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on Payment Systems and Financial Technology |
| By: | Atinyo, Divine; Ababio, Kofi Agyarko; Danquah, Benjamin Adjei; Tweneboah, George |
| Abstract: | This study systematically reviewed empirical evidence on the role of mobile money in advancing financial inclusion and philanthropic impact across Africa and Asia. Based on 47 peer-reviewed studies published between 2010 and 2024, the review examined how mobile money technologies have influenced access to financial services and charitable behaviours. Using the PRISMA framework and the PICOS model, a structured search was conducted across major academic databases. Thematic synthesis revealed five core insights: mobile money enhances financial access for underserved populations; contributes to poverty reduction, gender inclusion, and rural empowerment; faces persistent challenges including infrastructural deficits, regulatory uncertainty, and digital illiteracy; holds emerging potential in philanthropic activities such as crowdfunding and disaster relief; and remains underexamined in the context of integrated financial-philanthropic strategies. Comparative analysis showed that mobile money systems in Africa tend to exhibit broader grassroots adoption and integration into informal economies, while those in Asia are more commonly shaped by centralised governance, formal institutional linkages, and stricter regulatory regimes. Despite regional variations, both contexts illustrate mobile money’s transformative potential. This review is one of the first to explore the intersection of financial inclusion and philanthropy within the mobile money landscape across two continents. By synthesising existing literature, it bridges a noticeable gap in digital finance research and offers practical insights for policymakers, development practitioners, and fintech innovators working toward more inclusive and socially responsive growth. |
| Date: | 2026–03–10 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:82kzx_v2 |
| By: | Marcos Cerón (Banco Central de Reserva del Perú); Marcelo Paliza (Banco Central de Reserva del Perú); Elmer Sánchez (Banco Central de Reserva del Perú) |
| Abstract: | This paper examines the determinants of Central Bank Digital Currency (CBDC) wallet usage and evaluates the impact of a retail CBDC pilot implemented by the Central Reserve Bank of Peru (BCRP) in regions with low levels of financial inclusion. As of August 2025, the pilot reached approximately 117 thousand active users and 60 thousand participating merchants, while the outstanding balance of CBDC in circulation amounted to about PEN 7.5 million. Focusing on districts with low levels of financial inclusion, the first part of the paper investigates the individual-level determinants of CBDC wallet usage. Survey-based evidence indicates that awareness of the central bank's involvement, satisfaction with the wallet, and the use of other digital wallets are strongly associated with active usage. In contrast, selfemployment is negatively correlated with wallet activity, likely reflecting the closed-loop design of the pilot. In the second part of the paper, we exploit a quasi-experimental setting created by differentiated advertising campaigns across treated and control districts to estimate the effects of the intervention. The results show that the campaign significantly increased merchant adoption. Instrumental-variable estimates further identify merchant participation as a key mechanism driving wallet usage. Overall, the findings highlight the features and policy levers that are critical for the adoption of a retail CBDC, including merchant network expansion, well-targeted advertising campaigns, clear communication about the central bank's involvement and financial incentives. |
| Keywords: | retail CBDC; digital payments; quasi-experimental design |
| JEL: | E42 E58 C26 |
| Date: | 2026–03–19 |
| URL: | https://d.repec.org/n?u=RePEc:gii:giihei:heidwp09-2026 |
| By: | Hyun Song Shin |
| Abstract: | Money is a coordination device underpinned by strong network effects: the more others accept a form of money, the more I wish to adopt it too. The decentralisation agenda of public permissionless blockchains undercuts these network effects and leads to fragmentation of the monetary landscape. Validators who maintain the blockchain need to be rewarded to play their role with the necessary reward increasing in the degree of dependence on other validators' actions to sustain consensus. Since these rewards must ultimately be borne by users through congestion rents, capacity constraints are a feature, not a bug, especially for blockchains with more stringent standards for consensus. New blockchains with less stringent thresholds for consensus enter the market to serve users priced out of incumbent chains. The resulting fragmentation undercuts the very network effects that give money its social value. Stablecoins inherit this fragmentation from the blockchains on which they reside. The analysis has broader implications for the future of the monetary system. |
| Keywords: | blockchain, tokenomics, network effects, stablecoins, decentralised consensus, global games, monetary system, fragmentation |
| JEL: | D82 E42 G23 L14 O33 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1335 |
| By: | Eric Budish; Adi Sunderam |
| Abstract: | Blockchain technology as embodied in cryptocurrencies like Bitcoin and Ethereum is comprised of both (a) a novel data structure and (b) a novel trust model. This paper analyzes the potential gains for traditional finance from an idealized version of the novel data structure on its own, with trust instead anchored in traditional sources such as rule of law, reputations, relationships, and collateral. Our framework has two parts. First, we analyze potential improvements for financial transactions that are already taking place. We identify three categories of improvement: (i) reducing real resource costs, (ii) improving balance sheet efficiency, and (iii) reducing intermediation rents. While the value of such improvements is hard to quantify precisely, we estimate that potential gains could be significant, especially the reduction in rents. Second, we analyze the potential for the technology to facilitate new transactions. We identify three channels: (i) making it more technologically difficult to cheat, (ii) making it easier to punish a cheating counterparty in a static sense, and (iii) making it easier to punish a cheating counterparty in a dynamic sense. Our key insight is that the potential gains are large if and only if there is a long tail of relatively low surplus, relatively infrequent transactions for which traditional forms of trust are insufficient. Last, we apply our framework to stablecoins. We conclude that if there are large gains from stablecoins for legal actors they are most likely to come from stablecoins putting pressure on intermediation rents or inefficient regulation, or from the programmability of stablecoins facilitating a large number of small transactions that otherwise would not have been trustworthy. |
| JEL: | D47 E42 E5 G1 G2 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34959 |
| By: | Bindseil, Ulrich |
| Abstract: | In essence, the currently large stablecoins are electronic money issued by narrow balance sheet vehicles into a distributed ledger (or a "programmable platform"). Many believe that they will have significant success as a new form of money. Members of the current US administration expect that US stablecoins would circulate globally and support demand for treasuries and the international role of the USD. Related to the latter, recent industry initiatives plan to rely on US stablecoins as a settlement asset for cross-border payments ("stablecoin sandwich"). We discuss the comparative advantages of banks vs. non-banks as stablecoin issuers, as well as between MiCAR compliant and Genius Act compliant coins. We then review the implications of large global stablecoins on the financial system and discuss financial stability risks and remedies. We compare regulatory approaches across some jurisdictions and note that different directions have been taken, although most authorities seem to agree that stablecoins must not be remunerated. We discuss additional ideas how to address the risks associated with successful stablecoins, propose some basic regulatory principles and argue that prohibiting the remuneration of stablecoins does not necessarily foster financial stability. We suggest three options fulfilling the proposed regulatory principles. |
| Keywords: | money, stablecoin, blockchain, narrow banks, financial stability, run, disintermediation |
| JEL: | E40 E50 F33 G10 G20 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:safewp:338085 |
| By: | Renardi Ardiya Bimantoro (Bank Indonesia); Rudy Hardiyanto (Bank Indonesia); Irfan Sampe (Bank Indonesia); Agung Bayu Purwoko (Bank Indonesia); Imam Dwi Kuncoro (Bank Indonesia); Irvan Fadjar R. (Bank Indonesia); Devima Christi M. (Bank Indonesia); Anugerah Mohamad Setiawan (Bank Indonesia); Moh. Mashudi Arif (Bank Indonesia); Mahanani Margani (Bank Indonesia); Dwi Kartika Siregar (Bank Indonesia); Ganang Suryo Anggoro (Bank Indonesia); Melati Pramudyastuti (Bank Indonesia); Farah Hilda Fuad Lubis (Bank Indonesia); Rudy Marhastari (Bank Indonesia); Nurkholisoh Ibnu Aman (Bank Indonesia); Sintia Aurida (Bank Indonesia) |
| Abstract: | The transformation of Indonesia’s payment system, driven by BSPI initiatives such as SNAP, QRIS, and BI-FAST, has made digital payments faster, more affordable, and more accessible. However, these advancements can also be misused for illegal activities, specifically online gambling. With transactions projected to grow rapidly from Rp327 trillion in 2023 to Rp900 trillion in 2024, this issue has become a major national financial concern. Beyond eroding public trust, this poses serious social and legal risks. Standard monitoring simply cannot keep up with these shifting threats. To address this, this study proposes an AI-driven Fraud Detection System (FDS). By using a hybrid machine learning approach, combining clustering, classification, and GraphML, we can map out criminal networks and how accounts interconnect. The results indicate that the system identified over 90% of syndicate accounts linked to gamblers. It also cut the time required to flag 1, 000 fraudulent accounts from a week of manual work down to just 30 minutes, while catching three times the volume of fraud. These insights offer a strong basis for creating adaptive, risk-based policies that reinforce the integrity and resilience of Indonesia's payment ecosystem. |
| Keywords: | AI/Machine Learning, Judi Daring, Sistem Pembayaran, Bank Indonesia, Pengawasan Keuangan, Deteksi Penipuan |
| JEL: | C55 G18 K42 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:idn:wpaper:wp142025 |
| By: | Gregory Phelan (Williams College); Thomas Ruchti (Virginia Tech); ; |
| Abstract: | ""As blockchains shift from energy-hungry Proof-of-Work to capital-intensive Proof- of-Stake, they trade electricity costs for a new vulnerability: the risk of a capital run that can destabilize consensus and security. We model investors who choose between staking their coin to earn rewards or exiting to cash out, potentially triggering mass withdrawals. These “staking runs†are more likely when protocols are weak, when failure would hit coin prices hard, or when staking rewards are low. Leverage wors- ens things: margin calls accelerate exits and amplify run dynamics. Longer lock-up periods slow the run but may not prevent it. Previous research shows that low re- wards are good for protocol security. We show they also raise the risk of a run. A run on a major Proof-of-Stake chain—like Ethereum—could destabilize the entire crypto ecosystem, threatening DeFi platforms that depend on it."" |
| Date: | 2025–09–02 |
| URL: | https://d.repec.org/n?u=RePEc:wil:wileco:2025_118 |
| By: | Johnen, Johannes (Université catholique de Louvain, LIDAM/CORE, Belgium); 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-a-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 |
| JEL: | L22 L41 L51 |
| Date: | 2025–07–30 |
| URL: | https://d.repec.org/n?u=RePEc:cor:louvco:2025015 |
| By: | Burak Uras (Williams College); Tulio Bouzas (Tilburg University); ; |
| Abstract: | "Why do firms continue to rely on cash in economies where digital payments are widespread and electronic transaction costs are low? This paper shows that the an- swer lies in the interaction between payment technologies and tax enforcement. Us- ing randomized experimental evidence from Kenyan small and medium-sized firms, we establish that the adoption of electronic payments causally increases tax com- pliance by raising transaction traceability. Moreover, SME survey evidence shows that tax evasion is associated with cash discounts. Motivated by these findings, we develop a microfounded general equilibrium model in which heterogeneous firms choose prices, payment acceptance, and tax evasion jointly. Cash facilitates eva- sion but exposes buyers to transaction risk, while electronic payments are safer yet traceable by third parties. These trade-offs generate endogenous cash discounts, selective rejection of digital payments, and coexistence of payment instruments in equilibrium. The calibrated model shows that when electronic payments are non–interest-bearing, inflation increases cash usage and tax evasion, overturning the standard prediction that inflation reduces cash use. We characterize the op- timal policy mix and show that financial development, enforcement intensity, and inflation are tightly intertwined in maximizing government revenues and welfare." |
| Keywords: | E-Money, Pricing Heterogeneity, Tax Compliance, Macro Policy |
| JEL: | E44 G23 H26 |
| Date: | 2026–02–13 |
| URL: | https://d.repec.org/n?u=RePEc:wil:wileco:2026_102 |
| By: | Thibault Schrepel (Vrije Universiteit Amsterdam, Netherlands); Godefroy de Boiscuillé (Université Côte d'Azur, CNRS, GREDEG, France) |
| Abstract: | This article questions the legal validity of the Digital Markets Act ("DMA") in light of its enforcement practice. Adopted on the basis of Article 114 TFEU as an internal market harmonization measure, the DMA is administered by the Commission as a standing regime of unilateral conduct control that operates alongside, and in close normative proximity to, Article 102 TFEU. The resulting functional equivalence between the two instruments raises structural doubts as to the DMA's compatibility with the constitutional framework of the Treaties. |
| Keywords: | Digital Markets Act; Article 102 TFEU; European Union law; Competition law; Digital platforms; Gatekeepers |
| JEL: | K21 K23 L40 L86 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2026-07 |
| By: | Mahbuba Aktar (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan); Makram El-Shagi (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan); Florian Gerth (Asian Institute of Management, Philippines) |
| Abstract: | Financial frictions are a key determinant of monetary policy transmission. Using provincial Chinese data for 2011–2019, we examine this question through the lens of regional variation in traditional and digital financial inclusion. We combine high-frequency monetary policy shocks with state-dependent local projections, in- terpreting traditional inclusion as a proxy for liquidity constraints and digital inclusion as a proxy for search frictions. Regions with stronger liquidity constraints exhibit weaker output and price responses, in line with the predictions of New Keynesian models with heterogeneous agents. Lower search frictions instead tend to amplify transmission over medium horizons, though short-run effects are mixed. |
| Keywords: | monetary policy transmission; regional differences; financial frictions; financial inclusion; high-frequency identification |
| JEL: | E5 E4 C2 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:fds:dpaper:202604 |
| By: | Mengzhong Ma; Te Bao; Yonggang Wen |
| Abstract: | We document the first systematic evidence of negative spillover effects in crypto asset returns across blockchains. Using on-chain data from Ethereum, Solana, Binance Smart Chain, Arbitrum, and Avalanche (2022-2025), we show that surges on one chain often coincide with declines on others, in contrast to the positive co-movements typical of equity markets. These spillovers intensify during attention shocks, proxied by chain activity and extreme return events, and persist after controlling for global equity returns, interest rates, and Bitcoin. Nonlinear factor models reveal that attention-driven capital reallocation, rather than common information, underlies these dynamics. Our findings introduce a new form of cross-market linkage, attention-induced substitution, that shapes risk transmission in crypto markets. The results carry implications for portfolio diversification, systemic risk measurement, and regulation of token launches that may trigger cross-chain capital flight. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.23762 |
| By: | Berg, Tobias; Lindner, Vincent; Rößler, Denise |
| Abstract: | After years of investigation, the digital euro project has entered the legislative stage. Geoeconomic developments, especially the full-scale invasion of Ukraine in 2022 and the following regime of sanctions against Russia, as well as the economist-nationalist policies of the second Trump administration, have reinforced arguments for EU monetary and infrastructure sovereignty. At the same time, however, the digital euro project is under pressure from private solutions, stablecoins and the European Wero initiative that claim to provide similar benefits as the digital euro. While these may develop into useful tools for payments, they fail to provide the same features, such as universal acceptance and legal certainty, competitive neutrality, and - crucially - EU sovereign control over settlement infrastructure. This Policy Letter calls upon EU policymakers to reject the false dichotomy between private solutions and a public infrastructure and to make swift progress on the legislation and implementation of the digital euro. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:safepl:338129 |
| By: | Yibo Jia (Dalian University of Technology); Li Cui (Dalian University of Technology); Jingqin Su (Dalian University of Technology); Lin Wu (UON - University of Nottingham, UK); Shahriar Akter (University of Wollongong [Australia]); Ajay Kumar (EM - EMLyon Business School) |
| Abstract: | Existing research has not clearly defined digital platform capabilities or explained how they unlock data value, limiting the understanding of digital servitization in digital enterprises. Therefore, our study draws upon the Dynamic Capability Theory and employs an exploratory, in-depth single case study approach to bridge this research gap. We identify three key digital platform capabilities: data integration capability, data analytics capability, and data productization capability. Our results demonstrate that these capabilities function as "reservoirs, " "catalysts, " and "pipelines" in a specific iterative sequence to unlock data value, thereby facilitating the successful implementation of digital servitization in digital enterprises. Furthermore, these capabilities are interconnected, collectively forming a dynamic capability—digital platform capability—that unlocks data value by integrating and reconfiguring data resources. Additionally, we delineate the differences in digital servitization between digital enterprises and traditional manufacturers across three dimensions: motivation, key service design activities, and benefits. Our findings enrich the existing literature on digital platform capabilities and data value while expanding the research scope of digital servitization from the perspective of digital enterprises. |
| Keywords: | Data value, Digital enterprise, Digital platform capability, Digital servitization |
| Date: | 2024–10–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05531914 |
| By: | Grabowski, Michał; Costea, Iulia |
| Abstract: | This article examines the EU-law challenges arising from the use of artificial intelligence for payment initiation and execution ("Payment Agents") under European Union law. It focuses on Payment Agents that support purchasing workflows and are capable of initiating payments in both human-in-the-loop and human-out-of-the-loop environments. The article conceptualises Payment Agents as agentic systems and develops three regulatory models: (i) a protocol-only model, (ii) a model based on the involvement of a licensed payment service provider under PSD2, and (iii) a contract-based model with separated roles for a Payment Agent Provider and a Credentials Provider. It concludes that Payment Agents will, as a rule, qualify as "AI systems" within the meaning of the AI Act, whereas payment protocols should be understood as transactional infrastructure rather than general-purpose AI models. Typical agentic payment use cases are not currently listed as high-risk AI systems under Annex III of the AI Act. Under PSD2, the protocol-only model may amount to payment initiation services when it initiates transactions from a payment account, which implies licensing and strong customer authentication. This configuration resembles screen scraping. Agentic payments are not equivalent to merchant initiated transactions (MIT), where the payee initiates the transaction within scheme processing. In the contract-based model, the Credentials Provider can often be aligned with a pass-through wallet and a technical services provider. Depending on design, the arrangement may resemble a payment scheme and may trigger outsourcing under the EBA outsourcing framework and, for ICT services, DORA. The article concludes that existing legal institutions address the risks only partially. It argues that mitigation would be stronger if agentic payments were expressly recognised as a high-risk use case under the AI Act. |
| Keywords: | AI Act, agentic payments, Agents Payment Protocol, e-wallet, Merchant Initiated Transactions, PSD3 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:imfswp:338107 |
| By: | Mahbuba Aktar (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan); Makram El-Shagi (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan) |
| Abstract: | This paper studies how digital credit – specifically BigTech and fintech lending – relates to income inequality in 42 countries from 2013 to 2019. We develop a dynamic multi-equation panel framework based on isometric log-ratio transformations of income shares, which allows us to model shifts in the entire Lorenz curve while respecting the compositional constraints that standard approaches typically ignore. BigTech credit consistently reduces the top income share, and its inequality-reducing effect is most pronounced in developed economies, in countries with stronger institutions, and in financially open environments. Fintech credit exhibits the opposite pattern: it raises the top income share while lowering the bottom 50 percent’s share, with the magnitude of this effect similarly amplified by higher development, stronger institutional quality, and greater financial openness. |
| Keywords: | Digital credit, BigTech, fintech, income inequality |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:fds:dpaper:202605 |
| By: | Cicilia Anggadewi Harun (Bank Indonesia); Danny Hermawan (Bank Indonesia); Citra Amanda (Bank Indonesia); Annes Nisrina Khoirunnisa (Bank Indonesia) |
| Abstract: | Amid the rapid progression of the digital transformation era, central banks are increasingly expected to not only harness emerging opportunities but also navigate and manage the growing complexity of associated risks in an effective and systematic manner. This study aims to identify and analyze optimal risk mitigation strategies within the context of digital transformation, employing a systems thinking approach and the Bayesian Network (BN) method. The risks analyzed are categorized into five main types: technological, financial, regulatory, cultural, and operational risks. We surveyed the officers in charge in IT risk mitigation to indicate the initial level of optimal risk mitigation for the high classification and medium classification as a starting point and to gain the parameters for the dynamics. Operational risk emerges as the most dominant factor influencing mitigation effectiveness, thereby underscoring the need to prioritize strong internal governance arrangements. This is followed by technological risk, which is an inseparable aspect of the digital transformation process, thus requiring the strengthening of infrastructure and cybersecurity. Scenario analysis using expert judgment can simulate an increase in optimal mitigation by strengthening six key risk nodes. Furthermore, a combination of low technological risk, enhanced system security, low third-party risk, and reduced cybersecurity vulnerabilities is shown to be the most influential set of factors driving effective mitigation. These findings underscore the importance of structured and sustainable mitigation strategies, particularly in strengthening digital security systems and operational risk management, to ensure a secure and sustainable digital transformation within central banks, or public institutions in general. |
| Keywords: | Risk Mitigation, Central Bank, Digital Transformation, Cybersecurity, Operational Risk |
| JEL: | D81 F55 G32 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:idn:wpaper:wp212025 |
| By: | Lopez-Acevedo, Gladys; Robertson, Raymond; Tariq, Adeel |
| Abstract: | Technological change has historically widened or preserved gender gaps in labor market outcomes in favor of men. The World Bank’s Digital Transformation and Its Role in Expanding Women’s Economic Opportunities in Iraq, Jordan, and Lebanon provided a comprehensive diagnostic of the digital landscape facing women in the Mashreq. The study documented large gender gaps in access, skills, and use; identified infrastructure, regulatory, and social constraints; and outlined policy priorities to make digitalization more inclusive. This paper builds directly on that foundation by developing a formal framework that treats digital technology as potentially gender-biased technical change, and by empirically testing whether digital adoption is differentially associated with women’s labor market outcomes. Using latent indexes of digital skills and digital use constructed from the flagship survey data, the paper shows that digital technology is more strongly associated with women’s labor force participation, sector-specific earnings, and key mediating factors—such as productive internet use, online safety behavior, and the easing of care-related constraints—than with corresponding outcomes for men. By linking these patterns to a dual-economy perspective on structural transformation, the paper reframes digitalization not merely as a tool for inclusion, but as a mechanism that may shift both labor demand and labor supply in ways that favor women in low-participation settings such as the Mashreq. |
| Date: | 2026–03–16 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:11332 |
| By: | Danny Hermawan (Bank Indonesia); Cicilia A. Harun (Bank Indonesia); Ade Dwi Aryani (Bank Indonesia); Dwi Cahyo Ardianto (Bank Indonesia); Eskanto Adi Nugroho (Bank Indonesia); Andi Widianto (Bank Indonesia); Najibullah Ulul Albab (Bank Indonesia) |
| Abstract: | This study examines how digital trade in services (DTS) can promote economic growth and improve Indonesia's digital trade balance. Over the past two decades, digital transformation has reshaped global trade, but developing economies such as Indonesia face a dual reality of opportunities and infrastructure constraints. Despite sectoral growth, Indonesia recorded a USD 18.4 billion deficit in DTS in 2024, driven primarily by imports of telecommunications, professional services, and digital content. This trade imbalance underscores the need to optimize Indonesia's digital services exports and reduce dependence on foreign digital products. Using a mixedmethods approach that combines cross-country panel GMM and time-series GMM for Indonesia, the study finds that regulations, digital talent, and digital infrastructure are critical to accelerating economic growth and enhancing the competitiveness of digital service exports. However, strict regulations can hinder exports, particularly in developing countries that face challenges in regulatory and infrastructure capacity. In Indonesia, while improved regulations can support economic growth and reduce the DTS deficit, further development of digital talent and infrastructure is essential to driving growth. The study recommends focusing on developing digital talent, strengthening regulations, and expanding digital infrastructure. These efforts will reduce the DTS deficit and position Indonesia as a competitive player in the global digital economy. |
| Keywords: | Digitally-enabled services, Digital services exports, Digital trade balance, Economic growth, GMM |
| JEL: | F10 F14 O40 C36 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:idn:wpaper:wp032025 |
| By: | William Sabadie (MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon) |
| Abstract: | This research examines how digital engagement behaviors signals Relationship Quality (RQ) between companies and customers. Traditionally, RQ is measured through customer surveys capturing satisfaction, trust, and commitment, but these methods often face reliability and response rate issues. Leveraging customer engagement data, we determine which behaviors best signal RQ. Using a sample of 863 consumers, we find that digital purchasing, word of mouth, and feedback are strongly linked to high RQ. Loyalty and feedback behaviors are accessible and effective indicators for assessing relationships. Our contributions advocate for including transactional behaviors as RQ signals and establish that feedback behaviors are as promising as word of mouth and purchasing. We provide practical insights for prioritizing data collection, emphasizing that certain behaviors are more linked to high RQ. This research shows how digital behaviors can help companies foster strong customer relationships. |
| Keywords: | customer relationship management, relationship quality, customer engagement |
| Date: | 2025–05–28 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05473854 |
| By: | Rajae Hassar (Faculté des Sciences Juridiques, Economiques et Sociales - UM5 - Université Mohammed V de Rabat [Agdal]); Mustapha Machrafi (Faculté des Sciences Juridiques, Economiques et Sociales - UM5 - Université Mohammed V de Rabat [Agdal]) |
| Abstract: | Cet article vise à analyser l'impact de la digitalisation sur l'expérience client et à clarifier les mécanismes théoriques par lesquels les outils numériques contribuent à l'amélioration du parcours client. La méthodologie repose sur une revue intégrative de la littérature portant sur les travaux relatifs à l'expérience client, à la transformation numérique et à la personnalisation des services. Les résultats de l'analyse mettent en évidence le rôle central des technologies numériques, telles que les plateformes numériques, les plateformes multicanales, l'analyse des données de l'intelligence artificielle dans la création d'expériences client personnalisées, fluides et émotionnellement engageantes. L'article propose un cadre théorique synthétisant les principaux leviers de la digitalisation de l'expérience client et mettant en lumière plusieurs perspectives de recherches futures, notamment autour de l'intelligence artificielle générative et des enjeux d'inclusion numérique. Mots clés : Digitalisation, expérience client, outils numériques, personnalisation. |
| Keywords: | Digital tools, M15, Personnalization. JEL classification : M31, Customer exeprience, M15 Type du papier : Recherche Théorique Digitalization, O33, personnalisation Classification JEL : M31, outils numériques, expérience client, Digitalisation, Digitalisation expérience client outils numériques personnalisation Classification JEL : M31 O33 M15 Type du papier : Recherche Théorique Digitalization Customer exeprience Digital tools Personnalization. JEL classification : M31 O33 M15 |
| Date: | 2026–01–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05482072 |
| By: | Héctor Labat Moles |
| Abstract: | This article reviews the literature on “shadow banking”, recognizing the multiple meanings given to each of its component terms. Broadly, the expression refers to activities also performed by traditional banking (“banking”) but through different means (“shadow”). Examining the fifty most cited publications, this article identifies nine interpretations of the term “banking” and eleven of the term “shadow”, combined in twenty-one different ways, out of which three stand out: (i) maturity transformation with no public guarantee, (ii) non-bank maturity transformation and (iii) non-bank financial intermediation. Publications are often ambiguous and inconsistent in their interpretations due to challenges in analysing contemporaneous financial systems. |
| Keywords: | Shadow banking, non-banks, systemic risk, regulatory arbitrage, financial innovation. |
| JEL: | G01 G20 G23 G28 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:bcl:bclwop:bclwp203 |
| By: | Keller, Clara Iglesias; Appelman, Naomi |
| Abstract: | Calls to ban digital technologies gained traction across liberal democracies, while similar measures in other contexts are portrayed as hallmarks of authoritarian governance. These bans rarely amount to complete prohibitions, appear in various contexts, and serve different political aims. We argue that, before engaging the normative question of legitimacy, regulatory scholarship must clarify what “technology bans” are. We propose a conceptual framework that understands technology bans primarily as regulatory discourse: narratives, justifications, and disputes that shape regulation. Drawing on discourse theory in public policy, we develop a typology of technology bans discourses, identifying three types: geopolitical measures, protection of vulnerable populations, and public interest bans. Our analysis demonstrates that they function as regulatory frames that communicate authority, sovereignty, and democratic control over technological development. By unpacking their discursive structure, the paper contributes to the understanding of technology bans as a regulatory category and to ongoing debates about technology governance and democratic legitimacy. |
| Date: | 2026–03–13 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:3nhrj_v1 |
| By: | van Asselt, Joanna; Naing, Phyo Thandar |
| Abstract: | Remittances have emerged as an important source of income for households in post-coup Myanmar. This paper utilizes data from the seventh and fourth rounds of the Myanmar Household Welfare Survey (MHWS) to analyze remittance trends between January and June 2024 with trends from July to December 2022. These two rounds are compared because they both contain detailed questions on remittances. Between January and June 2024, 16 percent of households received remittances from at least one member who was residing overseas or in a different state or region. This comprises nine percent of households receiving remittances from migrants outside of Myanmar and eight percent of households receiving remittances from migrants within Myanmar. Around 12 percent of households received remittances from a single migrant and four percent of households received remittances from two or more members. In any three-month period between January-June 2024, more households in Kayin, Mon, and Tanintharyi received remittances than households in other states/regions. Among households that received remittances from within Myanmar, they received an average of MMK 173, 768 per month (about 49 USD). Households that received remittances from outside of Myanmar received around MMK 499, 386 per month (about 141 USD), significantly higher than the amount from migrants within Myanmar. Reliance on remittances among recipients has grown since 2021. Remittances made up 33 percent of household income between September 2021 and February 2022, compared to 45 percent of household income between January and June 2024. Finally, budget share of international remittances increased from 15 percent of household income between September 2021 and February 2024 to 26 percent between April and June 2024, underscoring the growing importance of remittances from abroad for household welfare in Myanmar. |
| Keywords: | remittances; households; social protection; Myanmar; Asia; South-eastern Asia |
| Date: | 2025–07–24 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:ifprwp:175804 |
| By: | Swapan-Kumar Pradhan; Eswar S. Prasad; Előd Takáts; Judit Temesvary |
| Abstract: | We investigate how the U.S. dollar’s prominence in the denomination of international debt securities has evolved in recent decades, using a comprehensive global dataset with far more extensive coverage than datasets used in prior literature. We find no monotonic dollarization or de-dollarization trend; instead, the dollar’s share exhibits a wavelike pattern. We document three dollarization waves since the 1960s. The last wave, following the global financial crisis, lifted the dollar’s share nearly back to its level at the euro’s launch in 2000. We show that closer alignment of a country’s domestic currency to a reserve currency (e.g., the U.S. dollar) correlates with higher shares of issuance in that currency. Our findings are robust to composition and currency valuation effects as well as alternative data definitions. |
| JEL: | F3 F41 G15 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34942 |
| By: | Cicilia Anggadewi Harun (Bank Indonesia); Safari Kasiyanto (Bank Indonesia); Camila Amalia (Bank Indonesia); Shinta Fitrianti (Bank Indonesia); Esha Gianne Poetry (Bank Indonesia); Nilasari (Bank Indonesia); Rina Megasari (Bank Indonesia); Naura Pradipta Khairunnis (Bank Indonesia) |
| Abstract: | This study examines and recommends regulatory and liability frameworks for the use of artificial intelligence in financial sector. Algorithmic bias, the black-box aspect of AI, data privacy concerns, and unequal treatment are the primary focus of this study. It employs normative, comparative, and empirical juridical analyses by assessing at AIrelated laws and cases, comparing AI governance models across jurisdictions, and undertaking focus group discussions with academics, industry stakeholders, and regulators. For the comparative analyses the study evaluates the regulatory models and AI-related cases in the European Union, the United States, Singapore, Australia, China, and Qatar. The result shows Indonesia should use a hybrid model that begins with an adaptive sandbox phase, moves toward a risk-based framework to balance innovation and responsibility, and subsequently transitioning to a co-regulatory model as AI utilization escalates. Additionally, considering that AI is a non-legal subject, the proposed Clear Box Liability framework puts a strong emphasis on human accountability through proportional liability principles. Furthermore, the FairSight Liability Model strengthens consumer protection, transparency, and effective dispute resolution in AI-driven financial services by integrating fairness and foresight. |
| Keywords: | Artificial Intelligence, AI Regulatory Framework, AI Bias, Consumer Protection, AI in Financial Services, AI Liability Framework |
| JEL: | A11 B11 C11 D11 F11 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:idn:wpaper:wp202025 |