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on Payment Systems and Financial Technology |
| By: | Omaima Kassim (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT); Mustapha Chami (ENCGS - Ecole Nationale de Commerce et de Gestion de SETTAT) |
| Abstract: | Financial inclusion has emerged as a key driver of both economic and social development, insofar as it conditions the integration of populations into dynamics of growth and inequality reduction. In Morocco, despite progress achieved in terms of banking penetration, a significant proportion of the population (particularly women, rural inhabitants, and micro-entrepreneurs) remains excluded from the formal financial system. In this context, financial technologies are emerging as a transformative lever by offering innovative and accessible solutions capable of addressing the structural limitations of traditional banking institutions. Their contribution, however, depends on several factors: bridging the digital divide, strengthening financial and digital literacy, improving infrastructure, and consolidating an inclusive regulatory framework. The effectiveness of FinTech in promoting sustainable financial inclusion will ultimately hinge on the articulation of these conditions. This article seeks to explore how FinTech can establish itself as a key tool for financial inclusion in Morocco. It will analyze current trends in the Moroccan FinTech market, the most promising innovations, as well as the challenges that must be addressed to fully harness the potential of these two technologies in advancing financial inclusion. Drawing on recent data and comparing the experiences of different countries, it will also assess public policies and private initiatives that could foster the development of FinTech as a driver of more equitable and sustainable financial inclusion. This study is based on a rigorous documentary review drawing on high-quality scientific articles selected following the methodological framework proposed by Tranfield et al. (2003), the analysis proceeds through five key stages: planning, source identification, study selection, data extraction, and synthesis of findings. |
| Abstract: | L'inclusion financière représente aujourd'hui un déterminant majeur du développement économique et social, dans la mesure où elle constitue un facteur important pour l'intégration des différentes catégories de la population aux dynamiques de croissance et de réduction des inégalités. Au Maroc, malgré les progrès enregistrés en matière de bancarisation, une part significative de la population, notamment et les micro-entrepreneurs, les habitants des zones rurales et les femmes, demeure exclue du système financier formel. Dans ce contexte, les technologies financières s'affirment comme un levier de transformation en offrant des solutions innovantes et accessibles, capables de pallier les limites structurelles des institutions bancaires traditionnelles. Leur contribution reste toutefois tributaire de plusieurs facteurs : réduction de la fracture numérique, renforcement des compétences financières et numériques, amélioration des infrastructures et consolidation d'un cadre réglementaire inclusif. C'est de l'articulation de ces conditions que dépendra l'efficacité des FinTech dans la promotion d'une inclusion financière durable. Cet article vise à explorer comment la fintech peut s'imposer comme un outil clé pour l'inclusion financière au Maroc. Il analysera les tendances actuelles du marché fintech marocain, les innovations les plus prometteuses, et les obstacles à surmonter pour maximiser l'impact de ces technologies sur l'inclusion financière. En mobilisant des données récentes et en comparant les expériences de différents pays, nous évaluerons également les politiques publiques et les initiatives privées qui pourraient favoriser l'essor de la fintech en tant que moteur d'une inclusion financière plus équitable et durable. Ce travail repose sur une revue documentaire rigoureuse, réalisée à partir d'articles scientifiques sélectionnés en s'appuyant sur le cadre méthodologique de Tranfield et al. (2003), l'étude suit cinq étapes clés : planification, identification des sources, sélection des études, extraction des données et synthèse des résultats. |
| Keywords: | planification identification des sources sélection des études extraction des Inclusion financière fintech (technologie financière) Classification JEL : G23 Type du papier : Recherche théorique Financial inclusion Fintech ( Financial technology) JEL Classification : G23 Paper type : Theoretical Research, Technologie financière, Inclusion financière, extraction des Inclusion financière, fintech (technologie financière) Classification JEL : G23 Type du papier : Recherche théorique Financial inclusion, Fintech ( Financial technology) JEL Classification : G23 Paper type : Theoretical Research |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05413579 |
| By: | Anna Amirdjanova; David Lynch; Anni Zheng |
| Abstract: | We examine prospective classification of crypto currencies risks within the ISDA Standardized Initial Margin Model (SIMM) framework for calculation of initial margin on trades sensitive to cryptocurrencies’ risk factors in the uncleared market. Consistent with the view that cryptocurrencies are digital assets that fundamentally rely on distributed ledger technology (DLT) and induce financial risks that are significantly different from those in traditional risk classes like commodities or FX, we find that cryptocurrencies are best classified into a distinct risk class within SIMM that is split into two buckets – pegged and floating (unpegged) crypto currencies as risk factors - and suggest risk weights’ calibration methodology within the cryptocurrencies risk class that is consistent with the existing approaches adopted in SIMM. |
| Keywords: | Risk management; Cryptocurrencies; Credit risk; Derivatives |
| JEL: | G12 G13 G18 G28 |
| Date: | 2026–02–12 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfe:102799 |
| By: | Beknazar-Yuzbashev, George (University of Chicago); Jiménez-Durán, Rafael (Bocconi University, IGIER, Stigler Center, CESifo, and CEPR); Simonov, Andrey (Columbia University and CEPR); Stalinski, Mateusz (University of Warwick and CAGE) |
| Abstract: | Most digital platforms are funded through advertising rather than direct payments. Why? We argue that three main factors could explain this prevalence: users are more sensitive to monetary prices than to ad loads, microtargeting improves the match quality between users and ads, and platforms can personalize ad loads and thus price discriminate. We conduct a field experiment on Facebook with 1, 810 users who install a browser extension that (i) hides nearly all ads or (ii) replaces microtargeted ads with untargeted ones. We find that hiding 82% of ads increases time on the platform by only 6%, showing that users are highly insensitive to ad loads. Removing targeting sharply reduces ad clicks and long-run engagement, indicating that targeting increases the match quality between users and ads. Finally, two-thirds of ad-load variation occurs across users, consistent with ad-load discrimination. Counterfactual simulations indicate that an ad-funded model performs at least as well as a subscription model in terms of profits and delivers higher consumer surplus. The key mechanism is that users are much less sensitive to ad loads than to monetary prices, making advertising a relatively efficient revenue source. |
| Keywords: | social media platforms, online advertisement, user engagement, field experiment JEL Classification: |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:792 |
| By: | Nicolas Crouzet; Pulak Ghosh; Apoorv Gupta; Filippo Mezzanotti |
| Abstract: | We show that the age composition of the population can shape the speed at which businesses adopt new technologies, using evidence from mobile payments in India. Consumers' propensity to use new payment technologies declines with age, creating stronger incentives for businesses serving younger customers to accept these technologies. We document this pattern in the rollout of a mobile payment option by a major fintech company. A model where consumer attitudes toward technology vary by age implies that business adoption is inefficiently low, with the young bearing disproportionate welfare losses from network externalities. Jointly subsidizing transaction and adoption costs restores efficiency. |
| JEL: | G23 J11 O33 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34885 |
| By: | Michael Junho Lee; Donny Tou |
| Abstract: | We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks’ deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking on-chain transactions to wholesale interbank payments, we document the first evidence of liquidity-driven bank disintermediation. Stablecoins directly transmit liquidity shocks to the banking system: banks with stablecoin deposits experience substantial increases in payment demand and heightened liquidity exposure to daily stablecoin primary market activity. Consistent with theory, banks operate “narrowly” to support liquidity-hungry stablecoin deposits – requiring substantially larger bank reserve balances to mitigate potential shortfalls. Even as beneficiaries of stablecoin growth within the banking system, partner banks’ loan share of assets contracts relative to peers. Our results substantially broaden the scope for stablecoins to disintermediate banks, impact bank lending, and complicate monetary policy implementation. |
| Keywords: | stablecoins; Bank disintermediation; payments; bank reserves |
| JEL: | D47 E41 E42 E58 G10 G21 |
| Date: | 2026–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednsr:102830 |
| By: | Murad Farzulla |
| Abstract: | Using the Crypto Fear & Greed Index and Bitcoin daily data, we document that sentiment extremity predicts excess uncertainty beyond realized volatility. Extreme fear and extreme greed regimes exhibit significantly higher spreads than neutral periods -- a phenomenon we term the "extremity premium." Extended validation on the full Fear & Greed history (February 2018--January 2026, N = 2, 896) confirms the finding: within-volatility-quintile comparisons show a significant premium (p |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.07018 |
| By: | Riederle, Philipp (University of Oxford) |
| Abstract: | Users of centralised digital platforms (e.g., X, Instagram, TikTok) have little choice but to accept incumbent providers’ conduct or forgo participation. Digital platform interoperability is widely proposed as a remedy to reduce the economic and political power of centralised digital platforms by enabling user choice without sacrificing network connectivity. Despite its prominence in policy debates (e.g., EU’s Digital Markets Act, Art. 7), theoretical claims on its effects remain largely untested. This paper evaluates three theoretical expectations on platform interoperability: that it neutralises proprietary network effects; it facilitates individual user choice and switching; and that technical standardisation risks homogeneous services. To operationalise these concepts, this study analyses user switches within the interoperable social platform Mastodon. It draws on an unobtrusive, qualitative analysis of user posts documenting why individuals switched their interoperable providers. My findings qualify the theoretical promises and concerns: I find that interoperability is necessary but, on its own, insufficient to achieve the intentions associated with policy proposals. I identify practical obstacles such as incomplete implementation, information costs, and persistent switching costs that preserve proprietary network effects and that hinder individual choice and switching. Further, I challenge the concern of anticipated service homogenisation. I identify avenues of vertical (e.g., quality) and horizontal (e.g., governance values) provider differentiation. These avenues form an emerging research agenda on new dynamics between differentiated but interoperable platform providers. Overall, this study contributes the first empirical evaluation of digital platform interoperability, identifies obstacles, and formulates recommendations, speaking directly to policy. |
| Date: | 2026–02–18 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:6wsrq_v1 |
| By: | Mouzoun Zakarya (ENCG - UIT - ECOLE NATIONALE DE COMMERCE ET DE GESTION - KENITRA); Ammi Anouar (ENCG - UIT - ECOLE NATIONALE DE COMMERCE ET DE GESTION - KENITRA) |
| Abstract: | The article examines the relationship between financial literacy and access to financial services in Morocco, within a context marked by the rapid digitalization of banking services and the progressive implementation of the National Financial Inclusion Strategy (SNIF). Grounded in a positivist paradigm and a quantitative, hypothesis-driven approach, the study draws on a questionnaire survey administered to a sample of Moroccan individuals. The collected data was processed through Principal Component Analysis (PCA) using SPSS, enabling the identification of latent dimensions that structure access and usage behaviors related to formal financial services. The PCA results reveal two main components. The first corresponds to an "effective inclusion" dimension, accounting for 21.18% of the total variance, and relates to the ownership and regular use of financial services such as bank accounts, electronic payment tools, credit products, and insurance. This dimension reflects the transition from simple bank account ownership to an active and sustained engagement with financial services. The second component, explaining 10.81% of the variance, captures factors associated with financial literacy and institutional trust, influenced by exposure to financial education programs, perceived levels of information, and residential characteristics (urban vs. rural). This axis highlights the importance of cognitive competencies and perceived institutional reliability in shaping individuals' financial decisions. The findings demonstrate that financial literacy is a key determinant of individuals' understanding, appropriation, and informed use of financial services, thereby fostering economic empowerment and integration into the formal financial system. The study further underscores the need to strengthen public policies focused on financial education, institutional transparency, and inclusive digitalization of financial services. Finally, the conclusions suggest that improving both financial literacy and institutional trust is essential to reducing access inequalities and supporting sustainable financial inclusion in Morocco. |
| Abstract: | L'article examine le lien entre la littératie financière et l'accès aux services financiers au Maroc, dans un contexte marqué par la digitalisation rapide des services bancaires et la mise en œuvre progressive de la Stratégie Nationale d'Inclusion Financière (SNIF). Inscrite dans un paradigme positiviste et une démarche quantitative hypothético-déductive, l'étude s'appuie sur une enquête par questionnaire administrée auprès d'un échantillon d'individus marocains. Les données recueillies ont été traitées à l'aide d'une Analyse en Composantes Principales (ACP) sous SPSS, permettant d'identifier les dimensions latentes qui structurent les comportements d'accès et d'usage des services financiers formels. Les résultats de l'ACP révèlent deux axes principaux. Le premier correspond à une dimension d'inclusion effective, expliquant 21, 18 % de la variance totale, et renvoie à la détention et à l'utilisation régulière de services financiers tels que les comptes bancaires, les moyens de paiement électroniques, les prêts ou les assurances. Cette dimension traduit le passage d'une simple bancarisation à une véritable utilisation active des services financiers. Le second axe, représentant 10, 81 % de la variance, reflète des facteurs liés à la littératie financière et à la confiance institutionnelle, influencés par l'exposition aux programmes d'éducation financière, le niveau d'information perçu, ainsi que les caractéristiques du milieu d'habitation (urbain/rural). Cet axe met en évidence l'importance des compétences cognitives et de la perception de fiabilité du système bancaire dans les choix financiers. Ces résultats soulignent que la littératie financière constitue un déterminant majeur de la compréhension, de l'appropriation et de l'usage éclairé des services financiers, favorisant ainsi l'autonomisation économique et l'intégration des citoyens dans le système formel. L'étude met également en lumière la nécessité de renforcer les politiques publiques axées sur l'éducation financière, la transparence institutionnelle et la digitalisation inclusive des services financiers. Enfin, les conclusions suggèrent que l'amélioration simultanée du niveau de littératie et de la confiance institutionnelle constitue une condition indispensable pour réduire les inégalités d'accès et soutenir une inclusion financière durable au Maroc. |
| Keywords: | Maroc., Analyse en Composantes Principales, Confiance institutionnelle, Accès aux services financiers, Littératie financière, Inclusion financière |
| Date: | 2026–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05442572 |
| By: | Liz Deichmann |
| Abstract: | Financial services such as bank accounts and loans support financial well-being. What is accessing credit like for those with lower incomes? |
| Date: | 2025–11–19 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00100:102783 |
| By: | Wenbin Wu; Can Liu |
| Abstract: | This paper investigates systemic risk transmission across stablecoin markets using Quantile Vector Autoregression (QVAR). Analyzing eight major stablecoins with day data coverage from 2021 to 2025, supplemented by minute-level event studies on three additional coins experiencing major depegs until 2025, we document three findings. First, stabilization mechanism dictates tail-risk behavior: fiat-backed stablecoins function as "stability anchors" with near-zero net spillovers across quantiles, while algorithmic and crypto-collateralized designs become risk amplifiers specifically under extreme market conditions. Second, the theoretical risk isolation between fiat and crypto markets breaks down during stress: direct volatility channels emerge between the US Dollar Index and Bitcoin that bypass stablecoin intermediation. Third, Forbes-Rigobon contagion tests across four depeg events show heterogeneous transmission: after adjusting for volatility, algorithmic stablecoins exhibit significant residual contagion while fiat-backed coins show flight-to-quality effects. These findings imply that uniform stablecoin regulation is inappropriate; regulatory capital buffers for extreme losses should be 2--3x higher for non-fiat-backed stablecoins than median-based measures indicate. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.18820 |
| By: | Tommaso Bondi; Michelangelo Rossi |
| Abstract: | Online ratings emerge from a multi-stage process that can systematically distort their informational content. We develop a unified framework decomposing the rating process into distinct components: experienced quality (driven by intrinsic quality, seller effort, and price), expectations formed prior to consumption, contextual influences, strategic distortions, idiosyncratic tastes, and selection into reviewing. This decomposition organizes a growing theoretical and empirical literature and clarifies how seemingly disparate findings -- from fake reviews to disappointment effects to selection biases - relate to distinct stages of the data-generating process. Our framework also provides a lens for evaluating platform design interventions: effective policies target specific components of the rating process, yet many distortions remain difficult to address without introducing new trade-offs. We highlight open questions where further research is most needed. |
| Keywords: | online reviews, rating biases, digital platforms, platform design |
| JEL: | D83 L86 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12427 |
| By: | Melissa Leistra |
| Abstract: | This paper describes the current U.S. dollar interbank payments landscape and identifies its key characteristics. It then discusses major considerations and potential tradeoffs that various conceptual alternatives might raise. |
| Keywords: | Payment systems; Real-time payment systems (RTPS); Systemic risk; Monetary policy transmission; Liquidity |
| Date: | 2026–02–25 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfe:102840 |
| By: | Paola Boel; Daniela Puzzello; Peter Zimmerman |
| Abstract: | In 2023, over 18 percent of US households were either unbanked or underbanked, a group commonly referred to as financially underserved (e.g., see Burhouse, Navarro and Osaki (2016)). Prior work and survey evidence identify a lack of broad-scope trust in banks as an important reason for financial exclusion (e.g., FDIC (2024), Falcettoni and Nygaard (2025), and Xu (2020)). Yet it is not clear whether this mistrust is unique to banks or whether it extends to other institutions, such as government entities or nonbank providers of account services. This distinction matters for policymakers when considering how to serve this segment of the population. If mistrust is specific to banks, then alternative providers of account services — such as nonbanks or government entities — could improve access to the financial system. But if mistrust extends to alternative providers, then financial education or other trust-building initiatives might be more effective at increasing financial inclusion. To address this gap, we designed our own surveys and fielded them to a sample of unbanked and underbanked individuals in the US. We elicited their levels of trust in various institutions, including different types of banks, government-related entities, and alternative payment providers. Using principal component analysis, we identify three dominant components of the trust scores which we label, in descending order of importance: (1) broad-scope trust, (2) concerns about traditional financial institutions, and (3) preference for a physical business presence. We explore how sociodemographic characteristics, including income, age, education, race and political affiliation, affect these components of trust. |
| Keywords: | Financial access; trust |
| JEL: | D10 G21 G40 G50 |
| Date: | 2026–03–02 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedcwq:102833 |
| By: | Steven D. Baker; Michael Junho Lee |
| Abstract: | We propose a quantitative framework to track systemic risk arising from cyber vulnerabilities of the U.S. financial system. Synthesizing financial, economic, cyber, and network data that covers thousands of financial institutions and technological firms, we develop an index that tracks financial-system-level cyber vulnerability (SCV) for the financial system. Geopolitical risk, ransomware and malware incidents, and seasonal factors significantly drive the estimated adversarial component. Estimated technological and financial components exhibit fat tails in the distribution. In the cross-section, SCV is attributable to a small set of the largest firms. Large technology firms, including Microsoft, Google, Cisco, and Apple, emerge as key contributors to SCV. These providers also represent the largest cumulative count of vulnerabilities, pointing to financial stability considerations arising from the common exposure to client firms. SCV for service providers co-varies with that of financial institutions, which could amplify financial stability risks. The framework puts forth an approach to include a broad set of entities into an aggregate assessment of cyber vulnerability. |
| Keywords: | financial system architecture; index; cyber risk; systemic risk; financial stability |
| JEL: | G21 G23 G28 G29 O33 |
| Date: | 2026–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednsr:102831 |
| By: | Giulio Marino; Manuel Naviglio; Francesco Tarantelli; Fabrizio Lillo |
| Abstract: | We study the dynamics of token launched on Pump.fun, a Solana-based launchpad platform, to identify the determinants of the token success. Pump.fun employs a bonding curve mechanism to bootstrap initial liquidity possibly leading to graduation to the on-chain market, which can be seen as a token success. We build predictive models of the probability of graduation conditional on the current amount of Solana locked in the bonding curve and a set of explanatory variables that capture structural and behavioral aspects of the launch process. Conditioning the graduation probability on these variables significantly improves its predictive power, providing insights into early-stage market behavior, speculative and manipulative dynamics, and the informational efficiency of bonding-curve-based token launches. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.14860 |
| By: | Nathalie Oriol (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur); Maggie Chen (Cardiff University); William Knottenbelt (Imperial College London); Iryna Veryzhenko (Cnam - Conservatoire National des Arts et Métiers [Cnam]) |
| Keywords: | Digital finance, Crowdfunded securities, Financial services |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05236865 |
| By: | Clément-François Wakwinga Wabenga (Université du Burundi); Préféré Burhonyi Burhashengwa (UNIGOM - Université de Goma); Paul Senzira Nahayo (UNIGOM - Université de Goma) |
| Abstract: | Abstract This paper has examined the institutional responsiveness of commercial banks operating in Goma (Democratic Republic of Congo), in a context marked by prolonged security instability affecting service quality. It has aimed to identify the factors that have influenced user satisfaction in the face of service disruptions, particularly regarding complaint procedures. A mixed-methods approach has been employed, combining a quantitative survey of 412 users with semi-structured interviews conducted with bank officials. The data have been analyzed using a binary logistic regression model to assess the impact of explanatory variables on reported satisfaction. The findings have shown that the clarity of procedures and the accessibility of institutional channels have had a significant effect (p < 0.05), whereas the speed of resolution has not demonstrated statistical significance (p = 0.106). These results have suggested that perceived responsiveness depends more on transparency and proximity than on speed. The study has recommended strengthening customer relationship governance through accessible, readable, and resilient mechanisms adapted to unstable environments. Keywords: «Institutional responsiveness; User satisfaction; complaint management; banking Services; Security Crisis » Classification JEL : D12, G21, L15, M31, O17 |
| Abstract: | Résumé Ce papier a examiné la réactivité institutionnelle des banques commerciales à Goma (RDC), dans un contexte de crise sécuritaire prolongée affectant la qualité des services. Il a visé à identifier les facteurs influençant la satisfaction des usagers confrontés à des dysfonctionnements, notamment dans les procédures de réclamation. Une approche méthodologique mixte a été mobilisée : une enquête quantitative auprès de 412 usagers et des entretiens semi-directifs avec des responsables bancaires. Les données ont été analysées par régression logistique binaire afin d'évaluer l'effet des variables explicatives sur la satisfaction déclarée. Les résultats ont montré que la clarté des procédures et l'accessibilité des canaux institutionnels ont eu un effet significatif (p < 0, 05), contrairement à la vitesse de résolution (p = 0, 106). La perception de réactivité repose ainsi davantage sur la transparence et la proximité. L'étude recommande de renforcer la gouvernance de la relation client par des dispositifs accessibles, lisibles et résilients, adaptés aux zones d'instabilité. Mots-clés : « Réactivité institutionnelle ; Satisfaction des usagers ; Gestion des réclamations ; Services bancaires ; Crise sécuritaire » JEL Classification : D12, G21, L15, M31, O17 |
| Keywords: | O17 «Institutional responsiveness, Security Crisis ». Classification JEL : D12, banking Services, complaint management, User satisfaction, Crise sécuritaire ». JEL Classification : D12, Services bancaires, Gestion des réclamations, Satisfaction des usagers, « Réactivité institutionnelle, O17, O17 «Institutional responsiveness User satisfaction complaint management banking Services Security Crisis ». Classification JEL : D12, M31, L15, G21, « Réactivité institutionnelle Satisfaction des usagers Gestion des réclamations Services bancaires Crise sécuritaire ». JEL Classification : D12 |
| Date: | 2026–01–15 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05460886 |
| By: | Anna Bastone (Parthenope University of Naples (Italy, Naples)); Luigi Mosca; Christopher Tucci; Sai Lan (EM - EMLyon Business School) |
| Abstract: | Digital transformation is reshaping the competitive landscape by forcing incumbent firms to rethink their strategies, organizational structures, and business models. While a substantial body of literature has explored digital transformation in specific sectors, focusing on various factors and organizational mechanisms, there remains a lack of a comprehensive and cohesive understanding of how incumbent firms actively lead or respond to these transformations. As a result, the concept remains somewhat fragmented and underdeveloped. This review addresses this gap by conducting a systematic review of 68 peer-reviewed articles across five major academic domains: entrepreneurship, general management, innovation, organization studies, and strategy. Our review identifies pathways of leading versus responding to digital transformation as well as the internal and external consequences and antecedents that enable or constrain digital transformation. We also offer a research agenda aimed at deepening our theoretical and managerial understanding of how incumbent firms navigate digital transformation , providing novel directions for future studies. |
| Keywords: | organizationalstructure, Business models, digital transformation, incumbent, strategy, responding, leading, literature review |
| Date: | 2025–12–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05489666 |
| By: | Christopher J. Waller |
| Date: | 2026–02–24 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:102809 |
| By: | Anna Cole; Christopher J. Neely |
| Abstract: | One of the U.S. dollar’s influential international roles is as the dominant reserve currency, widely used in international foreign exchange reserves, which are rainy day funds for governments. |
| Date: | 2026–02–25 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00100:102817 |
| By: | Vincent Brennan |
| Abstract: | The 2025 Community Banking Research Conference featured discussion about the application of technology and AI and evolving regulation in the banking industry. |
| Date: | 2025–12–03 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00100:102786 |
| By: | Michelle W. Bowman |
| Date: | 2026–02–26 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:102828 |
| By: | Kristie M. Engemann |
| Abstract: | An economist explains how inflation expectations are estimated, why they're important to monetary policymakers, and what can happen if they become "unanchored." |
| Date: | 2025–11–12 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00100:102782 |
| By: | Ballensiefen, Benedikt; Somogyi, Fabricius; Winterberg, Hannah |
| Abstract: | We study the determinants of US dollar demand across market participants and traded instruments using survey-based exchange rate and macroeconomic expectations. Leveraging granular FX trading data and forward looking expectations, we present three results. First, currency investors increase their dollar holdings when expecting US dollar appreciation or improved US macroeconomic fundamentals, whereas synthetic dollar funding is driven by forecasted CIP deviations. Second, cross-sectionally, investors rebalance along the factor structure of currency risk into dollars following an expected dollar appreciation. Third, responses to professional forecasts weaken when uncertainty or forecaster disagreement rises, and are lower for forecasters with poorer past accuracy. Our findings demonstrate that long-horizon expectations accurately predict dollar demand across spot, swap, and forward currency markets. We rationalize those finding in a theoretical model of currency demand. |
| Keywords: | Exchange rate expectations, dollar demand, currency flows, FX swaps, survey forecasts |
| JEL: | F31 G15 F37 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cfrwps:337468 |
| By: | Linda S. Goldberg; Oliver Hannaoui |
| Abstract: | The share of US dollar assets in the official foreign exchange reserve portfolios of central banks, at times, is taken as an indicator of the dollar's global status. We provide a decomposition that shows two distinct channels contributing to the changes in the dollar share of reserves aggregated across countries: shifts in preferences for dollar assets, and changes in reserve balances driven by countries whose portfolio allocations differ from the aggregate. We document how the concentrated nature of foreign exchange reserve holdings allows countries that contribute a large share of aggregated reserves to exert substantial influence on aggregate dollar shares over time, potentially dominating the narrative. In recent periods, the key contributors to changes in aggregate preference shifts for dollar assets are changes in bilateral country trade with the United States and dollar debt share, with geopolitics additionally working through the investment tranches of central bank portfolios. Diversification away from dollar assets is more prevalent conditional on official reserves of countries being large enough to satisfy country liquidity needs. |
| JEL: | F33 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34888 |