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on Payment Systems and Financial Technology |
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Issue of 2024‒04‒08
25 papers chosen by |
| By: | Meyer, Justus; Teppa, Federica |
| Abstract: | This paper contributes to understanding consumers' retail payment preferences and digitalisation in personal finances. We focus on the acceptance of cashless payments in everyday situations and the use of mobile banking apps in the euro area, where the payment services market has changed significantly in recent years. In particular, we study app-based tools for day-to-day (offline) purchases that involve small amounts of money as well as digital tools for managing personal finances. By looking at factors associated with using non-cash payment methods, and app-based financial services solutions, we shed light on the topic of financial inclusion in payment services that concern consumers’ everyday choices. Using granular microdata from the European Central Bank's Consumer Expectations Survey, we find that most people prefer to use only one payment instrument. After the COVID-19 pandemic, it has mostly been cash and contactless cards. The use of cash is partly due to limited perceived acceptance of non-cash payments by merchants. We also find substantial cross-country heterogeneity and highlight the prominent role of demographic factors in choosing non-cash payment options and app-based tools when managing personal finances. While mobile banking is already popular amongst euro area consumers, the use of smart payment methods remains very limited. Our findings suggest that financial service providers should recognize the growing preference of the younger generations for alternative payment methods. Creating awareness among consumers might also lead to positive feedback effects by reducing consumers’ reliance on cash through higher perceived availability of non-cash payment options. JEL Classification: C13, D12, E42, O33 |
| Keywords: | cash, Consumer Expectations Survey (CES), digitalisation, FinTech, payment preferences |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20242915&r=pay |
| By: | Yuteng Cheng; Ryuichiro Izumi |
| Abstract: | We examine the optimal amount of user anonymity in a central bank digital currency (CBDC) in the context of bank lending. Anonymity, defined as the lender’s inability to discern an entrepreneur’s actions that enable fund diversion, influences the choice of payment instrument due to its impact on a bank’s lending decisions. We show that moderate anonymity in CBDC leads to an inefficient pooling equilibrium. To avoid this, CBDC anonymity should be either low, reducing attractiveness, or high, discouraging bank lending. Specifically, the anonymity should be high when CBDC significantly benefits sales, and low otherwise. However, competition between deposits and CBDC may hinder the implementation of low anonymity. |
| Keywords: | Digital currencies and fintech |
| JEL: | E42 E58 G28 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:24-9&r=pay |
| By: | Juan C. King; Roberto Dale; Jos\'e M. Amig\'o |
| Abstract: | The objective of this paper is the construction of new indicators that can be useful to operate in the cryptocurrency market. These indicators are based on public data obtained from the blockchain network, specifically from the nodes that make up Bitcoin mining. Therefore, our analysis is unique to that network. The results obtained with numerical simulations of algorithmic trading and prediction via statistical models and Machine Learning demonstrate the importance of variables such as the hash rate, the difficulty of mining or the cost per transaction when it comes to trade Bitcoin assets or predict the direction of price. Variables obtained from the blockchain network will be called here blockchain metrics. The corresponding indicators (inspired by the "Hash Ribbon") perform well in locating buy signals. From our results, we conclude that such blockchain indicators allow obtaining information with a statistical advantage in the highly volatile cryptocurrency market. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.00770&r=pay |
| By: | Novan Fauzi Al Giffary; Feri Sulianta |
| Abstract: | The rapid development of information technology, especially the Internet, has facilitated users with a quick and easy way to seek information. With these convenience offered by internet services, many individuals who initially invested in gold and precious metals are now shifting into digital investments in form of cryptocurrencies. However, investments in crypto coins are filled with uncertainties and fluctuation in daily basis. This risk posed as significant challenges for coin investors that could result in substantial investment losses. The uncertainty of the value of these crypto coins is a critical issue in the field of coin investment. Forecasting, is one of the methods used to predict the future value of these crypto coins. By utilizing the models of Long Short Term Memory, Support Vector Machine, and Polynomial Regression algorithm for forecasting, a performance comparison is conducted to determine which algorithm model is most suitable for predicting crypto currency prices. The mean square error is employed as a benchmark for the comparison. By applying those three constructed algorithm models, the Support Vector Machine uses a linear kernel to produce the smallest mean square error compared to the Long Short Term Memory and Polynomial Regression algorithm models, with a mean square error value of 0.02. Keywords: Cryptocurrency, Forecasting, Long Short Term Memory, Mean Square Error, Polynomial Regression, Support Vector Machine |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.03410&r=pay |
| By: | Jiménez Durán, Rafael (Universit`a Bocconi, Department of Economics, IGIER, Stigler Center); Muller, Karsten (National University of Singapore, Department of Finance); Schwarz, Carlo (Universit`a Bocconi, Department of Economics, IGIER, PERICLES, CEPR, CAGE) |
| Abstract: | We study the online and offline effects of content moderation on social media using the introduction of Germany’s “Network Enforcement Act†(NetzDG), which fines social media platforms failing to remove hateful posts. We show that the law transformed social media discourse: posts became less hateful, refugee-related content less inflammatory, and the use of moderated platforms increased. The NetzDG also had offline effects by reducing anti-refugee hate crimes by 1% for every standard deviation in exposure to far-right social media use. The law reduced hate crimes partly by making it harder for perpetrators to coordinate, without changing attitudes toward refugees. |
| Keywords: | Social Media, NetzDG, Content Moderation, Hate Crime, Refugees, Germany JEL Classification: L82, J15, O38 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:701&r=pay |
| By: | Jay Pil Choi (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Doh-Shin Jeon (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We investigate how platform market power affects platforms' design choices in ad-funded two-sided markets, where platforms may find it optimal to charge zero price on the consumer side and extract surplus on the advertising side. We consider design choices affecting both sides in opposite ways and compare private incentives with social incentives. Platforms' design biases depend crucially on whether they can charge any price on the consumer side. We apply the framework to technology adoption, privacy, and ad load choices. Our results provide a rationale for a tougher competition policy to curb market power of ad-funded platforms with free services. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04470490&r=pay |
| By: | Apeti, Ablam Estel; Edoh, Eyah Denise |
| Abstract: | Digital financial services like mobile money are increasingly prevalent in developing countries as an alternative to traditional financial services. For many governments, they have become critical components of domestic revenue mobilisation, tax administration modernisation, and broader tax reform. However, making tax administration more efficient and maximising voluntary compliance is a very difficult task. The existing literature on the relationship between mobile money and tax performance in developing countries is limited, although it does show the potential of mobile money to improve tax performance. This paper aims to fill the gap by investigating the relationship between mobile money and the quality of tax policy and administration in developing economies and highlighting some mechanisms underlying these findings, including a lower tax compliance burden, a smaller informal sector, and lower corruption. |
| Keywords: | Finance, |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18265&r=pay |
| By: | Algieri, Bernardina; Lawuobahsumo, Kokulo; Leccadito, Arturo (Université catholique de Louvain, LIDAM/LFIN, Belgium) |
| Abstract: | This study aims to investigate calendar effects in the cryptocurrency market. We consider the day-of-the-week, the month-of-the-year, quarter-of-the-year, the US Holidays, and Weekend calendar anomalies for the leading cryptocurrencies: Bitcoin, Dash, Dogecoin, Litecoin, Ripple, and Stellar. Our study employs the Autoregressive Conditional Density model with dummy variables to scrutinize these calendar effects. We find anomalies in the mean, variance, skewness, and kurtosis for these cryptocurrencies’ returns. Our result suggests that the cryptocurrency market in some periods tends to violate the Efficient Market Hypothesis. |
| Keywords: | Calendar effects ; Higher Moments ; Cryptocurrencies |
| JEL: | C58 E44 G15 |
| Date: | 2024–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ajf:louvlf:2024001&r=pay |
| By: | Qiuyu Lu; Noriaki Matsushima; Shiva Shekhar |
| Abstract: | This study explores the welfare impact of personalized pricing for consumers in a duopolistic two-sided market, with consumers single-homing and developers affiliating with a platform according to their outside option. Personalized pricing, which is private in nature, cannot influence expectations regarding the network sizes, inducing the platforms to offer lower participation fees for developers. Those lower fees increase network benefits for consumers, allowing the platforms to exploit these benefits through personalized pricing. Personalized prices are higher when the network value for developers is high, benefiting competing platforms at the expense of consumers. These findings offer policy insights on personalized pricing. |
| Keywords: | personalized pricing, uniform prices, two-sided market, content developers |
| JEL: | L13 D43 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10994&r=pay |
| By: | Kang’oro, Dorothy; Ngerero, Fidele; Odongo, Ignatius |
| Abstract: | The increasing digitalisation of African economies over the past decade, and the spread of mobile money and digital financial services (DFS), present opportunities and challenges to tax administrations in Africa. In principle, the use of digital technologies and expanded use of DFS offer access to new digitised data, increased transparency, and an improved taxpayer experience. However, studies show that tax administrations face important challenges in how best to develop their capacity to use digitised data, and to re-align operations and skills to new digitalised operating models. |
| Keywords: | Finance, Technology, |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18263&r=pay |
| By: | Maja Adena; Anselm Hager |
| Abstract: | Does online fundraising increase charitable giving? Using the Facebook advertising tool, we implemented a natural field experiment across Germany, randomly assigning almost 8, 000 postal codes to Save the Children fundraising videos or to a pure control. We studied changes in the donation revenue and frequency for Save the Children and other charities by postal code. Our geo-randomized design circumvented many difficulties inherent in studies based on click-through data, especially substitution and measurement issues. We found that (i) video fundraising increased donation revenue and frequency to Save the Children during the campaign and in the subsequent five weeks; (ii) the campaign was profitable for the fundraiser; and (iii) the effects were similar independent of video content and impression assignment strategy. However, we also found some crowding out of donations to other similar charities or projects. Finally, we demonstrated that click data may be an inappropriate proxy for donations and recommend that managers use careful experimental designs that can plausibly evaluate the effects of advertising on relevant outcomes. |
| Keywords: | charitable giving, field experiments, fundraising, social media, competition |
| JEL: | C93 D64 D12 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10954&r=pay |
| By: | Gajendra Liyanaarachchi (University of Portsmouth); Giampaolo Viglia; Fidan Kurtaliqi (Audencia Business School) |
| Abstract: | This conceptual paper challenges the notion that the enhanced data security of blockchain results in superior privacy. Blockchain's fundamental characteristics-immutability, decentralization, and transparency-promote an excessive reliance on historical data. This reliance, in turn, leads to inaccurate predictions and misguides consumer privacy preferences. The paper contends that this stern protection conflicts with the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). We argue that the lack of choice in managing data denies freedom, causing psychological reactance. Additionally, the dependence on past data contributes to an intensified privacy paradox as consumers need to assert accurate privacy preferences. These combined effects result in increased consumer digital vulnerability, which arises from an imbalanced power dynamic in data management. We propose a novel approach, which we call "modified blockchain". The approach is based on three pillars: i) selective immutability, ii) federal decentralization, and iii) supervised transparency. These pillars aim to effectively integrate regulations, organizations, and endusers within advocating for a socio-technical decision-making approach. This work also broadens the scope of the psychological reactance theory and the privacy paradox literature by affirming that a lack of autonomy in data management leads to digital vulnerability. |
| Abstract: | This conceptual paper challenges the notion that the enhanced data security of blockchain results in superior privacy. Blockchain's fundamental characteristics - immutability, decentralization, and transparency - promote an excessive reliance on historical data. This reliance, in turn, leads to inaccurate predictions and misguides consumer privacy preferences. The paper contends that this stern protection conflicts with the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). We argue that the lack of choice in managing data denies freedom, causing psychological reactance. Additionally, the dependence on past data contributes to an intensified privacy paradox as consumers need to assert accurate privacy preferences. These combined effects result in increased consumer digital vulnerability, which arises from an imbalanced power dynamic in data management. We propose a novel approach, which we call "modified blockchain". The approach is based on three pillars: i) selective immutability, ii) federal decentralization, and iii) supervised transparency. These pillars aim to effectively integrate regulations, organizations, and end-users within advocating for a socio-technical decision-making approach. This work also broadens the scope of the psychological reactance theory and the privacy paradox literature by affirming that a lack of autonomy in data management leads to digital vulnerability. |
| Keywords: | blockchain digital vulnerability selective immutability federal decentralization supervised transparency privacy paradox psychological reactance, blockchain, digital vulnerability, selective immutability, federal decentralization, supervised transparency, privacy paradox, psychological reactance, Blockchain |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04440365&r=pay |
| By: | Mohammad Ali Labbaf Khaniki; Mohammad Manthouri |
| Abstract: | This study presents an innovative approach for predicting cryptocurrency time series, specifically focusing on Bitcoin, Ethereum, and Litecoin. The methodology integrates the use of technical indicators, a Performer neural network, and BiLSTM (Bidirectional Long Short-Term Memory) to capture temporal dynamics and extract significant features from raw cryptocurrency data. The application of technical indicators, such facilitates the extraction of intricate patterns, momentum, volatility, and trends. The Performer neural network, employing Fast Attention Via positive Orthogonal Random features (FAVOR+), has demonstrated superior computational efficiency and scalability compared to the traditional Multi-head attention mechanism in Transformer models. Additionally, the integration of BiLSTM in the feedforward network enhances the model's capacity to capture temporal dynamics in the data, processing it in both forward and backward directions. This is particularly advantageous for time series data where past and future data points can influence the current state. The proposed method has been applied to the hourly and daily timeframes of the major cryptocurrencies and its performance has been benchmarked against other methods documented in the literature. The results underscore the potential of the proposed method to outperform existing models, marking a significant progression in the field of cryptocurrency price prediction. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.03606&r=pay |
| By: | Wales, Christopher |
| Abstract: | The current system for taxing mobile money in Uganda is widely disliked, unbalanced, and arguably distortionary. We show there is a case to re-evaluating it, with a view to principled reform. But there is also a case for leaving it alone. This Policy Brief explores that tension. |
| Keywords: | Finance, |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18275&r=pay |
| By: | Kenechukwu E. Anadu; Pablo D. Azar; Catherine Huang; Marco Cipriani; Thomas M. Eisenbach; Gabriele La Spada; Mattia Landoni; Marco Macchiavelli; Antoine Malfroy-Camine; J. Christina Wang |
| Abstract: | In a previous post, we described the rapid growth of the stablecoin market over the past few years and then discussed the TerraUSD stablecoin run of May 2022. The TerraUSD run, however, is not the only episode of instability experienced by a stablecoin. Other noteworthy incidents include the June 2021 run on IRON and, more recently, the de-pegging of USD Coin’s secondary market price from $1.00 to $0.88 upon the failure of Silicon Valley Bank in March 2023. In this post, based on our recent staff report, we consider the following questions: Do stablecoin investors react to broad-based shocks in the crypto asset industry? Do the investors run from the entire stablecoin industry, or do they engage in a flight to safer stablecoins? We conclude with some high-level discussion points on potential regulations of stablecoins. |
| Keywords: | stablecoins; runs; money market funds (MMFs); financial stability |
| JEL: | G10 G20 G23 |
| Date: | 2024–03–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednls:97932&r=pay |
| By: | Hu, Bowei (University of California, Los Angeles) |
| Abstract: | Racial minorities, often sidelined by traditional financial systems, are a primary demographic for alternative financial services (AFS). While promoting financial inclusion is seen as a way to address racial disparities in the use of AFS, this claim is often complicated by selection and post-treatment biases. Drawing on data from the National Survey of Unbanked and Underbanked Households (2015–2019) with over one hundred thousand households and adopting causal decomposition analysis, this study investigates the effect of bank account ownership on racial disparities in three AFS channels: payday lending, pawn shop loans, and check cashing. Results confirm that Black and Hispanic households are more inclined to use these AFS compared to their White counterparts. Notably, the results uncover a distinct impact of hypothetically increased bank account ownership for unbanked households. While it decreases the reliance on nonbank check cashing among banked racial minority households, it paradoxically escalates payday loan usage within Black households when they become banked. These results suggest that while expanding bank account ownership can reduce certain AFS dependencies, it inadvertently perpetuates a form of exclusive inclusion that leads more financially included Black households to opt for payday loans. |
| Date: | 2024–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:mcew5&r=pay |
| By: | Galati, Luca; De Blasis, Riccardo |
| Abstract: | This paper examines the market impact of large blocks in decentralised crypto markets. We examine this issue using a natural experiment in Bitcoin provided by the Gemini exchange, which introduced a block trading facility but changed, in December 2019, the ability of market participants to trade a block and report it with a delay in smaller-sized trades. Consistent with theoretical predictions and earlier empirical findings, we largely confirm that the information content of large trades is significantly lower in the upstairs market than in the downstairs. In contrast with prior research in traditional markets, we find that delaying the reporting of a block traded away from the continuous book discourages informed trading and potentially decreases the informativeness of trading and, therefore, information efficiency. Further, we find that the newly implemented size requirement for upstairs trades increases the total market impact, thereby not working as the intended introduction of a block trading facility. |
| Keywords: | block trading, decentralised markets, information efficiency, informed trading, market microstructure, price impact |
| JEL: | C58 D47 D82 G14 G18 |
| Date: | 2024–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:mol:ecsdps:esdp24094&r=pay |
| By: | Lioba Heimbach; Wenqian Huang |
| Abstract: | In decentralized finance (DeFi), lending protocols are governed by predefined algorithms that facilitate automatic loans – allowing users to take on leverage. This paper examines DeFi leverage – ie the asset-to-equity ratio at the wallet level in major lending platforms. The overall leverage typically ranges between 1.4 and 1.9, while the largest and most active users consistently exhibit higher leverage than the rest. Leverage is mainly driven by loan-to-value requirements and borrowing costs, as well as crypto market price movements and sentiments. Higher wallet leverage generally undermines lending resilience, particularly increasing the share of outstanding debt close to being liquidated. Borrowers with high leverage are more likely to tilt towards volatile collateral when their debt positions are about to be liquidated. |
| Keywords: | leverage, collateralised borrowing, decentralised finance, automated algorithm |
| JEL: | G12 G23 O36 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1171&r=pay |
| By: | Andres, Raphaela; Rossi, Michelangelo; Tremblay, Mark |
| Abstract: | In the past decade, the Creator Economy has witnessed unprecedented growth. This dynamic ecosystem thrives on a multi-sided business model, connecting content creators, users, and advertisers. However, matching the needs of different stakeholders is a complex challenge, as evidenced by the impact of the YouTube 'Adpocalypse' in 2017, when major advertisers fled Youtube due to concerns about their ads appearing alongside objectionable content. This paper explores the response by content creators that use both Youtube and Patreon to YouTube's content moderation policies following the 'Adpocalypse'. We find that these content creators shift their efforts toward Patreon which uses a subscription fee model instead of an ad-based model; as a result, consumers subsequently increase their use of Patreon through memberships, comments, and likes. However, we also find that Youtube's content moderation, and the shift by content creators and consumers that follows, results in an increase in toxicity on Patreon. |
| Keywords: | Patreon, Platform Competition, Multi-homing, Content Creators |
| JEL: | L10 L20 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:283579&r=pay |
| By: | Zhenbang Feng; Hardhik Mohanty; Bhaskar Krishnamachari |
| Abstract: | In decentralized finance (DeFi), stablecoins like DAI are designed to offer a stable value amidst the fluctuating nature of cryptocurrencies. We examine the class of crypto-backed stable derivatives, with a focus on mechanisms for price stabilization, which is exemplified by the well-known stablecoin DAI from MakerDAO. For simplicity, we focus on a single-collateral setting. We introduce a belief parameter to the simulation model of DAI in a previous work (DAISIM), reflecting market sentiments about the value and stability of DAI, and show that it better matches the expected behavior when this parameter is set to a sufficiently high value. We also propose a simple mathematical model of DAI price to explain its stability and dependency on ETH price. Finally, we analyze possible risk factors associated with these stable derivatives to provide valuable insights for stakeholders in the DeFi ecosystem. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2402.18119&r=pay |
| By: | Timo Mueller-Tribbensee; Klaus M. Miller; Bernd Skiera |
| Abstract: | Prestigious news publishers, and more recently, Meta, have begun to request that users pay for privacy. Specifically, users receive a notification banner, referred to as a pay-or-tracking wall, that requires them to (i) pay money to avoid being tracked or (ii) consent to being tracked. These walls have invited concerns that privacy might become a luxury. However, little is known about pay-or-tracking walls, which prevents a meaningful discussion about their appropriateness. This paper conducts several empirical studies and finds that top EU publishers use pay-or-tracking walls. Their implementations involve various approaches, including bundling the pay option with advertising-free access or additional content. The price for not being tracked exceeds the advertising revenue that publishers generate from a user who consents to being tracked. Notably, publishers' traffic does not decline when implementing a pay-or-tracking wall and most users consent to being tracked; only a few users pay. In short, pay-or-tracking walls seem to provide the means for expanding the practice of tracking. Publishers profit from pay-or-tracking walls and may observe a revenue increase of 16.4% due to tracking more users than under a cookie consent banner. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.03610&r=pay |
| By: | Wales, Christopher |
| Abstract: | The Government of Uganda has a vision for a digitally empowered society, which is set out in a wide range of government documents. Ministries, Departments and Agencies (MDAs) have their own digital strategies cascading down the central vision, but the government’s tax strategy seems disconnected from it. Tax policy has focused less on the societal and economic benefits of digitalisation, and more on the attractiveness of digital services and their providers as a potential source of tax revenue. Tax policymakers have a responsibility to ensure that the design of the tax system is properly aligned with broader government policies and priorities. In many cases tax policy has come to be seen as a barrier rather than an enabler of progress on other policy issues. This is not always the fault of the Tax Policy Department. Being properly joined up is a shared responsibility, and MDAs have to reach out and connect with tax policymakers to strengthen their own strategies. This short Policy Brief explores the need for a Tax Strategy for a Digital Uganda. It asks what more tax policy in Uganda can do to tackle market failure, and support the roll-out of the government’s ambitions for use of digital services. |
| Keywords: | Finance, |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:idq:ictduk:18274&r=pay |
| By: | Insaf Jouiet (Faculté des sciences juridiques économiques et sociales de Oujda Université Mohammed Premier, Oujda, Maroc); Ahlam Maaraf (Faculté des sciences juridiques économiques et sociales de Oujda Université Mohammed Premier, Oujda, Maroc) |
| Abstract: | The main objective of this study is to examine the factors that have an impact on consumers' intention to adopt participatory banking services in Morocco. Rogers' (2003) theory of the diffusion of innovation was used to guide the study. The impact of relative advantage, compatibility, complexity, observability, testability of uncertainty and social influence was examined in this study. A quantitative study was carried out using a self-administered questionnaire with a representative sample of 499 customers of conventional Moroccan banks. The data collected were analyzed using two statistical software packages called Smart PLS and SPSS, and the statistical results are presented using tables, graphs and figures. The results revealed that compatibility, testability and social influence have a positive and significant impact on the Moroccan consumer's intention to adopt participatory banking. In addition, uncertainty was found to have a negative and significant impact on the Moroccan consumer's intention to adopt participatory banking. |
| Abstract: | L'objectif principal de cette étude est d'examiner les facteurs qui ont un impact sur l'intention des consommateurs d'adopter les services bancaires participatifs au Maroc. La théorie de la diffusion de l'innovation de Rogers (2003) a été utilisée pour guider l'étude. L'impact de l'avantage relatif, de la compatibilité, de la complexité, de l'observabilité, de la testabilité de l'incertitude et de l'influence sociale a été examiné dans cette étude. Ainsi, une étude quantitative a été menée au moyen d'un questionnaire auto-administré auprès d'un échantillon représentatif de 499 clients de banques marocaines conventionnelles. Les données recueillies ont été analysées à l'aide de deux logiciels statistiques appelés Smart PLS et SPSS et les résultats statistiques sont présentés à l'aide de tableaux, de graphiques et de figures. Les résultats ont révélé que la compatibilité, la testabilité et l'influence sociale ont un impact positif et significatif sur l'intention du consommateur marocain d'adopter la banque participative. En outre, il a été constaté que l'incertitude a un impact négatif et significatif sur l'intention d'adopter les services bancaires participatifs par le consommateur marocain. |
| Keywords: | Participative banking Morocco, adoption, Diffusion of innovation., Banque participative adoption Maroc Diffusion de l'innovation, Banque participative, Maroc, Diffusion de l'innovation |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04459370&r=pay |
| By: | Crowley, M. A.; Han, L.; Son, M. |
| Abstract: | Using administrative transactions data from the United Kingdom, we document a swift decline in sterling use among British exporters after the 2016 Brexit vote. Through a novel decomposition, we document most of this decline comes from two sources: (i) continuously-operating firms switching from sterling to dollars or local currencies and (ii) reductions in transactions for sterling-loyal firms. In contrast, new entrants into exporting primarily invoice in sterling before and after the Brexit vote. Our findings provide the first evidence on the quantitative relevance of new channels that contribute to changes in aggregate invoicing shares amidst political upheaval. |
| Keywords: | Invoicing Currency, Trade Transactions, Sterling, Brexit |
| JEL: | F14 F31 F41 |
| Date: | 2024–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2413&r=pay |
| By: | Tiffany Eder; Claire Labonne; Caitlin O'Loughlin; Krish Sharma |
| Abstract: | We describe an important risk management tool at financial institutions, risk appetite frameworks. We observe those frameworks for credit cards portfolios at four large banks and analyze when and why banks adjust them. The risk appetite frameworks for these banks monitor 40 to 150 metrics. We focus on metrics related to outstanding balances of which we identified 79. Overall, we find that these frameworks are sticky. Most adjustments occur during scheduled annual reviews and are relatively limited. Limit breaches are rare. Thresholds are often changed the month after a breach or after the utilization rate crossed 90 percent, but most breaches imply risk mitigating measures such as tightening credit standards. Notably, managers’ reactions were even stickier in the pandemic period. |
| Keywords: | banking supervision; risk management; risk limits; risk appetite framework; credit cards |
| JEL: | G32 G21 G38 |
| Date: | 2024–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedbqu:97930&r=pay |