focused on the payment services, an uneven diffusion of innovation across the seven Fintech service domains is evident. Practical implications -Regulation can accelerate Fintech diffusion in early stages, as seen in Vietnam's payments sector, but may hinder innovation as technologies mature. Policymakers must adapt regulatory frameworks to balance stability with ongoing innovation. Originality/value -This study advances theory by analysing Fintech diffusion by service domain rather than as a unified sector and by extending the innovation diffusion theory to an emerging market context. Applying a service ecosystem lens reveals the multi-level dynamics shaping Fintech adoption, offering a more nuanced understanding across domains. |
| Keywords: | Vietnam, Innovation diffusion, Fintech, Financial services, Emerging market institutions |
| Date: | 2025–12–15 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05398969 |
| By: | Jessie Jiaxu Wang |
| Abstract: | The rapid growth of stablecoins, accelerated by regulatory frameworks like the Genius Act, has raised important questions about their impact on traditional banking. As these digital tokens gain mainstream acceptance, they could fundamentally reshape the structure and functions of banking and influence the established intermediation role of banks. |
| Date: | 2025–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfn:2025-12-17-1 |
| By: | Chuan Du; Ria Sonawane; Cy Watsky |
| Abstract: | Stablecoins are crypto-assets designed to maintain a stable value against a reference asset, typically the U.S. Dollar. The peg to the dollar is supported by the assets that back the stablecoin. Stablecoins perform dollar-like functions in decentralized finance (DeFi) and represent a run-able liability for their issuers. |
| Date: | 2025–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfn:2025-12-17-2 |
| By: | Ozili, Peterson |
| Abstract: | This study investigates the effect of inflation on the accessibility dimension of financial inclusion across 61 countries. The consumer price index and the GDP implicit price deflator are used as measures of inflation. Four accessibility indicators of financial inclusion are used which are the composite financial inclusion index, the number of bank depositors, ATM penetration and the number of bank branches. Using the median quantile regression and the two-stage least squares regression methods, the findings reveal that inflation has a positive effect on financial inclusion in European countriaes. A one percent increase in inflation leads to at least a 0.05 percent increase in financial inclusion in Europe. A negative but insignificant effect was found in African, Asian and the Americas countries. The moderation analysis shows that banking sector stability does not weaken the adverse effect of inflation on financial inclusion in African countries, but a high loan-to-deposit ratio in the banking sector weakens the adverse effect of inflation on financial inclusion and accelerates financial inclusion in a high inflation environment in African countries. In the individual mechanism analysis, we find that inflation decreases the number of bank depositors in the Americas and increases the number of bank depositors in European countries. High inflation decreases financial inclusion through a decrease in the number of bank branches in African and European countries. The implication of the findings is that inflation adversely affect financial inclusion, and the effect depend on the financial access indicator being examined. Policymakers need to identify the financial access indicators that are worst hit by rising inflation, and they should explore how monetary policy tools can reduce inflation persistence without decreasing the level of financial inclusion. |
| Keywords: | inflation, financial inclusion, quantile regression, bank stability, efficiency, loan-to-deposit ratio, financial inclusion index. |
| JEL: | E31 E51 E52 E58 G21 G23 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127369 |
| By: | Cho, Sung Ick |
| Abstract: | Applying the current regulatory framework for abuse of superior bargaining position to abusive conduct (gapjil in Korean) by digital platforms presents two key challenges: identifying harmed parties (victims) and incorporating efficiency considerations. Requiring the identification of each harmed party imposes significant procedural burdens in handling platform abuse cases and may be inadequate to remedy actual harm. In addition, given the intermediary nature of platform services, unfair trading practices may yield direct benefits for other user groups besides victims. Therefore, it is necessary to improve the relevant systems to reduce the burden of identifying victims and to examine possibilities for efficiency gains. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:kdifoc:334582 |
| By: | Ihlas Sovbetov |
| Abstract: | Decentralized finance (DeFi) lacks centralized oversight, often resulting in heightened volatility. In contrast, centralized finance (CeFi) offers a more stable environment with institutional safeguards. Institutional backing can play a stabilizing role in a hybrid structure (HyFi), enhancing transparency, governance, and market discipline. This study investigates whether HyFi-like cryptocurrencies, those backed by institutions, exhibit lower price risk than fully decentralized counterparts. Using daily data for 18 major cryptocurrencies from January 2020 to November 2024, we estimate panel EGLS models with fixed, random, and dynamic specifications. Results show that HyFi-like assets consistently experience lower price risk, with this effect intensifying during periods of elevated market volatility. The negative interaction between HyFi status and market-wide volatility confirms their stabilizing role. Conversely, greater decentralization is strongly associated with increased volatility, particularly during periods of market stress. Robustness checks using quantile regressions and pre-/post-Terra Luna subsamples reinforce these findings, with stronger effects observed in high-volatility quantiles and post-crisis conditions. These results highlight the importance of institutional architecture in enhancing the resilience of digital asset markets. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.19251 |
| By: | Maryam Arif; Soban Saeed |
| Abstract: | Our study investigates the interplay between young women's empowerment and Pakistan's economic growth, focusing on how social media use enhances their businesses and drives economic advancement. We utilize a mixed-methods research design, integrating both online and offline random sampling, for our survey of 51 respondents. We also utilized existing datasets consisting of both social media usage (n = 1000) and entrepreneurship (n = 1092). Our analysis identifies distinct social media engagement patterns via unsupervised learning and applies supervised models for entrepreneurship prediction, with logistic regression outperforming all other algorithms in terms of predictive accuracy and stability. In social media use, the cluster analysis reveals that at K=2, users form tightly packed, well-separated engagement groups. The results indicate that 39.4 percent of respondents believe social media positively impacts the economy by enabling businesses to generate increased revenue. However, only 14 percent of respondents participate in entrepreneurship, highlighting a substantial gap between digital engagement and business adoption. The analysis indicates that daily social media consumption is widespread with YouTube (66.7 percent) and WhatsApp (62.7 percent) being the most frequently used platforms. Key barriers identified are online harassment, limited digital literacy, and cultural constraints in a patriarchal society such as Pakistan. Additionally, 52.9 percent of respondents are unaware of government initiatives supporting women entrepreneurs, indicating limited policy outreach. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.12685 |
| By: | Fantazzini, Dean |
| Abstract: | In this study, we extend research on stablecoin credit risk by introducing a novel rule-of-thumb approach to determine whether a stablecoin is ``dead" or ``alive" based on a simple price threshold. Using a comprehensive dataset of 98 stablecoins, we classify a coin as failed if its price falls below a predefined threshold (e.g., \$0.80), validated through sensitivity analysis against established benchmarks such as CoinMarketCap delistings and \cite{feder2018rise} methodology. We employ a wide range of panel binary models to forecast stablecoins' probabilities of default (PDs), incorporating stablecoin-specific regressors. Our findings indicate that panel Cauchit models with fixed effects outperform other models across different definitions of stablecoin failure, while lagged average monthly market capitalization and lagged stablecoin volatility emerge as the most significant predictors—outweighing macroeconomic and policy-related variables. Random forest models complement our analysis, confirming the robustness of these key drivers. This approach not only enhances the predictive accuracy of stablecoin PDs but also provides a practical, interpretable framework for regulators and investors to assess stablecoin stability based on credit risk dynamics. |
| Keywords: | stablecoins; crypto-assets; cryptocurrencies; credit risk; probability of default; probability of death; panel binary models; fixed effects; cauchit; ZPP |
| JEL: | C32 C35 C51 C53 C58 G12 G17 G32 G33 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126906 |
| By: | Sterenn Lebayle (UGA - Université Grenoble Alpes, ILCEA4 - Institut des Langues et Cultures d'Europe, Amérique, Afrique, Asie et Australie - UGA - Université Grenoble Alpes) |
| Abstract: | On-demand service platforms like Uber, Deliveroo and Foodora have operated for over a decade. Yet, they have still not achieved profitability. Do these challenges stem from the particular aspects of their business models, such as two-sided markets and digital platforms, or do they reveal deeper structural issues? This article analyses Deliveroo's financial statements and synthesises data from its key stakeholders – restaurants, delivery couriers and consumers. It aims to examine the company's economic framework, track its trajectory since 2018, and highlight the constraints on its growth. The findings show that Deliveroo's cost structure is dominated by variable costs, while revenue from restaurants and consumers remains relatively stable. Since 2022, the two main drivers of profitability – platform growth and reductions in courier compensation – have stagnated, while rising inflation has created substantial obstacles to the financial sustainability of these platforms. |
| Date: | 2025–12–15 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05422853 |
| By: | Anastasiia Zbandut |
| Abstract: | This paper measures price differences between Hegic option quotes on Arbitrum and a model-based benchmark built on Black--Scholes model with regime-sensitive volatility estimated via a two-regime MS-AR-(GJR)-GARCH model. Using option-level feasible GLS, we find benchmark prices exceed Hegic quotes on average, especially for call options. The price spread rises with order size, strike, maturity, and estimated volatility, and falls with trading volume. By underlying, wrapped Bitcoin options show larger and more persistent spreads, while Ethereum options are closer to the benchmark. The framework offers a data-driven analysis for monitoring and calibrating on-chain option pricing logic. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.20190 |
| By: | Kenechukwu E. Anadu; Patrick E. McCabe; JP Perez-Sangimino; Nathan Swem |
| Abstract: | New money-like products, such as tokenized money market funds (MMFs), money market exchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. These products may offer significant benefits, but like other money-like assets, they also have certain vulnerabilities. We introduce a framework to analyze the vulnerabilities of new products by comparing their features to those that contribute to vulnerabilities in MMFs. Specifically, we examine the extent to which each product engages in liquidity transformation, is subject to threshold effects, serves as a money-like asset, poses contagion risks, and has reactive investors. Our framework is useful for assessing the potential effects of novel cash-like products on the overall resilience of the financial system and how such an assessment may change as these products’ uses evolve. |
| Keywords: | stablecoins; money market funds; exchange-traded funds; financial stability; liquidity transformation; contagion |
| JEL: | E50 G1 G23 |
| Date: | 2026–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedbqu:102319 |
| By: | Carmen Elena Stoenoiu (Technical University of Cluj-Napoca, Memorandumului 28, 400114, Cluj-Napoca, Romania Author-2-Name: Author-2-Workplace-Name: 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 current empirical research provides a bibliometric analysis over a five-year period in the field of changes generated by digital transformation in the accounting and auditing profession. It examines the evolution of the field, identifying key contributors through publications, while tracking changes and trends through the opportunities and threats related to the introduction of digital technologies. The study also highlights critical implications, especially in assessing the long-term effects on the need for curriculum changes for new competencies, the need for certifications and the creation of regulatory frameworks. Methodology/Technique – Bibliometric analysis was carried out using data from the Web of Science database, through performance analysis and specific scientific mapping techniques. VOSviewer software was used to analyze co-occurrence and obtain thematic clusters, providing an overview of the evolution of digital transformation in the accounting and auditing profession. Through the analysis of opportunities and threats, 4 groups resulted: I. Technological Field (Blockchain, Artificial Intelligence, Big Data), II. Accounting and Financial Reporting Field, III. Audit and Assurance Field and IV. The Governance and Regulation Domain resulted in a complex set of information related to adaptation (benefits/costs), new security requirements and the prospect of appropriate governance and regulatory frameworks. Findings – Current research has adapted in response to technical and economic priorities regarding the need for firms to perform and the challenges generated by digital technology at a global level. Initial studies focused on the effect among profile companies (large and small), highlighting the costs and impossibility of adaptation for small firms, but also on ethical and governance issues. Since then, attention has expanded because of advances in technology, reflecting growing concerns about professional replacement and the need for accountability, while emphasizing the need for stricter enforcement of repetitive activities to increase performance. Subsequently, the debates have stabilized with arguments for and against showing that the accounting and auditing profession will not disappear but will only undergo a transformation through additional requirements related to new skills. Although there are differences in size at the firm level, development at the national level, but also in regulation in the field, the study shows us that the opportunities are multiple and exploration continues. Novelty – This study presents empirical evidence on the evolution of research in digital technology applicable to the accounting and auditing profession over five years, being a robust reference framework for future research, providing valuable information to universities, which can update their study programs to align them with the current needs of the profession, and providing employers with a solid basis to assess future trends and the need to align both the material and human resources base through a gradual correlation with new competencies among professionals/employees. Type of Paper - Empirical" |
| Keywords: | Implications for Accounting and Auditing Services, Digital transformation in accounting and auditing, Blockchain, Artificial Intelligence, Big Data in Accounting and Auditing. |
| JEL: | G38 M21 M49 O33 J24 F36 |
| Date: | 2025–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr232 |
| By: | Elizabeth Irenne Yuwono; Dian Tjondronegoro; Shawn Hunter; Amber Marshall |
| Abstract: | Financial exclusion remains a major barrier to digital public service delivery in resource-constrained and archipelagic nations. Traditional policy evaluations rely on retrospective data, limiting the ex-ante intelligence needed for agile resource allocation. This study introduces a predictive simulation framework to support anticipatory governance within government information systems. Using the UNCDF Pacific Digital Economy dataset of 10, 108 respondents, we apply a three-stage pipeline: descriptive profiling, interpretable machine learning, and scenario simulation to forecast outcomes of digital financial literacy interventions before deployment. Leveraging cross-sectional structural associations, the framework projects intervention scenarios as prioritization heuristics rather than causal estimates. A transparent linear regression model with R-squared of 95.9 identifies modifiable policy levers. Simulations indicate that foundational digital capabilities such as device access and expense tracking yield the highest projected gains, up to 5.5 percent, outperforming attitudinal nudges. The model enables precision targeting, highlighting young female caregivers as high-leverage responders while flagging non-responders such as urban professionals to prevent resource misallocation. This research demonstrates how static survey data can be repurposed into actionable policy intelligence, offering a scalable and evidence-based blueprint for embedding predictive analytics into public-sector decision-support systems to advance equity-focused digital governance. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.12212 |
| By: | Aysajan Eziz |
| Abstract: | Do Ethereum's Layer-2 (L2) rollups actually decongest the Layer-1 (L1) mainnet once protocol upgrades and demand are held constant? Using a 1245-day daily panel from August 5, 2021 to December 31, 2024 that spans the London, Merge, and Dencun upgrades, we link Ethereum fee and congestion metrics to L2 user activity, macro-demand proxies, and targeted event indicators. We estimate a regime-aware error-correction model that treats posting-clean L2 user share as a continuous treatment. Over the pre-Dencun (London+Merge) window, a 10 percentage point increase in L2 adoption lowers median base fees by about 13% -- roughly 5 Gwei at pre-Dencun levels -- and deviations from the long-run relation decay with an 11-day half-life. Block utilization and a scarcity index show similar congestion relief. After Dencun, L2 adoption is already high and treatment support narrows, so blob-era estimates are statistically imprecise and we treat them as exploratory. The pre-Dencun window therefore delivers the first cross-regime causal estimate of how aggregate L2 adoption decongests Ethereum, together with a reusable template for monitoring rollup-centric scaling strategies. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.14724 |
| By: | Harpenau, Franziska; Taş, Serpil; Wiewiorra, Lukas |
| Abstract: | In order to capture users' attention and increase the amount of time they spend using digital devices and services, companies integrate features such as personalised recommendations, autoplay, infinite scrolling and push notifications. These features exploit psychological biases to foster frequent and prolonged usage, which can lead to problematic behaviours. This study uses an online survey to examine how consumers rate attention-grabbing, addiction-promoting designs on three types of platform, and the relationship between these designs and the addictive use of services. The study also examines users' self-regulation tactics and their perceptions of the impact of these designs on related addictions - in this case, shopping addiction. Most respondents report no noticeable effects of addictive designs on their usage time or purchasing behaviour. The average perceived impact is nearly neutral. However, when considering only the non-neutral responses, the perceived effects of the individual designs vary considerably. Usage time is more often perceived as prolonged, while shopping activity is perceived as decreased rather than increased. The strength of these effects also varies between different types of platform. Notably, a stronger perception of the effects of the designs correlates positively with higher values on the addiction scale in both domains. This suggests that these features may contribute to addiction development. |
| Abstract: | Um die Aufmerksamkeit der Nutzer zu binden und die Zeit, die sie mit digitalen Geräten und Diensten verbringen, zu verlängern, integrieren Unternehmen Funktionen wie personalisierte Empfehlungen, Autoplay, unendliches Scrollen und Push-Benachrichtigungen. Diese Funktionen nutzen psychologische Verzerrungen aus, um eine häufige und längere Nutzung zu fördern, wodurch sie zu problematischen Nutzungsmustern beitragen. In dieser Studie wird mithilfe einer Online-Umfrage untersucht, wie Verbraucher aufmerksamkeitslenkende, suchtfördernde Designs auf drei Arten von Plattformen bewerten und in welchem Zusammenhang diese mit einem suchtartigen Nutzungsverhalten von Diensten stehen. Außerdem werden die Selbstregulierungstaktiken der Nutzer sowie ihre Wahrnehmung der Auswirkungen dieser Designs auf verwandte Süchte, in diesem Fall Kaufsucht, untersucht. Die meisten Befragten geben keine spürbaren Auswirkungen der suchtfördernden Designs auf ihre Nutzungsdauer oder ihr Kaufverhalten an. Die durchschnittlich wahrgenommenen Auswirkungen ist nahezu neutral. Betrachtet man jedoch nur die nicht neutralen Antworten, zeigen sich sehr heterogene wahrgenommene Auswirkungen zwischen den einzelnen Designs. Die Nutzungsdauer wird häufiger als verlängert wahrgenommen, während die Einkaufsaktivität eher als verringert denn als erhöht wahrgenommen wird. Die Stärke dieser Auswirkungen unterscheidet sich auch zwischen den verschiedenen Arten von Plattformen. Nennenswert ist, dass eine stärkere Wahrnehmung der Auswirkungen der Designs positiv mit höheren Sucht-Skalenwerten in beiden Suchtdomains korreliert. Dies deutet darauf hin, dass diese Funktionen zur Entwicklung einer Sucht beitragen können. |
| Keywords: | dark patterns, manipulation, addiction, consumer survey |
| JEL: | D03 C83 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wikwps:334526 |
| By: | Çakmak, Kadircan (Tilburg University, School of Economics and Management) |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:tiu:tiutis:374c7509-f9e5-42d4-939a-36e33a034ef0 |
| By: | Hind El Bhilat (FSJES-Fès - Faculté des Sciences Juridiques, Economiques et Sociales de Fès); Mohammed Baaddi (FSJES-Fès - Faculté des Sciences Juridiques, Economiques et Sociales de Fès); El Mehdi El Bhilat (FSJES Souissi RABAT - Faculté des Sciences juridiques, économiques et sociales Souissi RABAT); Lalla Saadia Hamidi (FSJES Souissi RABAT - Faculté des Sciences juridiques, économiques et sociales Souissi RABAT) |
| Abstract: | The change in the distribution system in large and medium-sized stores has challenged the business model of most groups, prompting them to rethink their sales strategies by incorporating the benefits of digital transformation into service improvements. This article analyzes the determinants of digital adoption in the large-scale retail sales process in Morocco using a hybrid approach. On the one hand, a confirmatory quantitative study was conducted among 212 managers and directors of retail chains, using a questionnaire to gather data on the factors influencing the adoption of digital technologies in the sales process. , using the Technology-Organization-Environment (TOE) framework and testing the model using structural equation modeling (SEM). On the other hand, an exploratory qualitative study was conducted among 73 Moroccan consumers through semi-structured interviews processed using a content analysis inspired by Bardin. The results show that ease of use, the financial capacity of the company, IT expertise, strategic planning, and support from senior management are fundamental elements in the adoption of e-commerce in supermarkets. Thus, fierce competition, the development of consumer behavior, and the arrival of the health crisis have accelerated the digital transformation of sales processes. |
| Abstract: | Déclaration deLe changement du système de distribution dans les Grandes et Moyennes Surfaces a remis en cause le modèle commercial de la majorité des groupes, les incitant à repenser leurs stratégies de vente en intégrant les apports de la transformation digitale dans l'amélioration des services. Cet article analyse les déterminants de l'adoption du digital dans le processus de vente de la grande distribution au Maroc à travers une démarche hybride. D'une part, une étude quantitative confirmatoire a été menée auprès de 212 managers et directeurs d'enseignes de distribution, en mobilisant le cadre Technologie–Organisation–Environnement (TOE) et en testant le modèle par modélisation par équations structurelles (SEM). D'autre part, une étude qualitative exploratoire a été réalisée auprès de 73 consommateurs marocains, à travers des entretiens semi-directifs traités selon une analyse de contenu inspirée de Bardin. Les résultats montrent que la facilité d'usage, la capacité financière de l'entreprise, l'expertise en IT, la planification stratégique ainsi que le support de la haute direction sont des éléments fondamentaux dans l'adoption du e-commerce dans les GMS. Ainsi, la concurrence acharnée, le développement du comportement du consommateur, parallèlement à l'arrivée de la crise sanitaire ont accentué l'accélération de la transformation digitale des processus de vente. |
| Keywords: | omnichannel, retail in Morocco, digital transformation, physical sales, vente physique, transformation digitale, grande distribution au Maroc, e-commerce, omnicanalité, Cadre Technologie-Organisation-Environnement (TOE), Cadre Technologie-Organisation-Environnement (TOE) omnicanalité e-commerce grande distribution au Maroc transformation digitale vente physique JEL Classification : L81 Type du papier : Recherche empirique Technology-Organization-Environment (TOE) framework omnichannel e-commerce retail in Morocco digital transformation physical sales JEL Classification : L81 Paper type : Empirical research |
| Date: | 2025–11–02 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05342548 |
| By: | Anouar Abdessamad (Université Ibn Tofail / FEG Kénitra (Maroc)); Ranya Maatallah (Université Ibn Tofail / FEG Kénitra (Maroc)); Islam Azzouzi (Université Ibn Tofail / FEG Kénitra (Maroc)); Youssef Khatori (Université Ibn Tofail / FEG Kénitra (Maroc)) |
| Abstract: | À l'ère du commerce électronique et de la digitalisation croissante des parcours d'achat, les avis en ligne partagés par les clients jouent un rôle déterminant dans les choix des consommateurs potentiels. Cette étude examine l'influence des avis d'expérience des clients en ligne sur la décision d'achat, à travers six dimensions clés : la valence émotionnelle, la quantité, le contenu, la réactivité, la réputation de l'auteur et l'actualité des avis. Une approche quantitative a été adoptée auprès d'un échantillon de 320 consommateurs en ligne, et les données ont été analysées à l'aide de régressions linéaires multiples. Les résultats montrent que ces six dimensions exercent toutes une influence positive et significative sur l'intention d'achat, mettant particulièrement en évidence le rôle prépondérant de la valence et du contenu des avis. Ces constats contribuent à enrichir la littérature sur le comportement du consommateur en ligne et offrent des pistes opérationnelles pour les professionnels du marketing digital. |
| Keywords: | e-réputation, marketing digital. JEL Classification : M31 Type du papier : Recherche empirique Online customer reviews, purchase intention, consumer behavior, e-reputation, digital marketing. Classification JEL : M31 Paper type: Empirical Research, comportement du consommateur, intention d'achat, Avis clients en ligne, Avis clients en ligne intention d'achat comportement du consommateur e-réputation marketing digital. JEL Classification : M31 Type du papier : Recherche empirique Online customer reviews purchase intention consumer behavior e-reputation digital marketing. Classification JEL : M31 Paper type: Empirical Research |
| Date: | 2025–11–19 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05373187 |
| By: | Saki Bigio; Esteban Méndez; Diana Van Patten |
| Abstract: | This paper introduces an endogenous network of payment chains into a business cycle model. Motivated by evidence of linked payments across firms in Costa Rica, we develop a framework where production orders form bilateral relations: some payments are executed immediately, while others---chained payments---are delayed until upstream payments are received. These chains capture real-world situations in which firms must wait to be paid before paying their own suppliers, leaving resources temporarily idle even when demand and capacity exist. In equilibrium, agents choose the amount of chained payments given interest rates and access to internal funds or credit lines. This choice determines the payment-chain network and aggregate total-factor productivity (TFP). The paper characterizes equilibrium dynamics and pecuniary externalities when agents internalize their own payment delays but not the delays imposed on others. |
| JEL: | E32 E42 G01 O16 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34631 |
| By: | Liudmila Alekseeva; Silvia Dalla Fontana; Caroline Genc; Hedieh Rashidi Ranjbar |
| Abstract: | This paper asks whether, in the age of online communications, geographical clustering and in-person interactions are still essential for the soft information collection by venture capital (VC) investors. Through event study and difference-in-differences analyses, we show that VCs break their traditional norm and invest in more distant startups, following an interruption of in-person interactions. This evolution goes along with changes in selection criteria and VCs' syndication process. Overall, our study reveals that online interactions cannot perfectly substitute for in-person meetings and helps us understand how VCs revisit their investment model and balance out the risks of remote investing. |
| Date: | 2025–02–16 |
| URL: | https://d.repec.org/n?u=RePEc:ete:msiper:778792 |
| By: | Bezemer, Dirk (University of Groningen) |
| Abstract: | Contemporary capitalism is characterized by ‘macrofinancial slippage’: the growth of assets andliabilities in excess of the growth of activity and saving. This paper presents empirical evidence anddevelops an explanation centered on asset markets. In the Schumpeter-Keynes-Minsky view of theeconomy, money and finance are endogenous, hierarchical, dynamic and hybrid. In the context ofthe post-Keynesian financial-monetary circuit and given financial liberalization, this leads to fourprocesses: an innate tendency for finance to expand; for this expansion to go beyond investmentand spending; growing complexity of the financial sector; and Treasury and central bank policiesthat support capital gains. Combined with insufficient public investment and balance sheet spacefor private profit and investment, this leads to macrofinancial slippage. The paper concludes withpolicy implications and new research questions on capital gains. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:gro:rugfeb:2025008-gem |