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on Payment Systems and Financial Technology |
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Issue of 2022‒01‒24
24 papers chosen by |
| By: | Miglo, Anton |
| Abstract: | This article analyzes the patterns of Fintech development in Greater Manchester, UK. Manchester is often called a northern capital of Fintech. We analyze different subsectors of FinTech and find that such sectors as payments, fintech loans, debt-based, reward-based and real-estate-based crowdfunding, big data analytics, data security, insurtech and regtech are the most growing areas. We also compare the Fintech structure in Manchester with that in London and other major cities in the UK and identify similarities and differences. |
| Keywords: | FinTech, cryptocurrencies, digital finance, crowdfunding, Fintech in Manchester, data security |
| JEL: | G00 G10 G32 O33 |
| Date: | 2022–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111348&r= |
| By: | Vidal-Tomás, David |
| Abstract: | We examine a blockchain application in the sport industry through an analysis of Socios.com. In particular, we study the performance and dynamics of fan tokens and the exclusive on-platform currency, Chiliz. Our contribution to the literature is two-fold. First, we show that supporters do not lose money by supporting their sports teams through fan tokens and Chiliz, on average, and traders can outperform the market with Chiliz. Second, given the absence of a correlation with the cryptocurrency market, traders can use these assets to diversify their cryptocurrency portfolios, and supporters own tokens that are not driven by the cryptocurrency market. |
| Keywords: | Chiliz, Fan token, Cryptocurrency, Sport, Diversification |
| JEL: | G10 |
| Date: | 2022–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111350&r= |
| By: | Luis-Roman Arciniega Gil (UCL - Université catholique de Lille, CERAPS - Centre d'Etudes et de Recherches Administratives, Politiques et Sociales - UMR 8026 - IEP Lille - Sciences Po Lille - Institut d'études politiques de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article addresses the social phenomenon of monetary creation, in the digital world, that has been growing steadily in recent years. The aim is to share the experience of the European and French law in its attempt to determine the legal status of the so-called digital currencies, particularly considering the blockchain as the technical aspect that characterizes their creation and operation. The methodology employed is based on documentary research and analysis of the various legal sources, specifically doctrine, legislation, and case law. The study points out that a regulation of the blockchain as the basic element of cryptocurrencies is essential; a pragmatic approach in the legal qualification of such technical element according to the different uses that can be made of it; as well as the need for a harmonized international agreement considering its crossborder nature to provide legal certainty to users. In conclusion, digital currencies cannot be qualified as legal tender. However, the fact that they are socially accepted as means of payment, as well as their multifaceted character that lends them to various purposes, make the legal actors to adopt a pragmatic approach framing them legally according to the use that is made of them. |
| Abstract: | Cet article traite du phénomène social de la création monétaire, dans le monde numérique, qui n'a cessé de croître ces dernières années. L'objectif est de partager l'expérience du droit européen et français dans sa tentative de déterminer le statut juridique des monnaies virtuelles, notamment à la lumière de ce que l'on appelle la "blockchain" comme aspect technique caractérisant leur création et leur fonctionnement. La méthodologie appliquée est basée sur la recherche documentaire et l'analyse des différentes sources juridiques, à savoir la doctrine, les lois et la jurisprudence. L'étude suggère qu'il est essentiel de réglementer la blockchain en tant qu'élément de base des crypto-monnaies, d'adopter une approche pragmatique de la qualification juridique de cet élément technique en fonction des différents usages qui peuvent en être faits, et d'élaborer un accord international harmonisé qui tienne compte de sa nature transfrontalière afin d'offrir une sécurité juridique aux utilisateurs. En conclusion, les monnaies virtuelles ne peuvent pas être qualifiées de monnaie légale ; cependant, le fait qu'elles soient socialement acceptées comme moyen de paiement, ainsi que leur nature multiforme qui les prête à divers usages, font que les acteurs juridiques optent pour une position pragmatique, en les encadrant légalement en fonction de l'usage qui en est fait. |
| Keywords: | monetary creation,monetary democratization,blockchain,digital currencies,crypto-currencies,digital assets,virtual currencies,digital regulation,Création monétaire,démocratie monétaire,monnaies virtuelles,crypto-monnaies,actifs numériques,régulation numérique |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03467266&r= |
| By: | Ibrahim A. Adekunle (Ilishan-Remo, Ogun State, Nigeria); Sheriffdeen A. Tella (Olabisi Onabanjo University, Ago-Iwoye, Nigeria) |
| Abstract: | African nations have in time, passed over-relied on remittances inflow to augment domestic finances needed for growth. Despite the volume and magnitude of remittances that have to serve as an alternative source of investment financing, African remains mostly underdeveloped. The altruistic motives of sending remittances to Africa are likely to fade with time. In this study, we argued that the altruistic connection that has been the bedrock of sending money to African countries would eventually fade when the older generation passes away. To lean empirical credence to this assertion, we examine the structural linkages and the channels through which remittances predicts variations in financial developmentas a threshold for gauging the future of African economies. We gathered panel data on indices of remittances and financial development for thirty (30) African countries from 2003 through 2017. We employed the dynamic panel system generalised method of moment (dynamic system GMM) estimation procedure to establish a baseline level relationship between the variables of interest. We adjusted for heterogeneity assumptions inherent in ordinary panel estimation and found a basis for the strict orthogonal relationship among the variables. Findings revealed that a percentage increase in remittances inflow has a short-run, positive relationship with financial development in Africa. The result further revealed that the exchange rate negatively influences financial development in Africa. Based on the findings, it is suggested that, while attracting migrants' transfers which can have significant short-run poverty-alleviating advantages, in the long run, it might be more beneficial for African governments to foster financial sector development using alternative financial development strategies in anticipation of a flow of remittance that will eventually dry up. |
| Keywords: | Remittance; Financial Development; African Economies; System GMM; Africa |
| JEL: | F37 G21 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:abh:wpaper:21/053&r= |
| By: | Valentina Brailovskaya; Pascaline Dupas; Jonathan Robinson |
| Abstract: | Digital credit has expanded rapidly in Africa, mostly in the form of short-term, high-interest loans offered via mobile money. Loan terms are often opaque and consumer financial literacy is low, providing opportunities for predatory lending. A regression discontinuity analysis shows no negative effect of access to digital loans on financial well-being, but the majority of borrowers fail to repay on time and incur high late fees. We randomize exposure to a short phone-based financial literacy intervention. The intervention improved knowledge and marginally improved loan repayment but increased loan demand, increasing overall default risk. |
| JEL: | D14 O12 O16 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29573&r= |
| By: | Cumming, Douglas J.; Sewaid, Ahmed |
| Abstract: | Leveraging data from a leading FinTech peer-to-peer lending platform in the United States, allowing us to capture both individuals' successful and unsuccessful loan applications, we test the effect of FinTech loans on subsequent employment choice and future financial performance of serial borrowers, those repeatedly soliciting loans on the platform. An analysis of 198,984 loan requests made by 92,382 individuals shows that a failed loan application increases the probability of switching employment status. Self-employed individuals are 22% more likely to switch to becoming an employee following an unsuccessful loan application. This probability increases to 31% for those in the lowest income decile and decreases to 13% for those in the highest income decile. We document an improvement in monthly income and credit access following a successful loan application. However, this enhancement is asymmetric. Monthly income enhancement is 3.11 times larger for self-employed individuals in the lowest income decile relative to individuals in the highest income decile. Access to credit enhancement is 1.85 times larger for self-employed individuals in the lowest credit access decile relative to individuals in the second highest credit access decile. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfswop:667&r= |
| By: | Ozili, Peterson K |
| Abstract: | This paper examines whether economic policy uncertainty (EPU) reduces the level of financial inclusion. I predict that high EPU should have a negative effect on the level of financial inclusion. I argue that high EPU will discourage financial institutions from providing basic financial services to low end customers and unbanked adults, and this will lead to a decrease in the level of financial inclusion. Using a sample of 22 countries, I find that EPU does not have a significant impact on financial inclusion. None of the nine indicators of financial inclusion have a significant direct relationship with EPU. Also, I find some evidence that the combined effect of high EPU and high nonperforming loans reduces financial inclusion, particularly through bank branch contraction and a reduction in the use of electronic payments. Meanwhile, the use of formal accounts and credit cards increases in times of high credit supply and high EPU. |
| Keywords: | Financial inclusion, policy uncertainty, economic policy uncertainty, business cycle, non-performing loan, cost efficiency, cost to income ratio, access to finance, formal account, credit cards, debit cards, mobile payments, electronic payment, borrowings, savings bank branch, unbanked adults. |
| JEL: | E50 E52 E59 G21 I31 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111052&r= |
| By: | Nizar, Muhammad Afdi |
| Abstract: | This paper tries to analyze how the Covid-19 pandemic and economic conditions affect the demand for money and other payment instruments. By utilizing data/information in the period before the Covid-19 pandemic and during the outbreak of the Covid-19 pandemic, the analysis was carried out using a descriptive-elaborative approach. The results show that the decline in economic activity due to the impact of Covid-19 has also had an impact on the decline in public demand for cash. As an alternative and at the same time as part of efforts to break the chain of the spread of Covid and accelerate economic recovery, the government and Bank Indonesia encourage the public to use non-cash payment instruments. The use of non-cash instruments, especially digital banking, also helps accelerate an inclusive and efficient digital economy and financial ecosystem |
| Keywords: | consumption, Covid-19, demand for money, digital banking, electronic money, money supply |
| JEL: | E21 E40 E41 E42 E51 E58 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109926&r= |
| By: | Mr. Tanai Khiaonarong; Mr. Harry Leinonen; Ryan Rizaldy |
| Abstract: | Major operational incidents in payment systems suggest the need to improve their resiliency. Meanwhile, as payment infrastructures become more digitalized, integrated, and interdependent, they require an even higher degree of resilience. Moreover, risks that could trigger major disruptions have become more acute given the rise in power outages, cyber incidents, and natural disasters. International experiences suggest the need to strengthen reliability objectives, redundancies, assessment of critical service providers, endpoint security, and alternative arrangements |
| Keywords: | Operational resilience, payment systems, risks, disasters, business continuity |
| Date: | 2021–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2021/288&r= |
| By: | Joop Age Harm Adema; Cevat Giray Aksoy; Panu Poutvaara |
| Abstract: | How does mobile internet access affect the desire to emigrate and migration plans? To answer this question, we combine survey data on more than 600,000 individuals from 110 countries with data on worldwide 3G mobile internet rollout. We show that an increase in mobile internet access increases desire to emigrate. This effect is particularly strong for higher-income individuals in low-income countries. We identify three potential mechanisms. Access to the mobile internet lowers the cost of acquiring information and leads to a drop in perceived material well-being and trust in government. Using municipal-level data from Spain, we also document that 3G rollout increased actual migration flows. |
| Keywords: | Gender pay gap, university student employment, job types |
| JEL: | F22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ifowps:_365&r= |
| By: | Cumming, Douglas J.; Johan, Sofia Atiqah; Reardon, Robert S. |
| Abstract: | We propose three governance mechanisms pertinent to equity crowdfunding and campaign success through mitigating pronounced information asymmetries and agency problems. First, unlike IPOs for which the effect of Delaware incorporation has declined or disappeared over time, we propose Delaware incorporation matters a great deal for success in the new setting of equity crowdfunding. Second, we propose that security design is a critical tool for equity crowdfunding success and even more important than the limited 2-year financial statement disclosure. Third, we propose that platforms as intermediaries between entrepreneurs and investors play an important role in mitigating and sometimes exacerbating information asymmetries and agency problems. The population of equity crowdfunding campaigns from market inception in May 2016 to Q2, 2021 in the United States provides strong support for these propositions. |
| Keywords: | Equity Crowdfunding,Governance,Delaware Incorporation,Fintech,COVID-19 |
| JEL: | G21 G28 G51 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfswop:668&r= |
| By: | Hearson, Martin; Gelepithis, Margarita |
| Abstract: | Taxing multinationals is politically difficult because of the structural power of mobile firms within the global economy, and this structural power is expected to increase in the digital age. Recently however there has been a breakdown in the international corporate tax consensus that structured tax competition over the past century. A new norm of international taxation has emerged whereby states claim the right to tax corporate income based on presence in consumer markets. Our paper explains this unexpected reassertion of state power. Building on previous accounts of large-scale change in policy norms, we show how the emergence of digital business models led to a new tax consensus by setting in train a process of policy contestation that allowed countries to levy taxes on multinationals unilaterally, without fear of capital flight. |
| Keywords: | Governance, |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:17030&r= |
| By: | Beck, Thorsten; Cecchetti, Stephen G.; Grothe, Magdalena; Kemp, Malcolm; Pelizzon, Loriana; Sánchez Serrano, Antonio |
| Abstract: | This report discusses the impact of digitalization on the structure of the European banking system. The recent wave of financial innovation based on the opportunities digitalisation offers, however, has come mostly from outside the incumbent banking system in the form of new financial service providers, either in competition or cooperation with incumbent banks but with the potential for substantial disruption. After discussing how identified risks may evolve and the emergence of new sources of risks, the report introduces three different scenarios for the future European banking system: (i) incumbent banks continue their dominance; (ii) incumbent banks retrench; and (iii) central bank digital currencies (under certain specifications). It also derives macroprudential policy measures. |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:srk:srkasc:202212&r= |
| By: | Andrea Barbon; Angelo Ranaldo |
| Abstract: | Despite the growing adoption of decentralized exchanges, not much is yet known about their market quality. To shed light on this issue, we compare decentralized blockchain-based venues (DEX) to centralized crypto exchanges (CEX) by assessing two key aspects of market quality: price efficiency and market liquidity. Using a novel and comprehensive data set, we find that overall CEX provide better market quality but DEX become competitive for transactions exceeding \$ 100,000. Further, the main determinant of the lower price-efficiency of DEX is the high gas price stemming from proof-of-work blockchains. We propose and empirically validate a stylized theory of DEX liquidity provision, which links trading volumes, protocol fees, and liquidity in equilibrium. Our model identifies quantitative conditions for DEX to overtake CEX in the future. |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2112.07386&r= |
| By: | Tugendhat, Henry; Voo, Julia |
| Abstract: | The Digital Silk Road (DSR) is a Chinese policy initiative launched in 2015, yet six years later there is relatively little concrete information about what it has achieved so far. Henry Tugendhat and Julia Voo offer a preliminary analysis of what the DSR entails in Africa. Discover their findings, including how Chinese lending for technology projects in Africa was actually greater before the launch of the DSR than after. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:caripb:602021&r= |
| By: | Martin Peitz; Lily Samkharadze |
| Abstract: | Platform competition can be intense when offering non-differentiated services. However, competition is somewhat relaxed if platforms cannot set negative prices. If platforms collude they may be able to implement the outcome that maximizes industry profits. In an infinitely repeated game with perfect monitoring, this is feasible if the discount factor is sufficiently large. When this is not possible, under some condition, a collusive outcome with one-sided rent extraction along the equilibrium path can be sustained that leads to higher profits than the non-cooperative outcome. |
| Keywords: | Two-sided markets, tacit collusion, cartelization, price structure, platform competition |
| JEL: | L41 L13 D43 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2022_331&r= |
| By: | Francesco Ciampi; Monica Faraoni; Jacopo Ballerini; Francesco Meli |
| Abstract: | This study is the first to provide a systematic review of the literature focused on the relationship between digitalization and organizational agility (OA). It applies the bibliographic coupling method to 171 peer-reviewed contributions published by 30 June 2021. It uses the digitalization perspective to investigate the enablers, barriers and benefits of processes aimed at providing firms with the agility required to effectively face increasingly turbulent environments. Three different, though interconnected, thematic clusters are discovered and analysed, respectively focusing on big-data analytic capabilities as crucial drivers of OA, the relationship between digitalization and agility at a supply chain level, and the role of information technology capabilities in improving OA. By adopting a dynamic capabilities perspective, this study overcomes the traditional view, which mainly considers digital capabilities enablers of OA, rather than as possible outcomes. Our findings reveal that, in addition to being complex, the relationship between digitalization and OA has a bidirectional character. This study also identifies extant research gaps and develops 13 original research propositions on possible future research pathways and new managerial solutions. |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2112.11822&r= |
| By: | Andrey Fradkin; David Holtz |
| Abstract: | Online reviews are typically written by volunteers and, as a consequence, information about seller quality may be under-provided in digital marketplaces. We study the extent of this under-provision in a large-scale randomized experiment conducted by Airbnb. In this experiment, buyers are offered a coupon to review listings that have no prior reviews. The treatment induces additional reviews and these reviews tend to be more negative than reviews in the control group, consistent with selection bias in reviewing. Reviews induced by the treatment result in a temporary increase in transactions but these transactions are for fewer nights, on average. The effects on transactions and nights per transaction cancel out so that there is no detectable effect on total nights sold and revenue. Measures of transaction quality in the treatment group fall, suggesting that incentivized reviews do not improve matching. We show how market conditions and the design of the reputation system can explain our findings. |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2112.09783&r= |
| By: | Gary Clyde Hufbauer (Peterson Institute for International Economics); Megan Hogan (Peterson Institute for International Economics) |
| Abstract: | Rapidly expanding digital flows have significantly contributed to world economic growth. The exponential expansion of digital flows since 2005 has partially compensated for lethargic growth in global conventional trade and foreign direct investment flows. COVID-19 accelerated the digital revolution in 2020, as businesses and consumers increasingly "went digital" in everything from online education and work to shopping. Many countries, particularly the United States, have enormous commercial and cultural interests in preserving the freedom of cross-border digital traffic. Strong international agreements can keep digital highways open, but agreements reached so far do too little to discipline government practices that threaten to restrict digital flows, allowing ample room for ideological and protectionist obstacles. A new and better agreement is necessary to safeguard the growth of digital flows. |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:iie:pbrief:pb21-22&r= |
| By: | Cumming, Douglas J.; Reardon, Robert S. |
| Abstract: | COVID-19 brought about a shift in entrepreneurial opportunities and in the United States. In this paper, we proxy entrepreneurial processes by examining housing prices in different regions of the United States. Housing prices capture the movement in people, tax dynamics, and behavioral preferences for equity ownership in different regions and over time, all of which were drastically impacted by COVID-19. We examine all U.S. equity crowdfunding offerings starting with the very first offerings in 2016 Q2 until 2021 Q1 based on data from the Securities and Exchange Commission. The data indicate that regional housing prices post-COVID-19 are a strong predictor of the number of equity crowdfunding campaigns and the amount of capital raised. The impact of housing price changes on crowdfunding is more pronounced among more prosperous regions. The housing price effect is robust to numerous controls and consideration of outliers. |
| Keywords: | Equity Crowdfunding,COVID-19,Regional Entrepreneurship |
| JEL: | G21 G28 G51 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfswop:665&r= |
| By: | Edmond Noubissi Domguia (University of Dschang, Cameroon); Simplice A. Asongu (Yaoundé, Cameroon) |
| Abstract: | This study contributes to the extant literature on the nexus between information and communication technologies (ICTs) and agriculture. Despite increasing attention on the subject, existing studies are sparse on the channels through which ICTs affect the agricultural sector. We use a stochastic impact model extended to the population, affluence and technology regression model to assess both the impact and transmission of ICTs on agriculture in 18 sub-Saharan African countries. The empirical results show that ICT use measured by Internet, mobile and fixed-line telephone penetration boosts the agricultural sector enormously. In addition, the mediation analysis reveals that ICTs not only have a direct positive effect on agriculture but also a positive indirect effect through its impact on financial development and trade openness and a negative indirect effect through energy consumption. However, the total effect is positive and shows that ICTs are supporting the development of the agricultural sector in sub-Saharan Africa. To enhance the positive effects of ICTs on agriculture, governments should design policies to improve access to credit for the private sector, promote liberalization, and provide financial incentives for the development of green and less expensive agricultural technologies. |
| Keywords: | ICT, agriculture, Sub-Saharan Africa, transmission channels, mediation |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:exs:wpaper:22/007&r= |
| By: | Robert W. Staiger |
| Abstract: | The design of a trade agreement should reflect its purpose. Does digital trade change the purpose of a trade agreement? To explore this question, I first describe the definitional and classification issues associated with digital trade, and for modeling purposes I adopt a simple taxonomy of the ways in which digital trade can arise and the policies that can be used to restrict such trade. I then review what the theoretical literature on the economics of trade agreements has to say about the purpose of a trade agreement in a pre-digital model world economy, and how this purpose can be seen to be reflected in the broad design features of both GATT and GATS, the WTO agreements that govern international trade in goods and services respectively. Finally, I introduce digital trade into the model world economy and revisit the purpose of a trade agreement. From this perspective I consider whether the rise of digital trade warrants changes in the design of the WTO. |
| JEL: | F02 F13 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29578&r= |
| By: | Mr. Alexei Goumilevski; Narek Ghazaryan; Aneta Radzikowski; Mr. Joannes Mongardini |
| Abstract: | This paper extends earlier research by adding SWIFT data on documentary collections to the short-term forecast of international trade. While SWIFT documentary collections accounted for just over one percent of world trade financing in 2020, they have strong explanatory power to forecast world trade and national trade in selected economies. The informational content from documentary collections helps improve the forecast of world trade, while a horse race with machine learning algorithms shows significant non-linearities between trade and its determinants during the Covid-19 pandemic. |
| Keywords: | SWIFT; trade forecast; machine learning |
| Date: | 2021–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2021/293&r= |
| By: | O'Higgins, Niall (ILO International Labour Organization); Caro, Luis Pinedo (ILO International Labour Organization) |
| Abstract: | In recent years, crowdworking has emerged as a small but rapidly growing source of employment and income principally for young(er) people. Here, we build on previous work in identifying the determinants of crowdworkers' earnings. We focus on the reasons why young crowdworkers earn significantly higher hourly wages than their older counterparts. We show that this is due to the higher returns to experience accruing to younger crowd-workers. Educational attainment does not explain this age-based differential, as education is a negligible factor in determining crowdworkers' earnings. We also analyse why young women earn around 20% less than their male counterparts despite blind hiring. We confirm that this is partly explained by constraints on working time faced by women with children. The analysis also shows that 'freely chosen' crowdwork - as opposed to, young people crowd-working because of a lack of alternative employment opportunities - is conducive to higher levels of job satisfaction. Moreover, young crowdworkers in middle income countries earn less than their counterparts in high income countries but report higher levels of job satisfaction. This is entirely attributable to the lower quality of their options outside of crowdwork. |
| Keywords: | crowdsourcing platforms, global labour markets, job satisfaction, youth employment |
| JEL: | J20 J41 F41 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14933&r= |