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on Payment Systems and Financial Technology |
| By: | Niepelt, Dirk |
| Abstract: | We review the macroeconomic literature on retail central bank digital currency (CBDC), organizing the discussion around a CBDC-irrelevance result. We identify both fundamental and policy-related sources of relevance, or departures from neutrality. Bank disintermediation — the crowding out of deposits — does not, by itself, constitute such a source. We argue that the literature has primarily focused on policy-related sources of non-neutrality, often without making this focus explicit. From a macroeconomic perspective, CBDC is, at its core, a matter of monetary architecture, and political economy considerations are central to understanding CBDC policy design. |
| Keywords: | Monetary architecture; Central bank digital currency; Private money; Neutrality; Lender of last resort |
| JEL: | E42 E51 G21 G28 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21141 |
| By: | Ahmed, Rashad; Rebucci, Alessandro; Clouse, James; Natalucci, Fabio; Sun, Geyue |
| Abstract: | The GENIUS Act, recently signed into law, establishes a dual federal and state regulatory framework for stablecoins, effectively segmenting the USD stablecoin market into GENIUS-compliant stablecoins and those that are not. This paper discusses the use cases and potential benefits of stablecoins in terms of payment system efficiency and costs, as well as their substitutability with money market mutual funds and bank deposits. It then analyzes the financial stability risks associated with both GENIUS-compliant and unregulated stablecoins using empirical analysis and historical case studies. It concludes by discussing the economic implications of the emergence of a large dollar stablecoin ecosystem. The discussion is supported by a new survey of expert opinions canvassed through Large Language Model (LLM) analysis of all U.S. podcast episodes on stablecoins from January 20 to July 17, 2025. |
| Keywords: | Cryptocurrency; Stablecoins |
| JEL: | E42 F33 G21 G23 O33 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20833 |
| By: | Pablo D. Azar; Jeff Garofano |
| Abstract: | On October 10, 2025, the announcement of a potential additional 100 percent tariff on Chinese goods drove risk-off moves across equities, Treasuries, credit spreads, and digital assets. Digital asset prices fell sharply, trading volumes surged, and liquidity vanished from key exchanges. In this post, we show how the price shock in digital assets was transmitted and amplified through a class of instruments called synthetic stablecoins—crypto assets whose structural design turned an external shock into a self-reinforcing deleveraging spiral within the crypto ecosystem. |
| Keywords: | stablecoins; cryptocurrency; cryptocurrency markets; financial stability; market liquidity; derivatives markets |
| JEL: | G12 G18 |
| Date: | 2026–06–23 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednls:103415 |
| By: | Benigno, Pierpaolo |
| Abstract: | We develop a tractable monetary framework in which central bank liabilities and privately issued stablecoins provide liquidity services. We study the interaction between managing the unit of account and managing the means of payment in a currency system. A wedge between market rates and administered remuneration on reserves and tokens makes the supply of public liquidity an independent policy instrument. We characterize when a fully remunerated central bank digital currency or frictionless private issuance can achieve liquidity satiation without losing price-level control, and why balance-sheet risk, seigniorage, and intermediation frictions prevent these knife-edge outcomes. An intermediate regime with a small central bank balance sheet and an elastic backstop stabilizes liquidity premia and inflation. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21033 |
| By: | Athanassiou, Phoebus; Czák-Ludwig, Stephanie; Di Gabriele, Nico |
| Abstract: | This paper examines the implications of the provision, in the European Union, of bank-like services, including payment services, by large non‑bank groups (i.e. groups that do not comprise entities with a banking licence), and evaluates policy options to address the emergence of so-called neo-conglomerates by recalibrating the regulatory perimeter. Drawing on five EU case studies (a messaging app white‑label arrangement, a complex multi‑partner “super‑app” model, a systemic payment group, a borderless financial technology firm (fintech) and a bank) – this paper illustrates how financial services may be delivered through digital unbundling and re-bundling, embedded distribution and white‑label partnerships. It maps the business models, licensing structures, fintech partnership chains and data frictions that may obscure group‑wide risks and complicate home‑host supervisory cooperation. The cases were included for illustrative purposes only, and implying no judgement at all on the soundness or governance of the firms concerned, nor on the effectiveness or adequacy of the actions taken by the relevant supervisory authorities. The paper also identifies potential “blind spots” in the regulatory frameworks applicable at the time of writing and misalignments in prudential, conduct and operational objectives. Building on guidance from standard‑setting bodies and international organisations on supervisory approaches to financial innovation, fintech and Big Tech, the paper identifies four priority areas for consideration, with a view to limit regulatory arbitrage and systemic interdependencies, while at the same time preserving innovation. [...] JEL Classification: G28, E58, K23, O33, F36, G32 |
| Keywords: | group-wide supervision, neo-conglomerates, regulatory arbitrage, regulatory perimeter, systemic risk |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbops:2026394 |
| By: | Barrios, John; Bertsch, Christoph; Schilling, Linda |
| Abstract: | Stablecoins increasingly link Treasury markets and decentralized finance, and this paper shows they do more than bridge the two: they transmit runs between them. We develop a model in which stablecoins are fully backed by Treasury bonds, pay no interest, and serve as gateway assets to DeFi lending, so that the stablecoin peg, the liquidation price of Treasury reserves, and runs on a DeFi lending protocol are jointly determined. A shock that originates inside DeFi can trigger withdrawals, stablecoin redemptions, and Treasury fire sales, turning crypto-native distress into price pressure in the U.S. Treasury market. The reverse channel is just as consequential: a shock to Treasury values can weaken the peg, strip the dollar value from stablecoin-denominated DeFi claims, and trigger a run on an otherwise sound DeFi protocol. The mechanism rests on a no-interest paradox: the fixed, non-interest-bearing design that makes a stablecoin look safe in isolation is exactly what forces it to depend on DeFi returns for its appeal, and that dependence is what lets fragility travel in both directions once the peg, reserve liquidation, and DeFi runs are solved jointly rather than fixed in advance. |
| Keywords: | Stablecoins, Decentralized Finance (DeFi), Exchange rate pegs, Treasury Mar- kets, Financial Contagion, Systemic Risk, Collateral Liquidation, Asset Fire Sales. |
| JEL: | E42 E44 G01 G21 G23 |
| Date: | 2026–06–30 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:129798 |
| By: | Bisceglia, Michele; Bonatti, Alessandro; Scott Morton, Fiona |
| Abstract: | We study how privacy regulation affects menu pricing by a monopolist platform that collects and monetizes personal data. Consumers differ in privacy valuation and sophistication: naïve users ignore privacy losses, while sophisticated users internalize them. The platform designs prices and data collection options to screen users. Without regulation, privacy allocations are distorted and naïve users are exploited. Regulation through privacy-protecting defaults can create a market for information by inducing payments for data; hard caps on data collection protect naïve users but may restrict efficient data trade. |
| Keywords: | Data; Defaults; Privacy |
| JEL: | D18 D82 D83 L12 L51 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20842 |
| By: | Rama Siva Sarwari Mallela; Manuele Leonelli |
| Abstract: | Cryptocurrency markets are prone to violent, synchronised drawdowns, challenging the claim that a basket of crypto-assets offers genuine internal diversification. Because standard covariance-based metrics fail to capture asymptotic tail dependence, they systematically understate systemic risk and overstate diversification benefits precisely when markets crash. This study maps the conditional dependence structure of the cryptocurrency market directly in the joint tails, isolating direct extremal linkages from those mediated by the rest of the system. We analyse the daily returns of the thirteen largest cryptocurrencies over a sequence of 89 overlapping windows spanning late 2021 to 2025. We apply dynamic H\"usler-Reiss graphical models of extremes, estimated separately for joint crashes and rallies, and benchmark them against a Gaussian graphical model of ordinary co-movement. The results reveal a near-complete and stable lower-tail graph, an upper tail that thins over time to re-form sectoral structures, and the dissolution of ordinary token categories into a single block anchored by a Bitcoin-Ethereum core. These findings imply that intra-crypto diversification fails on the downside, standard risk models underestimate market-wide crash probabilities by roughly eight-fold, and dynamic extremal graphs offer a superior tool for systemic risk monitoring. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.16840 |
| By: | Karlan, Dean; Lambon-Quayefio, Monica; Manjeer, Utsav; Udry, Christopher |
| Abstract: | Digital finance in agriculture is a nascent technology which could help improve rural financial inclusion. In an experimental evaluation of a digital lending product for farmers in Southern Ghana, credit increases farm investments but has few statistically significant average effects on downstream outcomes. However, logistical challenges generated imperfect compliance with the treatment assignment, with some loans delivered in a timely fashion for agricultural investments and others coming later. We cautiously exploit this unplanned non-experimental implementation heterogeneity and conclude that agriculturally-focused digital credit platforms have potential to tackle persistent rural financial market imperfections, but the timing seems critical and deserves further study. |
| Keywords: | Ghana; Trade |
| JEL: | O12 O16 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21177 |
| By: | Johnen, Johannes; Shekhar, Shiva |
| Abstract: | This paper proposes a simple yet useful framework for evaluating vertical mergers in digital markets by distinguishing between product-specific and ecosystem-specific network effects. Vis-Ã -vis no network effects, product-specific network effects amplify foreclosure and steering incentives, as a rival’s growth directly undermines the platform’s product value. Conversely, ecosystem-specific effects dampen foreclosure incentives, since rivals contribute to the overall value of the platform ecosystem. We develop a formal model illustrating how this distinction shapes platform behavior and competitive outcomes. We apply this distinction to real-world examples to illustrate its potential usefulness. Our distinction implies that regulators may want to adopt a stricter standard with no presumption of efficiencies where product-specific effects dominate. In contrast, when ecosystem-specific effects prevail, merger evaluation should mirror traditional vertical merger analysis. Thus, offering a more nuanced approach to merger evaluation by presenting a practical screening tool to identify problematic vertical mergers in markets featuring network effects. |
| Keywords: | Network externalities; Platforms; Vertical integration; Foreclosure; Steering |
| JEL: | L22 L41 L51 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20899 |
| By: | Rachid Maghniwi (UM5 - Université mohamed 5, Rabat, LARMODAD - Research laboratory in organizational management, business law and sustainable development (LARMODAD),); Mustapha Oukassi (LARMODAD - Research laboratory in organizational management, business law and sustainable development (LARMODAD),) |
| Abstract: | The Moroccan banking sector is undergoing a profound structural transformation driven by the convergence of fintech disruption, neobank emergence, and regulatory modernisation. This paper investigates the extent to which Open Banking constitutes a strategic and operational imperative for Moroccan incumbent banks seeking to retain market relevance in an environment characterised by intensifying digital competition. Drawing on a sequential explanatory mixed-methods design, the study combines a quantitative survey of 500 retail banking clients across five major Moroccan cities with 25 semi-structured expert interviews conducted with bank executives, regulatory officials, and fintech entrepreneurs. Partial Least Squares Structural Equation Modelling (PLS-SEM) grounded in the UTAUT2 framework quantifies adoption drivers, while thematic content analysis triangulates expert perspectives. Findings reveal that 67.4% of surveyed clients used at least one neobank or fintech payment service in the previous twelve months, compared to just 18.6% in 2021. Client satisfaction with neobank services averages 4.1/5.0, significantly exceeding satisfaction with incumbent banks (3.2/5.0). Three significant predictors of Open Banking adoption are identified: Performance Expectancy (β = 0.42; p < 0.001), Hedonic Motivation (β = 0.31; p < 0.01), and Perceived Regulatory Trust (β = 0.28; p < 0.05). Open Banking emerges not as a technological option but as a structural response to the competitive asymmetry created by neobanks. The paper proposes an Open Banking Maturity Model (OBMM) adapted to the Moroccan regulatory context |
| Abstract: | Le secteur bancaire marocain est confronté à une disruption numérique accélérée portée par l'essor des néobanques, dans un contexte où l'absence d'un standard Open Banking structuré constitue une lacune réglementaire critique et un vide scientifique peu étudié en Afrique du Nord. Cette étude examine dans quelle mesure l'Open Banking constitue un impératif stratégique pour les banques marocaines établies. Sur la base d'un design mixte séquentiel explicatif (enquête, n = 500 ; 25 entretiens experts), la modélisation PLS-SEM anchée dans le cadre UTAUT2 étendu identifie trois déterminants significatifs : l'Espérance de Performance (β = 0, 42 ; p < 0, 001), la Motivation Hédonique (β = 0, 31 ; p < 0, 01) et la Confiance Réglementaire Perçue (β = 0, 28 ; p < 0, 05) — ce dernier construit constituant une extension originale du modèle UTAUT2 au contexte de l'adoption de services financiers numériques. La pénétration des néo-banques a progressé de 18, 6 % (2021) à 67, 4 % (2024), confirmant l'urgence stratégique. L'étude propose le Modèle de Maturité Open Banking (MMOB) en quatre stades, adapté au contexte réglementaire marocain. |
| Keywords: | Open Banking, Néo-banques, Fintech, Maroc, Numérisation bancaire, API bancaire, Adoption client |
| Date: | 2026–04–24 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05638599 |
| By: | Chen Lin; Eswar S. Prasad; Daniel Rabetti; Che Zhang |
| Abstract: | We study the emerging market for tokenized US Treasuries and yield-bearing dollar instruments on public blockchains. Using a comprehensive dataset that combines on-chain transactions, protocol-level total value locked, pool yields, and monetary policy and stress events, we document three core findings. First, yields can be decomposed into distinct components reflecting issuer fees, lending premia, leverage, basis-trade carry, and collateral pledgability, with the latter generating economically large implicit convenience yields. Second, monetary policy transmission into on-chain dollar markets is highly heterogeneous across product designs, with administratively set rates adjusting slowly and basis-trade-backed instruments displaying economically amplified responses to policy shocks. Third, tokenized Treasuries serve as digital safe havens during episodes of cross-asset stress, attracting large inflows during risk-off events while simultaneously exposing new fragilities arising from the interaction between on-chain composability and off-chain reserve structures, particularly through stablecoin balance sheets. Overall, we provide insights into the distinctive dynamics of pricing, transmission, and fragility of digital Treasuries as decentralized and traditional financial infrastructures increasingly integrate. |
| JEL: | E44 E52 G1 G2 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35412 |
| By: | Haese, Jérémie; Kretschmer, Tobias; Peukert, Christian |
| Abstract: | How early-stage platforms can overcome the chicken-and-egg problem is a central strategic challenge. We develop a dynamic model of two-sided platform adoption in which user utility depends on same-side and cross-side network effects, and adoption is shaped by advertising that increases sensitivity to perceived utility. We highlight the distinct role of advertising as a salience amplifier rather than a direct utility shifter. We derive closed-form conditions under which a platform takes off or collapses, showing that even when one side cannot sustain growth alone, targeted advertising on the other side can trigger self-reinforcing adoption. We show how advertising reduces the required strength of indirect network effects for critical mass and provides strategic guidance on where to allocate early marketing resources. To illustrate these mechanisms, we run agent-based simulations to illustrate the dynamics of three platform archetypes: marketplaces, service platforms, and ad-funded social networks. The simulations confirm that modest early advertising can reliably push the system past its critical threshold and that the optimal side to target depends on market size, the direction and strength of network effects, and competitive conditions within each side. We extend our model to incorporate competition between two platforms in which advertising can have spillovers (category versus brand advertising) and find that early differences in advertising levels across the platforms can tip the market towards one platform. We conclude with a discussion of managerial implications, giving actionable guidance for platform entrepreneurs to overcome the chicken-and-egg problem. |
| Keywords: | Two-sided markets; Advertising |
| JEL: | M37 O33 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21012 |
| By: | Nina R. Acree; Kayleigh Barnes; Alexander Bruce; Simona Hannon |
| Abstract: | The emergence and rapid growth of "Buy Now, Pay Later" (BNPL) services represent a novel financial development in the consumer credit landscape, reflecting evolving payment preferences and changes in point-of-sale financing arrangements. While BNPL providers offer a menu of credit products typically at the point of sale (such as a range of short- and longer-term installment loans in addition to the signature "pay in 4" plans), the nascent literature on BNPL has centered on "pay in 4" products, focusing on user characteristics and usage consequences. |
| Date: | 2026–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfn:103396 |
| By: | Hui He; Yao Zhao; Dayong Zhou |
| Abstract: | The paper develops a new monetarist DSGE model to examine the macroeconomic implications of fiat-money-backed stablecoins and the effectiveness of prudential policies in mitigating associated risks. The model features two segmented sectors: a centralized real economy where fiat money facilitates consumption and investment, and a decentralized virtual economy characterized by anonymous bilateral search and matching, in which transactions are exclusively conducted using stablecoins. Calibrated to the U.S. economy, the simulation results reveal that stablecoins amplify the propagation of exogenous shocks to key macroeconomic variables by weakening the effectiveness of monetary policy. However, prudential regulations—specifically those governing the backing ratio of stablecoins to fiat-denominated reserve assets, analogous to banking liquidity requirements—can serve as stabilizing instruments, dampening volatility and enhancing macroeconomic resilience in the presence of stablecoins. |
| Keywords: | Stablecoin; DSGE; Monetary Search; Currency Competition; Prudential Regulation; IMF working papers; Dayong Zhou; dampening volatility; views of the IMF; digital currency; can stablecoins; Real interest rates; Dynamic stochastic general equilibrium models; Consumption; Global |
| Date: | 2026–06–26 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2026/129 |
| By: | Alvarez, Fernando; Argente, David; Lippi, Francesco; Méndez, Esteban; Van Patten, Diana |
| Abstract: | We develop a dynamic model of technology adoption featuring strategic complementarities: the benefits of the technology increase with the number of adopters. We show that complementarities give rise to gradual adoption, multiple equilibria, multiple steady states, and suboptimal allocations. We study the planner’s problem and its implementation through adoption subsidies. We apply the theory to SINPE Movil, a peer-to-peer payment app developed by the Central Bank of Costa Rica. Using transaction-level data and user-specific networks that we construct from administrative records, we causally estimate sizable complementarities. In our calibrated model, the optimal subsidy pushes the economy to universal adoption. |
| JEL: | E4 E5 O1 O2 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21211 |
| By: | Shoib, Zulekha; Lohana, Sneha |
| Abstract: | Digital labor platforms and online work are rapidly growing in Pakistan, yet rigorous empirical evidence on the effect of this growth on Wages is very scarce. This paper uses the recent Labor Force Survey 2024- 2025, the first national dataset to separately identify online and digital workers, to examine three related questions: whether digital work generates a wage premium over traditional employment, whether this premium differs by gender, and the characteristics of individuals to predict entry into digital work. Using Mincer's equation, OLS regression on a restricted sample of 24406 workers, this research estimates a premium for digital work while controlling for age, gender, education, and job characteristics. The findings reveal that the conditional earnings premium is a 6.97%. Heterogeneity analysis across gender shows that digital work does not bridge the gender wage gap, as women face 22.5% earning penalty in both digital and physical work. Platform analysis shows differences in premiums for different kinds of online jobs. The probit model shows that people with higher education, especially those with higher computer qualifications and living in urban areas, have a significant increase in probability of entering and participating in the digital labor market. Overall, the findings suggest that while digital work is associated with higher earnings, its benefits are uneven across workers and types of online employment. |
| Keywords: | Digital work; Online labour platforms; Earnings premium; Gender wage gap; Platform heterogeneity; Pakistan |
| JEL: | J15 J31 J41 J46 O33 |
| Date: | 2026–05–06 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:129903 |
| By: | Jiao Wang; Sambit Bhattacharyya; Stephen Lartey; Chirantan Chatterjee |
| Abstract: | What is the welfare cost of demonetisation in emerging economies? We find Kenya's 2019 demonetisation accelerated mobile money use, improved aggregate crime perception, and imposed income losses. Using a Two-Agent New Keynesian (TANK) model with cash-in-advance constrained households and working capital constrained informal firms, we establish three underlying general equilibrium mechanisms. First, precautionary cash hoarding by informal firms drain household liquidity and is contractionary. Second, cash-digital complementarity in agriculture exposes cash-only households to welfare losses. Third, crime perception of urban unconstrained households increases due to local wage collapse, whereas the same for constrained households decline due to reduced theft exposure. |
| Keywords: | demonetisation, mobile money, TANK, financial inclusion, informal sector, crime |
| JEL: | E26 E41 O11 O17 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:een:camaaa:2026-58 |
| By: | Nicola Cetorelli; Shohini Kundu |
| Abstract: | When economists and policymakers talk about nonbank finance, they usually have in mind activity that takes place outside the banking system in institutions that compete with banks for the provision of financial intermediation services, such as fintech lenders, money market funds, private credit vehicles, insurers, and broker-dealers. A substantial share of U.S. nonbank financial activity, however, takes place inside bank holding companies (BHCs), conducted by nonbank subsidiaries that operate alongside regulated commercial banks under common ownership and integrated management. In this first post of our three-part series, we document the scale of nonbank activity within BHCs and describe the balance-sheet features that, as the remainder of the series shows, make these subsidiaries a vehicle for regulatory arbitrage. |
| Keywords: | banks; nonbanks; bank holding companies (BHCs); regulation; arbitrage; boundaries of the firm |
| JEL: | G21 G23 G28 G38 |
| Date: | 2026–07–15 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednls:103533 |
| By: | Gambacorta, Leonardo; Lauridsen, Nico; Kiuhan-Vásquez, Samir; Prenio, Jermy |
| Abstract: | This paper examines the institutional drivers of adopting supervisory technology (suptech) by financial authorities worldwide. Using survey data from 112 financial authorities across 97 countries from the State of SupTech Report, we analyse how organisational characteristics and strategic frameworks shape the adoption of suptech initiatives. The analysis employs a two-stage hurdle model to track adoption from proof of concept to prototype, and finally to full deployment. We find that authorities with institution-wide strategies for digital transformation, data governance, and suptech deployment use, on average, about 20 additional applications and face fewer design and implementation challenges. Furthermore, while an authority’s size and institutional mandate are significant factors in initiating advanced projects, the establishment of a dedicated suptech unit is the most critical factor in increasing the number of deployed applications. Finally, we find that public cloud adoption is associated with a higher probability of implementing AI tools, while reliance on in-house development is strongly associated with early-stage AI experimentation. |
| Keywords: | Suptech; Financial supervision; Technology adoption; Financial authorities |
| JEL: | G28 O33 C25 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20964 |
| By: | Lusardi, Annamaria |
| Abstract: | This paper provides an overview of the literature on financial literacy. It covers the initial measurement that created the Big Three questions and measures of personal finance knowledge featuring twenty-eight questions. It shows that levels of financial literacy are very low and have not been improving over time. This is true not just in the US but in countries worldwide. These findings matter because financial literacy is conducive to savvy financial behaviors, from holding precautionary savings to planning for retirement to many other financial decisions. Personal finance courses have been added to high school and college curricula, and the evidence indicates they are useful initiatives to improve financial knowledge and downstream behavior. |
| Keywords: | Financial literacy |
| JEL: | G53 D14 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20924 |
| By: | Mazurina Mohd Ali (Universiti Teknologi MARA, Malaysia Author-2-Name: Noor Hasniza Haron Author-2-Workplace-Name: Universiti Teknologi MARA, Malaysia Author-3-Name: Susi Handayani Author-3-Workplace-Name: Faculty of Economics & Business, Universitas Negeri Surabaya, Kampus UNESA Ketintang, Surabaya, East Java, Indonesia 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 purpose of this study is to examine cybercrimes in the banking sector. The focus is on conducting a systematic review, synthesizing knowledge on the impacts of cybercrime, and identifying research gaps. Methodology/Technique - Specifically, this study applied a PRISMA-guided systematic literature review (SLR) to identify relevant studies, which included inclusion and exclusion criteria and defined data sources. This study found two main clusters of literature. First are cybersecurity risk, technology, and management in banking. This cluster can be divided into four themes: (i) cyber risk assessment and management, (ii) cybersecurity technologies and defense mechanisms, (iii) digital transformation and its impact on cybersecurity, and (iv) innovation and strategic management in cybersecurity. Findings - The second cluster is human, regulatory, and economic dimensions of cybercrime in banking. This cluster can also be divided into four themes: (i) cybercrime types, threats, and fraud prevention, (ii) regulation, compliance, and audit, (iii) human factors and cybersecurity awareness, and (iv) economic and insurance aspects of cybersecurity. Furthermore, regulatory compliance remains a challenge, necessitating robust cybersecurity measures and collaboration between stakeholders. Novelty - The findings of this study may contribute to the banking sector, businesses, government agencies, and the public by enhancing awareness and cooperation, both of which are vital in combating cybercrime and safeguarding banks. The study also proposes a robust research agenda for the future. Type of Paper - Empirical" |
| JEL: | M20 M40 |
| Date: | 2026–06–30 |
| URL: | https://d.repec.org/n?u=RePEc:gtr:gatrjs:afr250 |
| By: | Lorie Logan |
| Abstract: | This panel brings together three of the most critical issues in financial markets today: The ease of buying and selling assets, the ability to borrow against assets and technology. |
| Date: | 2026–07–09 |
| URL: | https://d.repec.org/n?u=RePEc:fip:feddsp:103515 |
| By: | Stuart, Rebecca; Kaufmann, Daniel |
| Abstract: | Using newly collected discount rate data for six Swiss cities from 1846 to 1893, we find no evidence of increasing integration during a 30-year period of lightly regulated free banking. We attribute this to two structural issues: banks had incentives to ward off competitors by protecting their local monopolies or forming cartels, and there was always a risk (which varied across banks) that banknotes were not accepted or converted at par. We use a novel counterfactual to show that these issues increased discount rate dispersion, and argue that as a result, public regulation of payments infrastructure was necessary for money market integration. |
| Keywords: | Switzerland; 19th century |
| JEL: | E43 E44 F33 F45 N13 N23 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21151 |
| By: | Ghezzi, Fabrizio; Timmermann, Allan; Yang, Max |
| Abstract: | Imagine gauging hourly economic activity at the local (zip-code) level. We argue that this is now feasible and propose a new granular economic modeling approach (GEM) for measuring, modeling, and predicting economic activity at high levels of granularity. Our approach uses bridging equations and aggregation constraints to link highly granular spatio-temporal data on variables such as foot traffic, traffic flows, electricity usage and credit card spending with aggregate data on payrolls and income. We extract a common dynamic factor that summarizes local, hourly economic activity and is consistent with observable measures observed at far coarser levels of granularity such as city-wide payroll data and GDP. |
| JEL: | C53 E66 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21098 |
| By: | Monnet, Eric |
| Abstract: | The Bretton Woods system is often described as freeing national monetary policies from the gold-reserve constraints of the gold standard. Breaking the “gold fetters†was essential to the embedded liberalism and economic interventionism of the postwar era. Yet gold retained a crucial role: monetary authorities backed currency with gold reserves, both de facto and de jure, frequently maintaining gold cover ratios comparable to those of the gold standard. How, then, could gold backing coexist with autonomous domestic macroeconomic policy? This article shows that the combination of two phenomena provides an answer: credit growth and currency growth became increasingly decoupled after 1945, and central banks shifted their emphasis from money toward credit. This created substantial scope to stimulate domestic economic activity through credit expansion without being constrained by the link between gold and currency in circulation. Econometric analysis for 38 countries indicates that gold reserves remained strongly correlated with currency, but not with bank credit. Changes in credit markets and central bank instruments therefore allowed gold backing to persist largely as a symbolic tie, without constraining domestic policy. Gold, however, exerted pressure on US policy and shaped international monetary relations. These findings indicate that institutional persistence does not necessarily generate similar economic effects across historical periods. |
| Keywords: | Bretton Woods |
| JEL: | D8 E5 F5 F55 M14 N1 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21215 |