|
on Payment Systems and Financial Technology |
| By: | Makoza, Frank |
| Abstract: | Financial Technology (FinTech) organisations are perceived to be enablers of digital financial services in Malawi. They support efficient business transactions, secure payments instead of cash, lower transactions costs and support financial inclusion. While the phenomenon of FinTech has received attention among scholars, FinTech landscape of Malawi (e.g. supply-side) is not well documented. This paper analysed the FinTech landscape of Malawi focusing on profiling organisations, digital financial services and regulations. Using secondary data, the findings showed diversity of FinTech services e.g. mobile money, digital wallets, card-based payments, cloud banking services, microfinance and international remittance services. FinTechs operating in formal sector were regulated, while other FinTechs offering services for cryptocurrencies and crowdfunding platforms were not covered in the financial sector regulations. The study contributes towards literature on FinTechs in Malawi and highlights areas of further research. |
| Keywords: | Financial Technology, FinTechs, Supply-side, Digital financial services, Malawi |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:335108 |
| By: | Thomas Ankenbrand; Denis Bieri; Stefano Ferrazzini; Johannes Hoehener |
| Abstract: | Tokenised money encompasses a broad range of digital monetary instruments issued on distributed ledger technology, including Central Bank Digital Currencys (CBDCs), deposit tokens, stablecoins, and decentralised protocol-based designs. Despite their shared monetary function, these instruments differ markedly in issuer structure, collateralisation, stability mechanisms, governance, and technological embedding, creating conceptual ambiguity. This paper proposes a concise taxonomy spanning twelve key design dimensions, offering a systematic framework for comparing heterogeneous forms of tokenised money. The taxonomy clarifies how different design choices shape monetary properties, risks, and policy implications, supporting clearer analysis and dialogue across academia, industry, and regulation. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.11010 |
| By: | Yihan Hong; Hengxiang Feng; Yinghan Wang; Boxuan Li |
| Abstract: | The approval of the Bitcoin Spot ETF in January 2024 marked a transformative event in cryptocurrency markets, signaling increased institutional adoption and integration into traditional finance. This study examines Bitcoin's changing relationships with traditional assets, including equities, gold, and fiat currencies, following this milestone. Using rolling correlation analysis, Chow tests, and DCC-GARCH models, we found that Bitcoin's correlation with the S\&P 500 increased significantly post-ETF approval, indicating stronger alignment with equities. Its relationship with gold stabilized near zero, while its correlation with the U.S. Dollar Index remained consistently negative, reflecting its continued independence from fiat currencies. These findings offer insights into Bitcoin's evolving role in portfolios, implications for market stability, and future research opportunities on cryptocurrency integration into traditional financial systems. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.12815 |
| By: | Alibhai, Salman; Breza, Emily; Kanz, Martin; Strobbe, Francesco |
| Abstract: | This paper examines the rise of fintech lending in Indonesia, using a dataset of more than 139, 000 individual credit records representative of the full spectrum of consumer loans in the country. The analysis reveals that fintech lending has become deeply embedded in Indonesia’s financial landscape, with more than 40 percent of borrowers holding at least one fintech loan at the end of the sample period. While digital lenders have expanded financial inclusion by reaching significant numbers of previously unbanked households, they remain limited in their geographical reach, primarily finance consumption, and account for only a small share of total consumer credit. Over time, a substantial share of borrowers transition from high-interest fintech loans to more affordable conventional credit. However, this expansion of access brings new challenges: default rates among borrowers who obtain their first loan from a digital lender are 5 to 7 percentage points higher than among borrowers who start with non-fintech loans, and elevated default risks persist even after borrowers graduate to lower-interest rate conventional credit. The paper concludes by assessing the effects of recent regulatory reforms --such as interest rate caps and harmonized reporting standards for digital and conventional loans-- and offers policy recommendations to maximize the benefits of digital financial inclusion while safeguarding credit market stability and financial consumer protection. |
| Date: | 2026–01–21 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:11300 |
| By: | Clément Wakwinga Wabenga (CURDES - Université du Burundi, République du Burundi. Centre Universitaire de Recherche pour le Développement Économique et Social (CURDES) & Faculté des Sciences Économiques et de Gestion, Université de Goma ;(UNIGOM), République Démocratique du Congo.); Préféré Burhonyi Burhashengwa (UNIGOM - Faculté des Sciences Économiques et de Gestion ; Université de Goma (UNIGOM), République Démocratique du Congo) |
| Abstract: | This study has investigated the determinants of access to digital banking services in the context of a security crisis in Goma, Democratic Republic of Congo. Its primary objective has been to examine the extent to which cost perception has influenced the adoption of digital financial services within an environment marked by instability and socio-economic disparities. A mixed-methods approach has been employed, combining a quantitative survey of 400 bank clients with a logit econometric analysis, as well as qualitative interviews conducted with selected bank employees and representatives of business associations. The findings have revealed that although 89% of respondents have held a digital bank account, only 37.5% have used it regularly. Contrary to expectations, cost perception has not exerted a statistically significant effect on usage (p = 0.746). The study has further demonstrated that, despite functional limitations primarily linked to network connectivity issues, all commercial banks operating in Goma have implemented digital solutions that have supplemented traditional banking services and have ensured the continuity of essential financial services during the crisis period. However, socio-professional status, monthly income, digital literacy, and access to mobile networks have emerged as significant determinants. Additionally, the survey has highlighted a lack of fee transparency, which has contributed to user distrust. The study has concluded that financial inclusion policies in fragile contexts must be rethought by promoting digital literacy, enhancing pricing transparency, and improving connectivity infrastructure. It has contributed to a deeper understanding of digital exclusion dynamics in crisis settings and has opened the way for comparative research in other chronically unstable regions. Keywords: financial inclusion, digital banking services, cost perception, digital literacy, security crisis.JEL Classification: G21, D12, O33, I38, R28Paper Type: Empirical Research |
| Abstract: | Cette étude a exploré les déterminants de l'accessibilité aux services bancaires numériques dans un contexte de crise sécuritaire à Goma en République Démocratique du Congo. L'objectif principal était d'analyser dans quelle mesure la perception du coût influence l'adoption des services financiers numériques, dans un environnement marqué par l'instabilité et les inégalités socio-économiques. Une approche mixte a été adoptée, combinant une enquête quantitative menée auprès de 400 clients de banques avec une analyse économétrique par modèle logit, ainsi que des entretiens qualitatifs avec certains employés de banques et de représentants des corporations patronales. Les résultats ont montré que bien que 89 % des répondants disposent d'un compte bancaire numérique, seuls 37, 5 % l'utilisent régulièrement. La perception du coût, contre toute attente, n'a pas exercé d'effet significatif sur l'usage (p = 0, 746). L'étude a démontré que, malgré les limites fonctionnelles principalement liées aux problèmes de connectivité du réseau, toutes les banques commerciales opérant dans la ville de Goma ont mis en place des solutions numériques ayant suppléé aux services bancaires classiques et assuré la continuité des services essentiels aux besoins primaires pour leurs clients durant cette période de crise sécuritaire. En revanche, le statut socio-professionnel, le revenu mensuel, la compétence numérique et l'accès au réseau mobile ont constitué des facteurs déterminants. De plus, l'enquête a mis en lumière une faible transparence des frais, renforçant la méfiance des usagers. L'étude conclut à la nécessité de repenser les politiques d'inclusion financière dans les zones fragiles en favorisant la littératie numérique, la transparence tarifaire et l'amélioration des infrastructures de connectivité. Elle contribue à une meilleure compréhension des dynamiques d'exclusion numérique dans les contextes de crise, et ouvre la voie à des recherches comparatives dans d'autres zones à instabilité chronique. Mots-clés : inclusion financière, services bancaires numériques, perception du coût, compétence numérique, crise sécuritaire.JEL Classification : G21, D12, O33, I38, R28Type du papier : Recherche empirique |
| Keywords: | security crisis. JEL Classification: G21, inclusion financière services bancaires numériques perception du coût compétence numérique crise sécuritaire. JEL Classification : G21 D12 O33 I38 R28 Type du papier : Recherche empirique financial inclusion digital banking services cost perception digital literacy security crisis. JEL Classification: G21 D12 O33 I38 R28, inclusion financière, services bancaires numériques, perception du coût, R28, compétence numérique, digital literacy, cost perception, digital banking services, R28 Type du papier : Recherche empirique financial inclusion, I38, O33, D12, crise sécuritaire. JEL Classification : G21 |
| Date: | 2025–11–04 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05345510 |
| By: | Ignacy Nieweglowski; Aviv Yaish; Fahad Saleh; Fan Zhang |
| Abstract: | Cryptoassets launched by political figures, e.g., political finance (PoliFi) tokens, have recently attracted attention. Chief among them are the eponymous tokens backed by the 47th president and first lady of the United States, TRUMPandMELANIA. We empirically analyze both, and study their impact on the broad decentralized finance (DeFi) ecosystem. Via a comparative longitudinal study, we uncover a "Trump Effect": the behavior of these tokens correlates positively with presidential approval ratings, whereas the same tight coupling does not extend to other cryptoassets and administrations. We additionally quantify the ecosystemic impact, finding that the fervor surrounding the two assets was accompanied by capital flows towards associated platforms like the Solana blockchain, which also enjoyed record volumes and fee expenditure. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.06036 |
| By: | Teichmann, Fabian |
| Abstract: | Platform governance is increasingly shaped by regulatory mandates that embed cybersecurity principles into the design and operation of digital services. This study examines how the European Union’s NIS2 Directive and proposed Cyber Resilience Act (CRA) institutionalize ‘cybersecurity-by-design’ within platform ecosystems, and how this shift is understood as a social practice. It outlines the key requirements these frameworks impose on online platforms, from risk management processes and secure development obligations to lifecycle vulnerability handling, and compares them with international approaches such as the US Executive Order 14028 and ISO 27001 standards. Drawing on sociological perspectives, including actor-network theory, Bourdieu’s theory of practice, and Science and Technology Studies, the study argues that cybersecurity-by-design constitutes not merely a technical mandate but a practice shaped by organizational cultures, power relations, and the circulation of knowledge among stakeholders. This argument is illustrated through case studies of the security challenges and compliance strategies of major platforms, emphasizing how law, technology, and social dynamics intersect. The discussion explores the opportunities and tensions involved in regulating platform security by design, including balancing control and trust, considering global governance implications, and addressing the influence of commercial incentives as described by surveillance capitalism. The study indicates that effective cybersecurity-by-design requires not only legal enforcement but also the active engagement of practitioner communities and users, making it a sociotechnical project embedded in a broader societal context. |
| Keywords: | actor-network theory; Cyber Resilience Act; Cybersecurity-by-design; NIS2 Directive; platform governance; surveillance capitalism |
| JEL: | R14 J01 |
| Date: | 2026–01–06 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130856 |
| By: | Ferrari Minesso, Massimo; Siena, Daniele |
| Abstract: | This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins. These digital assets create a new global safe asset channel that links private money creation and global payment needs directly to U.S. public debt. By reshaping the demand for safe assets and the geography of dollar intermediation, stablecoins transform the dynamics of global financial markets, generating new trade-offs, also for the U.S.: even if they widen the dollar’s global footprint and compress U.S. risk-free yields, they entail non-trivial macro-financial costs. Stablecoins dampen the domestic real effects of U.S. monetary policy and increase both U.S. and foreign exposure to cross-country shocks, making a more digital, dollar-centric reserve system less stable. These effects are limited at low adoption levels but rise non-linearly with stablecoin capitalization, reshaping the functioning of the international financial system. JEL Classification: G15, E42, E44, E52, F3 |
| Keywords: | financial stability, global safe asset, monetary policy, spillovers, stablecoins |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbwps:20263174 |
| By: | Fabien Clive Ntonga Efoua (FSEG, CEREG - Université de Yaoudé II-Soa, CEDIMES - CEDIMES - Centre d'Etudes sur le Développement International et les Mouvements Economiques et Sociaux); Françoise Okah Efogo; Bernard Cléry Nomo Beyala; Bruno Emmanuel Ongo Nkoa |
| Abstract: | The goal of this paper is to discuss the strengths, weaknesses, opportunities and threats of the decentralized digital currencies in Africa, a region that serves as an incubator for innovations in the decentralized finance sector, but remains somewhat excluded from the field of academic research on these same issues. In addition to providing a comprehensive overview of the current state of the cryptocurrency market (particularly with regard to the categories and underlying technologies), this article relies on a SWOT analysis that draws some lessons and long-term perspectives while respecting the diversity of local and international concerns. It emerges that the popularity of the BASI-coins is built on a triple illusion: that of disintermediation, that of security and that of independence: miners remain essential, and oligopolies are being reconstituted in the cryptosphere which, from this point of view, does not differ from the traditional finance. In addition, even if the macro-financial framework of African countries seems de facto to lend itself to their adoption, it should be noted that their implementation requires addressing several challenges: both in terms of infrastructure (electricity/Internet access) and technology as well as institutional. Moreover, BASI-coins could compete with (future) sovereign digital currencies (Govcoins), and their widespread adoption could destabilize the financial systems due to pressure on foreign exchange reserves. |
| Abstract: | L'objectif de cet article est d'analyser les forces, les faiblesses, les opportunités et les menaces des monnaies numériques décentralisées en Afrique, une région qui sert d'incubateur pour les innovations dans le secteur de la finance décentralisée, mais qui sur ces mêmes questions, demeure relativement en marge du champ de la recherche académique. En plus de dresser un panorama assez complet de l'état actuel du marché des cryptomonnaies (notamment en ce qui concerne les catégories et les technologies sous-jacentes), cet article s'appuie sur une analyse SWOT qui permet de dégager des enseignements et des perspectives de long terme, tout en respectant la diversité des préoccupations locales et internationales. Il en ressort que la popularité des BASI-coins s'est bâtie sur une triple illusion : celle de la désintermédiation, celle de la sécurité et celle de l'indépendance : les mineurs sont incontournables et les oligopoles se reconstituent dans la cryptosphère qui, de ce point de vue, ne diffère pas de la finance traditionnelle. En outre, même si le cadre macro-financier des pays africains semble de facto se prêter à l'adoption des cryptomonnaies et que cette dernière offre des opportunités en termes d'inclusion et d'innovation dans la sphère financière, un usage efficient des monnaies numériques nécessite de relever plusieurs défis ; tant sur les plans infrastructurel (accès à l'électricité/Internet) et technologique qu'institutionnel. Par ailleurs, les BASI-coins pourraient faire concurrence aux (futurs) monnaies numériques souveraines (Govcoins) et leur adoption généralisée pourrait déstabiliser les systèmes financiers en raison d'une pression sur les réserves de change. |
| Keywords: | Afrique, SWOT, Cryptomonnaies, BASI-coins |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05402623 |
| By: | Gierens, Jakob |
| Abstract: | Despite driving the recent resurgence of music industry revenue, digital streaming platforms (DSPs) face persistent criticism over the fairness of their pro-rata royalty payout systems, sparking legislative initiatives in the EU, US, and UK. This article asks how much of the perceived unfairness in DSPs’ pro-rata payouts can be ascribed to platforms offering disparate types of music consumption without any organizational separation, and how the status quo could be improved. DSPs offer access to large libraries of records that users can browse and play from, as well as “programmed” listening features, e.g. editorial or algorithmic playlists. The latter channel constitutes 40% of Spotify streams by now, and pays at the same rate per stream as the former channel. Since DSPs pay by streams market share, boosting the streams of some artists via algorithmic or editorial promotion diminishes the payout for all others. I develop empirical and theoretical arguments for why paying every stream the same price is suboptimal, by presenting disconnects between the pure number of streams and consumers’ level of engagement with content. This suggests that under the pro-rata model, the payment distribution does not accurately reflect consumers’ preferences. I further show how a stream-source weighted pro-rata system aka active engagement model can increase the pay rate for active streams by up to 67% depending on the choice of the weighting factor, hereby diminishing the financial impact of platforms’ promotion choices and rewarding artists for creating music that consumers want to actively seek out. |
| Keywords: | Remuneration Policies; Music Streaming; Platforms; Music Industry; Fair Division |
| JEL: | Z11 |
| Date: | 2026–01–13 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127101 |
| By: | Chang, Hung-Hao; Meyerhoefer, Chad D. |
| Abstract: | We investigate the spillover effects of agri-food product sales during livestream promotions aired on Facebook Live to sales on a linked e-commerce platform. Using instrumental variables estimation to account for selection of the products chosen for livestream promotion, we find moderate spillover effects on platform sales and profits. Specifically, livestream sales of the same product category increase platform sales by 2 percent, while livestream sales of other products increase platform sales by 3.9 percent. Indirect spillovers are larger than direct spillovers due to the higher volume of promotional sales of other products. Our results suggest that livestreaming is an effective means of price discriminating and increasing agri-food e-commerce sales. |
| Keywords: | Marketing |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:360841 |
| By: | Driss Omerani (Innovation, Responsabilités et Développement Durable (INREDD) - UCA - Université Cadi Ayyad [Marrakech]); Aicha Hssaine (Innovation, Responsabilités et Développement Durable (INREDD) - UCA - Université Cadi Ayyad [Marrakech]) |
| Abstract: | Cette étude bibliométrique couvre 2 680 articles Scopus publiés entre 2015 et mi-2025, utilisant VOSviewer pour cartographier la dynamique Fintech au niveau mondial. Une croissance marquée des publications est observée depuis 2020, avec la Chine leader à 553 documents. Le champ «Économie, économétrie et finance » représente 31, 6 % des travaux. L'auteur le plus cité est affilié à l'Université de la Nouvelle-Orléans. De plus, cinq clusters clés émergent à savoir : fintech, développement durable, technologie financière, services financiers et innovation. Les résultats soulignent l'intérêt croissant des chercheurs, régulateurs et praticiens, prédisant une poursuite rapide du développement fintech. |
| Keywords: | Fintech Scopus VOSviewer Analyse Bibliométrique, Fintech, Scopus, VOSviewer, Analyse Bibliométrique |
| Date: | 2025–06–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05441212 |
| By: | Zafer Kanik; Zaruhi Hakobyan |
| Abstract: | Social media platforms systematically reward popularity but not authenticity, incentivizing users to strategically tailor their expression for attention. We develop a utilitarian framework addressing strategic expression in social media. Agents hold fixed heterogeneous authentic opinions and derive (i) utility gains from the popularity of their own posts--measured by likes received--, and (ii) utility gains (losses) from exposure to content that aligns with (diverges from) their authentic opinion. Social media interaction acts as a state-dependent welfare amplifier: light topics generate Pareto improvements, whereas intense topics make everyone worse off in a polarized society (e.g., political debates during elections). Moreover, strategic expression amplifies social media polarization during polarized events while dampening it during unified events (e.g., national celebrations). Consequently, strategic distortions magnify welfare outcomes, expanding aggregate gains in light topics while exacerbating losses in intense, polarized ones. Counterintuitively, strategic agents often face a popularity trap: posting a more popular opinion is individually optimal, yet collective action by similar agents eliminates their authentic opinion from the platform, leaving them worse off than under the authentic-expression benchmark. Preference-based algorithms--widely used by platforms--or homophilic exposures discipline popularity-driven behavior, narrowing the popularity trap region and limiting its welfare effects. Our framework fills a critical gap in the social media literature by providing a microfoundation for user welfare that maps to observable metrics, while also introducing popularity incentives as an unexplored channel in social networks distinct from the canonical mechanisms of conformity, learning, persuasion, and (mis)information transmission. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2601.01370 |
| By: | Neil Wilson; Richard Tye; Andrew Berkeley |
| Abstract: | This paper challenges the widespread public and institutional misconception that legal tender laws in English law compel creditors to accept payment in a specific form. We argue that legal tender is a narrow, procedural artefact with diminishing practical relevance. Through an analysis of statutory provisions, common law, and the Civil Procedure Rules, we demonstrate that legal tender serves not as a substantive right to discharge debts but as a limited procedural defense concerning liability for costs in litigation. By examining the institutional mechanisms for settling private contractual debts and public statutory obligations, such as taxes, we show that settlement occurs almost exclusively through electronic, bank-mediated systems. The paper concludes that the operational currency of the modern state is not physical legal tender but central bank reserves and commercial bank money, rendering legal tender a concept of largely historical and symbolic significance. |
| Keywords: | Legal tender; Monetary law; Tax obligations; Payment systems |
| JEL: | B50 E42 K12 K34 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1103 |
| By: | , Gaurav; Ayarekar, Sachin; Kadam, Suresh |
| Abstract: | This white paper presents a clause-level comparative legal and regulatory analysis of India’s Digital Personal Data Protection Act (DPDP Act, 2023) and the European Union’s General Data Protection Regulation (GDPR), with specific emphasis on implications for FinTech governance and compliance automation. As India transitions toward a unified personal data protection regime, FinTech firms operating in high-velocity, data-intensive environments face significant challenges related to consent management, purpose limitation, data subject rights, cross-border data transfers, breach notification, and accountability obligations. Using a doctrinal legal research approach combined with comparative clause mapping, this study systematically evaluates areas of convergence and divergence between the DPDP Act and the GDPR across key compliance domains. Building on these findings, the paper proposes a RegTech-enabled audit automation framework designed to translate legal requirements into machine-readable compliance controls, enabling continuous monitoring, risk classification, and governance reporting for FinTech institutions. The white paper contributes to emerging discussions on data protection governance by offering a practical compliance lens for regulators, FinTech firms, auditors, and RegTech solution designers, while also serving as a foundational working paper for future empirical and journal-based research. |
| Date: | 2026–01–12 |
| URL: | https://d.repec.org/n?u=RePEc:osf:lawarc:r7ydq_v1 |
| By: | Kubra Bolukbas; Mehmet Selman Colak |
| Abstract: | [TR] Turkiye'de kredi kartlari hem odeme hem de finansman araci olarak tum gelir gruplarinda yaygin bir sekilde kullanilmaktadir. Bu calismada, bireysel kredi karti (BKK) kullanim egiliminin bireylerin gelirleri ve kart limitleri ile olan iliskisi incelenmektedir. Calismada, kisi seviyesinde BKK bakiyesi, brut gelir ve kredi karti limit bilgilerini iceren kapsamli mikro veri setleri kullanilmistir. Bu cercevede, oncelikle bu iliskiye yonelik dagilimlar cesitli gostergeler yardimiyla sunulmustur. Daha sonra, BKK bakiyeleri ile gelir ve limit gostergeleri arasindaki esneklik test edilmistir. Analizler, gelir ve kart limiti ile BKK bakiyesi arasinda pozitif bir iliski oldugunu ve bu iliskinin limit artis hizina gore ayristigini ortaya koymustur. Son olarak, gelir seviyesinden bagimsiz olarak, asiri limite sahip olan bireylerin diger bireylere kiyasla daha dusuk limit doluluk oranina ve daha yuksek kart borcluluguna sahip oldugu bulgulanmistir. [EN] In Türkiye, credit cards are widely used across all income groups both as a payment and financing tool. In this study the relationship between personal credit card (PCC) usage tendency and individuals' incomes and card limits is examined. The study utilizes comprehensive microdata sets containing PCC, gross income, and card limit at the individual level. Accordingly, first, the distributions regarding this relationship are presented using various indicators. Subsequently, the elasticity between PCC balances and income/limit levels is tested. Analyses reveal that there is a positive relationship between income, card limit and PCC balance, and this relationship differs according to different limit increase rates. Finally, it is found that individuals with excessive credit limits, regardless of income level, have lower limit occupancy rates and higher card indebtedness compared to other individuals. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:tcb:econot:2523 |
| By: | Mathis Mourey (The Hague University of Applied Sciences, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes); Mohamad H Shahrour (HBKU - Hamad Bin Khalifa University [Doha, Qatar]); Florentina Şoiman (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes) |
| Abstract: | This study examines the predictive power of weekend cryptocurrency performance on Monday stock returns. Using a Bayesian framework and Kalman filter, we analyze 20 of the largest cryptocurrencies, covering about 85% of market capitalization. Our results show a strong asymmetry: negative weekend returns significantly predict Monday equity declines, while positive returns have no effect. This pattern remains robust across benchmarks, including the Nasdaq, Russell 2000, S&P sector indices, and the S&P Crypto Index. The transmission mechanism strengthens markedly after the May 2022 LUNA collapse, signaling a structural break in crypto-equity dynamics. Our findings highlight the growing role of cryptocurrencies as transmitters of systemic risk and carry implications for forecasting, portfolio management, and financial stability monitoring. |
| Keywords: | Weekend effect, Information, Bayesian, Cryptocurrency, Stock indices |
| Date: | 2025–10–17 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05415054 |
| By: | Liu, Mingyue; Zhang, Wenying; Feng, Xiaolong |
| Keywords: | Community/Rural/Urban Development |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:361133 |
| By: | Florent Saucède (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Lucie Sirieix (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Archana Kumar (MSU - Montclair State University [USA]) |
| Abstract: | Supply chain actors are exploring the potential of blockchain to enhance the sustainability of food systems and mitigate public health risks through end-to-end traceability. To promote these systems, product information is extracted and communicated to consumers via a QR code af- fixed to packaging. Our longitudinal and cross-cultural study provides an in-depth examination of consumer perceptions of these systems. The findings highlight both the benefits and barriers to consumer adoption of blockchain, discussing the technology's potential contribution to im- proving consumer food literacy. |
| Abstract: | Les acteurs des chaînes d'approvisionnement explorent le potentiel de la blockchain pour ren- forcer la durabilité de l'alimentation et prévenir les risques de crises sanitaires par une traçabi- lité de bout-en-bout. Pour valoriser ces dispositifs, des informations sur les produits sont ex- traites et communiquées aux consommateurs via un QR code apposé aux emballages. Notre étude longitudinale et multiculturelle examine en profondeur les perceptions des consomma- teurs à l'égard de ces dispositifs. Les résultats soulignent les avantages et les obstacles à l'adop- tion de la blockchain par les consommateurs pour discuter du potentiel de contribution de la technologie à la littératie alimentaire des consommateurs. |
| Keywords: | Consumer Behavior, Blockchain, Literacy, Food, consommateur, littéracie, traçabilité, alimentation |
| Date: | 2025–10–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05443261 |
| By: | Anastasiia Zbandut; Carolina Goldstein |
| Abstract: | This paper maps the emerging market for decentralized credit in which ERC 4626 vaults and third-party curators, rather than monolithic lending protocols alone, increasingly determine underwriting and leverage decisions. We show that modular vaults differ in capital utilization, cross-chain and cross asset concentration, and liquidity risk structure. Further, we show that a small set of curators intermediates a disproportionate share of system TVL, exhibits clustered tail co movement, and captures markedly different fee margins despite broadly similar collateral composition. These findings indicate that the main locus of risk in DeFi lending has migrated upward from base protocols, where underwriting is effectively centralized in a single DAO governed parameter set, to a permissionless curator layer in which competing vault managers decide which assets and loans are originated. We argue that this shift requires a corresponding upgrade in transparency standards and outline a simple set of onchain disclosures that would allow users and DAOs to evaluate curator strategies on a comparable, money market style basis. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.11976 |
| By: | Stanis{\l}aw Dro\.zd\.z; Pawe{\l} Jarosz; Jaros{\l}aw Kwapie\'n; Maria Skupie\'n; Marcin W\k{a}torek |
| Abstract: | Correlations in complex systems are often obscured by nonstationarity, long-range memory, and heavy-tailed fluctuations, which limit the usefulness of traditional covariance-based analyses. To address these challenges, we construct scale and fluctuation-dependent correlation matrices using the multifractal detrended cross-correlation coefficient $\rho_r$ that selectively emphasizes fluctuations of different amplitudes. We examine the spectral properties of these detrended correlation matrices and compare them to the spectral properties of the matrices calculated in the same way from synthetic Gaussian and $q$Gaussian signals. Our results show that detrending, heavy tails, and the fluctuation-order parameter $r$ jointly produce spectra, which substantially depart from the random case even under absence of cross-correlations in time series. Applying this framework to one-minute returns of 140 major cryptocurrencies from 2021-2024 reveals robust collective modes, including a dominant market factor and several sectoral components whose strength depends on the analyzed scale and fluctuation order. After filtering out the market mode, the empirical eigenvalue bulk aligns closely with the limit of random detrended cross-correlations, enabling clear identification of structurally significant outliers. Overall, the study provides a refined spectral baseline for detrended cross-correlations and offers a promising tool for distinguishing genuine interdependencies from noise in complex, nonstationary, heavy-tailed systems. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.06473 |
| By: | Ambrozek, Charlotte; Beatty, Timothy K.M.; Zhan, Wenjie |
| Abstract: | We study the impact of payment digitization that transitions food assistance payments from paper vouchers to debit cards on retailer fraud. We hand-collected the rollout schedule of payment digitization for two major federal food assistance programs: Supplemental Nutrition Assistance Program (SNAP) and Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). We link these schedules to administrative data on store sanctions and compare sanction patterns between counties that implemented digitized payments and those that had not yet transitioned. We find that payment digitization increases disqualifications under SNAP but decreases them under WIC. We explore potential explanations for this divergence and discuss its implications. Our findings highlight how digital technologies can have varying effects on the administration of public programs. |
| Keywords: | Industrial Organization, Demand and Price Analysis |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:360963 |
| By: | Felix Chopra (Frankfurt School of Finance & Management, CESifo); Ingar Haaland (NHH Norwegian School of Economics, FAIR, CEPR, NTNU); Nicolas Roever (University of Cologne); Christopher Roth (University of Cologne and ECONtribute, Max Planck Institute for Behavioral Economics, CEPR, NHH) |
| Abstract: | We test the effectiveness of different AI-delivered conversation protocols to increase people’ motivation for change. In a large-scale experiment with 2, 719 social media users, we randomly assign participants to a control conversation or one of three treatment arms: two Motivational Interviewing protocols promoting self-persuasion (change focus or decisional balance) and a direct persuasion protocol providing unsolicited advice and information. All conversations are led by an AI interviewer, enabling standardized delivery of each protocol at scale. Our results show that all three interventions significantly increase motivation for change and the perceived costs of social media use, with change-focused self-persuasion yielding the largest effects. These effects persist and translate into self-reported reductions in social media use more than two weeks after the intervention. Our findings illustrate how AI-led conversations can serve as a scalable platform both for delivering behavioral interventions and for testing what makes them effective by systematically varying how conversations are conducted. |
| Keywords: | AI interviews, Scaling, Motivation, Persuasion, Social Media, Beliefs |
| JEL: | C90 D83 D91 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:ajk:ajkdps:385 |
| By: | Jan Smolinski (Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Florent Saucède (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Catherine Pardo (EM - EMLyon Business School); Fatiha Fort (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | The incorporation of blockchain technology into supply chains is widely anticipated as a potential response to ongoing controversies regarding the sustainability of agri-food supply chains. In practice, brought to light through an ethnographic study, the articulation between blockchain and supply chain is conditioned by sociotechnical compromises negotiated throughout the staged integration of the technology. We examine this process through a theoretical framework that combines actor-network theory with the concept of boundary objects, thereby elucidating the ways in which the initial promises of decentralization and coordination are moderated and reconfigured. |
| Abstract: | Intégrer la technologie blockchain aux chaînes d'approvisionnement agri-alimentaires devait apporter des réponses aux controverses relatives à leur durabilité. Dans les faitscollectés dans une démarche ethnographique -le processus d'articulation entre blockchain et supply chain est conditionné à des compromis sociotechniques négociés lors des intégrations modulées de la technologie. Nous rendons compte de ce processus à l'aune d'une lecture qui plaide l'articulation de la théorie de l'acteur-réseau et du concept d'objet-frontière, et mettra en évidence les modérations et reconfigurations des promesses initiales de décentralisation et coordination. |
| Keywords: | Blockchain, Supply chain, Actor-Network Theory, Boundary objects, Sociotechnical trade-offs, Agri-food supply chain, Théorie de l'acteur-réseau, Objet-frontière, Compromis sociotechniques, Supply chain agroalimentaire |
| Date: | 2025–10–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05443288 |
| By: | Hao Yu |
| Abstract: | Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase fraud activity that generates undetectable fake streams up to a technological limit. We show that pro-rata can be fraud-robust: when fraud technology is weak, honesty is a strict dominant strategy, and an efficient fraud-free equilibrium obtains. When fraud technology is strong, a unique fraud equilibrium arises, yet aggregate fake streams remain bounded. Although fraud is inefficient, the resulting redistribution may improve fairness in some cases. To mitigate fraud without abandoning pro-rata, we introduce a parametric weighted rule that interpolates between pro-rata and user-centric, and characterize parameter ranges that restore a fraud-free equilibrium under technology constraint. We also discuss implications of Spotify's modernized royalty system for fraud incentives. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2601.09573 |
| By: | Nattanicha Chairassamee; Kanokwan Chancharoenchai; Pattrapa Tangtatswas |
| Abstract: | The growing financial fraud issue has negatively impacted the psychological well-being of the general public, particularly those who have fallen victim to such scams. This study aims to collect data to examine and understand the factors influencing decision-making and victimization in various types of online financial fraud in Thailand. By using the framing effect through greedy emotions and time pressure, our results indicate that the emotions experienced during scam encounters play a significant role in determining online financial fraud victimization. Since emotions directly influence System 1 decision-making, our study suggests that merely educating and building public awareness may not be effective in preventing long-term online scam victimization. |
| Keywords: | Emotion; Financial decision; Online financial scam; Personality traits |
| JEL: | D91 G41 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:pui:dpaper:245 |
| By: | Perst, Florian |
| Abstract: | The digitalized communication landscape has revolutionized consumer purchasing behavior, with User Generated Content (UGC) playing a central role. UGC significantly influences the customer journey, particularly in the phases of awareness, consideration, and purchase. The use of AI in UGC is viewed as particularly critical, as consumers may perceive artificially generated content as inauthentic or unreliable, thereby intensifying the so-called "uncanny valley" effect. Companies must understand the dynamics of UGC and respond to the increasing presence of AI-generated content in order to foster trust and purchase intention. This study explores the importance of authenticity in UGC and the challenges of dealing with AIgenerated content in the context of digital consumer behavior. |
| Keywords: | User Generated Content, Customer Journey, AI-generated Content, Uncanny Valley Effect, Consumer Behavior |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iubhbm:335032 |
| By: | Yichen Luo; Yebo Feng; Jiahua Xu; Yang Liu |
| Abstract: | The launch of \$Trump coin ignited a wave in meme coin investment. Copy trading, as a strategy-agnostic approach that eliminates the need for deep trading knowledge, quickly gains widespread popularity in the meme coin market. However, copy trading is not a guarantee of profitability due to the prevalence of manipulative bots, the uncertainty of the followed wallets' future performance, and the lag in trade execution. Recently, large language models (LLMs) have shown promise in financial applications by effectively understanding multi-modal data and producing explainable decisions. However, a single LLM struggles with complex, multi-faceted tasks such as asset allocation. These challenges are even more pronounced in cryptocurrency markets, where LLMs often lack sufficient domain-specific knowledge in their training data. To address these challenges, we propose an explainable multi-agent system for meme coin copy trading. Inspired by the structure of an asset management team, our system decomposes the complex task into subtasks and coordinates specialized agents to solve them collaboratively. Employing few-shot chain-of-though (CoT) prompting, each agent acquires professional meme coin trading knowledge, interprets multi-modal data, and generates explainable decisions. Using a dataset of 1, 000 meme coin projects' transaction data, our empirical evaluation shows that the proposed multi-agent system outperforms both traditional machine learning models and single LLMs, achieving 73% and 70% precision in identifying high-quality meme coin projects and key opinion leader (KOL) wallets, respectively. The selected KOLs collectively generated a total profit of \$500, 000 across these projects. |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2601.08641 |
| By: | Georges Prat |
| Abstract: | An accounting measure of the demand for money is deduced from the Allais’ “Fundamental Equation of Monetary Dynamics”. Data from German hyperinflation in the early 1920s illustrate the method we propose. The spread between money supply and money demand is found to be rather moderate but is not white noise. Our approach can be applied to any country and over any period, provided that the aggregate expenditure can be approximated using available data. This new way can help improve the estimation of the money demand function while avoiding arbitrary assumptions about the dynamics of the spread between money supply and money demand. |
| Keywords: | demand for money, measure |
| JEL: | C51 E41 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:drm:wpaper:2026-2 |
| By: | Nicoletta Berardi; Benjamin Bureau |
| Abstract: | This paper documents the existence and evolution of a gender gap in bank financing among non-financial firms, disentangling demand- and supply-side effects. Using quarterly panel data for French firms from 2012 to 2023, we find that this gap is driven by the demand side: women-led firms are between 12% and 26% less likely to apply for bank credit, depending on the type of loan. However, conditional on applying, the probability of rejection for women-led firms does not differ significantly from that of men-led firms. Moreover, we find no evidence that the gender gap in credit demand is closing over time. |
| Keywords: | Finance Gender Gap; Bank Credit; Gender Ask Gap |
| JEL: | E51 G30 J16 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:bfr:banfra:1024 |
| By: | Benjamin Avanzi; Matthew Lambrianidis; Greg Taylor; Bernard Wong |
| Abstract: | The use of neural networks trained on individual claims data has become increasingly popular in the actuarial reserving literature. We consider how to best input historical payment data in neural network models. Additionally, case estimates are also available in the format of a time series, and we extend our analysis to assessing their predictive power. In this paper, we compare a feed-forward neural network trained on summarised transactions to a recurrent neural network equipped to analyse a claim's entire payment history and/or case estimate development history. We draw conclusions from training and comparing the performance of the models on multiple, comparable highly complex datasets simulated from SPLICE (Avanzi, Taylor and Wang, 2023). We find evidence that case estimates will improve predictions significantly, but that equipping the neural network with memory only leads to meagre improvements. Although the case estimation process and quality will vary significantly between insurers, we provide a standardised methodology for assessing their value. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2601.05274 |
| By: | Oh, Haewon; Zeng, Xinyu; Smith, Travis A. |
| Keywords: | Food Consumption/Nutrition/Food Safety |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea25:360905 |