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on Payment Systems and Financial Technology |
| By: | Michelle W. Bowman |
| Date: | 2024–10–23 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:99014 |
| By: | Christopher J. Waller |
| Date: | 2024–10–18 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:98992 |
| By: | Jonathan Chiu; Cyril Monnet |
| Abstract: | This paper explores the implications of introducing digital public and private monies (e.g. tokenized central bank digital currency [CBDC] or tokenized deposits) for stablecoins and illicit crypto transactions. When they pay a high interest rate and guarantee a high degree of anonymity, these tokenized currencies crowd out stablecoins as payment methods in the crypto space. Conversely, with low anonymity and low interest rates, tokenized currencies become collateral, promoting the development of stablecoins. CBDCs dominate tokenized deposits because a central bank can better economize on scarce collateral assets and internalize the social costs of crypto activities. Prohibiting tokenized deposits may be necessary to implement the optimal CBDC design. |
| Keywords: | Digital currencies and fintech; Financial stability; Monetary policy |
| JEL: | E50 E58 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocawp:24-35 |
| By: | Vijayakumar Bharathi S (Symbiosis International University); Arif Perdana (Monash university); T S Vivekanand; V G Venkatesh (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie); Yang Cheng (AAU - Aalborg University [Denmark]); Yangyan Shi (Macquarie University [Sydney]) |
| Abstract: | his study integrates technology-organisation-environment (TOE) theory with situation-actor-process(SAP) and learning-action-performance (LAP) models to provide a comprehensive evaluation of com-plex seafood supply chain management (SCM) systems. We present a framework based on Blockchaintechnology that facilitates the transformation of the seafood supply chain ecosystem from its currentstate to a more streamlined one in the future. This framework offers the potential for driving trans-formation and delivering advantages that encompass improved data efficiency, sustainable practices, and streamlined integration across the seafood supply chain. Our research highlights the importanceof accurate data management, stakeholder involvement, regulatory compliance, cybersecurity, cost-effectiveness, transparency, and sustainability for the successful integration of Blockchain in seafoodSCM systems. This allows stakeholders to make informed decisions and optimise spending.Furthermore, we emphasise the significant value of transparency provided by Blockchain, which ena-bles stakeholders to make well-informed decisions and optimise their spending. |
| Keywords: | Blockchain, Supply chainmanagement, Seafood industry, TOE, Blockchain supply chain management seafood industry TOE, supply chain management, seafood industry |
| Date: | 2024–04 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04737690 |
| By: | Inaki Aldasoro; Giulio Cornelli; Massimo Ferrari Minesso; Leonardo Gambacorta; Maurizio Michael Habib |
| Abstract: | Using a new series of crypto shocks, we document that money market funds' (MMF) assets under management, and traditional financial market variables more broadly, do not react to crypto shocks, whereas stablecoin market capitalization does. U.S. monetary policy shocks, in contrast, drive developments in both crypto and traditional markets. Crucially, the reaction of MMF assets and stablecoin market capitalization to monetary policy shocks is different: while prime-MMF assets rise after a monetary policy tightening, stablecoin market capitalization declines. In assessing the state of the stablecoin market, the risk-taking environment as dictated by monetary policy is much more consequential than flight-to-quality dynamics observed within stablecoins and MMFs. |
| Keywords: | stablecoins, crypto, Bitcoin, monetary policy shocks, money market funds |
| JEL: | E50 F30 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1219 |
| By: | William C. Dudley (Princeton University) |
| JEL: | E42 E58 F33 |
| URL: | https://d.repec.org/n?u=RePEc:pri:cepsud:330 |
| By: | Müller, Lukas; Stöckl, Sebastian; Müller, Johanna; Schiereck, Dirk |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:150247 |
| By: | Panle Jia Barwick; Siyu Chen; Chao Fu; Teng Li |
| Abstract: | Concerns over the excessive use of mobile phones, especially among youths and young adults, are growing. Leveraging administrative student data from a Chinese university merged with mobile phone records, random roommate assignments, and a policy shock that affects peers’ peers, we present, to our knowledge, the first estimates of both behavioral spillover and contextual peer effects, and the first estimates of medium-term impacts of mobile app usage on academic achievement, physical health, and labor market outcomes. App usage is contagious: a one s.d. increase in roommates’ in-college app usage raises own app usage by 4.4% on average, with substantial heterogeneity across students. App usage is detrimental to both academic performance and labor market outcomes. A one s.d. increase in own app usage reduces GPAs by 36.2% of a within-cohort-major s.d. and lowers wages by 2.3%. Roommates’ app usage exerts both direct effects (e.g., noise and disruptions) and indirect effects (via behavioral spillovers) on GPA and wage, resulting in a total negative impact of over half the size of the own usage effect. Extending China’s minors’ game restriction policy of 3 hours per week to college students would boost their initial wages by 0.7%. Using high-frequency GPS data, we identify one underlying mechanism: high app usage crowds out time in study halls and increases absences from and late arrivals at lectures. |
| JEL: | D12 D90 E24 I23 L82 L86 Z13 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33054 |
| By: | Reimer, Julia |
| JEL: | L42 D42 D43 D82 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302444 |
| By: | Schröter, Franziska; Steinlein, Cara Marie |
| Abstract: | Die aufkommende Digitalisierung in Form von sozialen Medien, Online-Marktplätzen und Domains sorgt für neue Herausforderungen für Inhaber:innen von Markenrechten. Die damit ebenfalls einhergehenden Veränderungen werfen Fragen, einerseits hinsichtlich der Gewährleistung des Markenschutzes und andererseits hinsichtlich der möglichen Auswirkungen dieser neuen Herausforderungen auf. In dieser Arbeit werden die Folgen der digitalen Bereiche soziale Medien, Online-Marktplätze, Domains sowie Metaversum auf das Markenrecht untersucht. Diese Arbeit basiert auf einer Masterarbeit im Fachbereich Wirtschaftsrecht mit besonderem Schwerpunkt im deutschen, europäischen und internationalen Markenrecht. Zukunftsweisend spüren die Autorinnen der Frage nach, wie die digitale Ära Einfluss auf das Markenrecht hat und welchen Herausforderungen Rechtswissenschaftler:innen hier begegnen werden. |
| Abstract: | The emergence of digitalization in the form of social media, online marketplaces and domains poses new challenges for trademark rights holders. The associated changes also raise questions regarding the guarantee of trademark protection on the one hand and the possible effects of these new challenges on the other. This thesis examines the effects of the digital areas of social media, online marketplaces, domains and metaverse on trademark law. The results of the master's thesis are intended to provide an understanding of the connection between trademark law and digitalization and, in particular, to make it easier for players in the digital sector to protect their trademarks in practice with the help of recommendations. This work is based on a master's thesis in the field of business law with a special focus on German, European and International trademark law. Looking to the future, the authors explore the question of how the advent of the digital era will influence trademark law and what challenges legal scholars will face here. |
| Keywords: | Digitalisierung, Markenrecht, trade mark law |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iubhbm:304404 |
| By: | Romain Bouis; Mr. Gaston Gelos; Fumitaka Nakamura; Mr. Paavo A Miettinen; Erlend Nier; Gabriel Soderberg |
| Abstract: | This paper offers a comprehensive analysis of the implications for financial stability of a central bank issuing a digital currency to the public at large. We start with a systematic analysis of balance sheet changes that arise from the new liability for the central bank and the banking system, and examine how they depend on preconditions, central bank choices, and banking system responses. Based on this, we discuss the range of implications for financial stability that may arise in steady state, in the context of adoption, and in crisis times. Threats to financial intermediation in steady state arise mainly in situations where the central bank balance sheet expands, and triggers adjustment mechanisms that lead to more costly or less stable funding of the banking system, while in crisis times run risk may increase. Our analysis of policy choices to control these effects considers macroprudential policy, and an expansion of central bank lending to commercial banks, but finds that a main contribution needs to come from a design of the CBDC that encourages its use as a means of payment rather than a store of value. |
| Keywords: | Central Bank Digital Currency; Financial Stability; Balance Sheets; Disintermediation; Bank Runs |
| Date: | 2024–10–11 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2024/226 |
| By: | Friess, Svenja; Rosendahl Huber, Laura |
| Keywords: | user engagement, digital platforms, peers, communication, upskilling, NLP |
| JEL: | J24 M53 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302443 |
| By: | Rogalski, Timo; Schiereck, Dirk |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:150248 |
| By: | Barthélémy Bonadio; Andrei A. Levchenko; Dominic Rohner; Mathias Thoenig |
| Abstract: | This paper estimates and quantifies the impact of the diaspora remittance flows on the conflict intensity and outcomes in the Sri Lankan Civil War during the period 1996-2009. We develop an approach to infer which remittance inflows were likely to benefit the Tamil Tiger rebels relative to the central government based on Facebook connections data at the subnational level. Using shocks to source country remittance outflows, we show that exogenous increases in remittances accessible to the Tamil Tigers significantly increased their fighting strength. We then set up a quantitative model of two-sided armed conflict over many contested geographic locations, augmented with remittance flows that affect the fighting strengths of the two sides. We structurally estimate the key parameters using remittance and conflict data, and calibrate the model to the Sri Lankan subdistricts over the period of the conflict. Our main quantitative finding is that remittances had a significant impact on the timing of the central government victory, and were a substantially more important component of the military strength of the Tamil Tigers than of the government. Remittances that favored the Tamil Tiger rebels may have prolonged the war by as much as 14 years. |
| JEL: | D74 F24 O53 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33062 |
| By: | Jihye Lee; Žiga Žarnic |
| Abstract: | Digital technologies are reshaping our lives, with significant impacts on personal and societal well-being. As these technologies are increasingly integrated into everyday life, it is crucial to raise awareness on their positive and negative impacts which are reviewed in this paper. While innovations like AI in healthcare and assistive devices empower individuals and improve access, they also introduce risks such as mental health challenges, misinformation, and privacy breaches. Raising awareness around digital risks helps individuals make smarter, safer decisions. At the same time, empowerment is about more than just awareness; it involves giving users control over their digital experiences, equipping them with the skills to harness technology for education, employment, and personal growth. Ultimately, responsible digital use is essential for safeguarding data privacy, supporting democratic values and respecting ethical standards. While digital technologies have the power to level the playing field, they can deepen existing inequalities if access and skills are unevenly distributed. Bridging digital divides through tailored inclusive solutions is equally important. Understanding the relationship between technology use and well-being is therefore key, but further research is needed to fully grasp these dynamics. |
| Keywords: | civic engagement, digital divide, digitalisation, health, personal safety, social connections, subjective well-being, well-being, work-life balance |
| JEL: | I1 I3 |
| Date: | 2024–11–05 |
| URL: | https://d.repec.org/n?u=RePEc:oec:wiseaa:29-en |
| By: | Michael D. Bordo (Rutgers University); William Roberds (Federal Reserve Bank of Atlanta) |
| Abstract: | We consider the debut of a new monetary instrument, central bank digital currencies (CBDCs). Drawing on examples from monetary history, we argue that a successful monetary transformation must combine microeconomic efficiency with macroeconomic credibility. A paradoxical feature of these transformations is that success in the micro dimension can encourage macro failure. Overcoming this paradox may require politically uncomfortable compromises. We propose that such compromises will be necessary for the success of CBDCs. |
| Keywords: | monetary systems, banknotes, central banks, digital currencies |
| JEL: | E42 E58 N10 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:pri:cepsud:323 |
| By: | Simplice A. Asongu (Johannesburg, South Africa); Joseph Nnanna (Abuja, Nigeria) |
| Abstract: | This research investigates how enhancing remittances affects total factor productivity (TFP) dynamics in Sub-Saharan Africa. The Generalised Method of Moments (GMM) empirical strategy is adopted for the purpose of the study and the engaged TFP dynamics are: TFP, real TFP, welfare TFP and real welfare TFP. Significant net effects are not apparent from enhancing remittances for TFP, real TFP growth and welfare TFP while positive net effects are apparent on real welfare TFP. The unexpected findings are elucidated and policy implications are discussed. This study has complemented the attendant literature by assessing how growing remittances influence dynamics of TFP in Sub-Saharan Africa. |
| Keywords: | Economic Output; Remitances; Sub-Saharan Africa |
| JEL: | E23 F24 F30 O16 O55 |
| Date: | 2024–01 |
| URL: | https://d.repec.org/n?u=RePEc:exs:wpaper:24/021 |
| By: | Aadityan Ganesh; Clayton Thomas; S. Matthew Weinberg |
| Abstract: | Transaction Fee Mechanism Design studies auctions run by untrusted miners for transaction inclusion in a blockchain. Under previously-considered desiderata, an auction is considered `good' if, informally-speaking, each party (i.e., the miner, the users, and coalitions of both miners and users) has no incentive to deviate from the fixed and pre-determined protocol. In this paper, we propose a novel desideratum for transaction fee mechanisms. We say that a TFM is off-chain influence proof when the miner cannot achieve additional revenue by running a separate auction off-chain. While the previously-highlighted EIP-1559 is the gold-standard according to prior desiderata, we show that it does not satisfy off-chain influence proofness. Intuitively, this holds because a Bayesian revenue-maximizing miner can strictly increase profits by persuasively threatening to censor any bids that do not transfer a tip directly to the miner off-chain. On the other hand, we reconsider the Cryptographic (multi-party computation assisted) Second Price Auction mechanism, which is technically not `simple for miners' according to previous desiderata (since miners may wish to set a reserve by fabricating bids). We show that, in a slightly different model where the miner is allowed to set the reserve directly, this auction satisfies simplicity for users and miners, and off-chain influence proofness. Finally, we prove a strong impossibility result: no mechanism satisfies all previously-considered properties along with off-chain influence proofness, even with unlimited supply, and even after soliciting input from the miner. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2410.07566 |
| By: | Björn Sven Ivens; Catherine Pardo (EM - EMLyon Business School); Ruiqi Wei (EM - EMLyon Business School) |
| Abstract: | The implementation of IoT solutions transforms business-to-business markets. This transformation is not limited to technological changes. It also affects the actors and activities that characterize markets. We argue that the possibility of forms of exclusion / inclusion, as interpreted in Luhmann's theory, has important consequences for IoT solutions. Different from prior studies which have focused on why and how market-related forces exclude actors from a market, this research aims to provide a comprehensive overview of possible exclusion phenomena linked to IoT implementation in business markets, concerning its affected actors, mechanisms, and consequences. Using ‘cold cases', this research uses case study methodology to identify potential forms of exclusion and inclusion. It then develops a framework that identifies different situations of exclusion and inclusion. Finally, it suggests avenues for future research and provides managerial implications for the actors concerned in this context. |
| Keywords: | Exclusion, Inclusion, Business networks, Internet of Things |
| Date: | 2024–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04742811 |
| By: | DUCH BROWN Nestor (European Commission – JRC); BROOCKS Annette (European Commission – JRC); GOMEZ LOSADA Alvaro (European Commission – JRC) |
| Abstract: | Digital markets have the potential to be more segmented than traditional markets due to their unique characteristics. Among others, digital platforms enable businesses to reach customers worldwide, allowing for targeting specific niche markets and catering to diverse consumer preferences. Large online and hybrid retailers do segment markets by allowing only shipment to the countries at which their national interfaces are directed. This segmentation is in some cases used to apply different prices that go beyond adjustment to national VAT levels, or to sell country-specific versions of specific products. Moreover, sizes of product catalogues may vary significantly across countries. In this paper, we provide evidence about the potential effects of these practices in terms of availability and price differences. We carry out an analysis to identify and web-scrape the biggest pure e-commerce first-party traders implementing these segmenting practices at the EU level, which run during the second half of 2021 and the first half of 2022. We analyse a number of pure online retailers regarding cross-country differences in catalogue composition and prices. The main results of the exercise indicate that there is a high variability in terms of availability of products with respect to a hypothetical EU-wide catalogue by each of the traders analysed in this exercise. The results also indicate a high variability in terms of the bilateral similarity of catalogues. Finally, we show that the average price differences in relative terms (percentages) can be as large as 10%. However, not many robust conclusions about price differences can be made since the exercise required to perform very different web scraping strategies given the characteristics of the different websites of traders considered. |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:decwpa:202402 |
| By: | Cziriak, Marius; Bucher-Koenen, Tabea; Alessie, Rob |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302421 |
| By: | Nwaobi, Godwin |
| Abstract: | As the most populous nation in Africa, Nigeria is uniquely positioned to reap the benefits of the emerging digital economy. And by accelerating access to digital technologies spurs innovation, efficiency and productivity which brings about choice and opportunities for greater growth and inclusion. Therefore, this research project shall provide evidence with respect to some aspects of inter-firm and intra-firm diffusion digital technologies in Nigeria. In other words, the proposed study intends to provide new empirical evidence with respect to the factors determining inter-firm and intra-firm diffusion of digital technologies by Nigeria productive enterprises. Furthermore, this research paper shall ascertain the extent to which patterns of digital adoption are different for domestic and foreign-owned firms. Econometrically, we propose to use a novel firm level (micro) panel data from the Nigerian manufacturing firms for the period between 2020 and 2025 as applicable. |
| Keywords: | Firms, diffusion, intrafirm, interfirm, Nigeria, panel data, probit model, digital technology, adoption, technology, enterprise, artificial intelligence, productivity, micro panel, innovations, digitalization |
| JEL: | C50 C55 C8 D20 D22 L0 L50 L60 L86 L96 O1 O14 O3 O31 O32 O33 O38 |
| Date: | 2024–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122392 |
| By: | Axelle Heyert (LaRGE Research Center, Université de Strasbourg); Laurent Weill (LaRGE Research Center, Université de Strasbourg) |
| Abstract: | This paper investigates whether financial inclusion affects life satisfaction. We perform regressions at the individual level on a large dataset of 59, 209 individuals from 29 countries. We find evidence that financial inclusion improves life satisfaction. We further establish that the beneficial effect of financial inclusion takes place through a better health, education and to a lesser extent through the launch of a business. We observe that the positive impact of financial inclusion on life satisfaction is greater in countries with higher income per capita, and lower in countries recently struck by a financial crisis. Our results indicate that promoting financial inclusion can enhance happiness. |
| Keywords: | financial inclusion, life satisfaction, banking. |
| JEL: | G21 I31 O16 P46 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:lar:wpaper:2024-07 |
| By: | Heinrichs, Sven; Isselstein, Franz |
| Abstract: | Climate change exists and poses a great threat to all living beings on our planet. Any further delay in global action on mitigation will make it more difficult to secure a liveable and sustainable future for all. In this exploratory study, an inductive approach based on qualitative evidence from expert interviews as well as literature is applied to assess the economic feasibility of ecologically enhancing unused land with an initial focus in Germany and using the so far limited financing potential of blockchain token to incentivize project participation and let investors earn sustainable returns from carbon sequestration and probable future biodiversity rewards. Security token offerings can be a valuable alternative for business and project financing. Tokenization reduces transaction costs through automation and disintermediation, supporting transparency and liquidity. The creation of agroforestry systems can serve as an effective way to benefit the environment as well as agriculture. Private funding initiatives are highly demanded for such activities as government subsidies diminish. Financial modelling shows that under the given assumptions the project can be economically feasible, providing returns comparable to benchmarks for agriculture investments and a positive Net Present Value. However, the expert interviews show, that the lease model / user right schematic should not be neglected and needs to be investigated further as it promises highly promising results. |
| Keywords: | Carbon Sequestration, Security Token, Security Token Offering, Blockchain, climate finance, HedgeToken |
| JEL: | Q57 Q52 Q58 G23 O31 Q01 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iubhbm:304401 |
| By: | Meisner, Vincent; Pillath, Pascal |
| JEL: | D82 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:vfsc24:302417 |
| By: | Michelle W. Bowman |
| Date: | 2024–10–11 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgsq:98960 |
| By: | Luis Aguiar; Joel Waldfogel; Axel Zeijen |
| Abstract: | Digitization has facilitated the emergence of large distribution platforms downstream from traditionally powerful suppliers. Digital platforms can carry many suppliers’ products, test the products’ consumer appeal, and choose which products to promote, potentially shifting power from the suppliers to the platforms. We study these forces in the recorded music industry, which was traditionally dominated by a few “major” record labels distributing their products through fragmented radio stations and retailers. Now, the majors receive most of their promotion and distribution through platforms like Spotify, which carry millions of songs from both major and “independent” suppliers. We study Spotify’s use of playlists using data covering 2017-2020. First, Spotify used their expanded playlist capacity to test – and discover – proportionately more independent songs to promote on their playlists. Second, at least relative to major-label playlists, Spotify-operated playlists promoted new independent songs more than was indicated by their subsequent success. Third, placement on Spotify new-music playlists has a large causal impact on streams. The independent-label share of new-music promotion rose from 38 percent in late 2017 to 55 percent in early 2020, which helps to explain the reported decline in the share of Spotify royalty payments to major-label suppliers over the same period. |
| JEL: | L13 L82 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33048 |
| By: | Christian de Boissieu |
| Abstract: | Faced with the rise of cryptocurrencies, central banks are responding by launching their digital currencies. The purpose of this Policy Brief is to provide an update on the preparation of central bank digital currencies (CBDs) by monetary authorities, a process that concerns all emerging, developing, and more advanced countries. It is also about analyzing the conditions and some of the consequences (for banks, for financial inclusion, for the conduct of monetary policy...) of such a financial innovation, systematically distinguishing between wholesale and retail CBDCs. |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:rtrade:pb_19_23 |
| By: | Heiko Leonhard; Ralf Laschinger; Wolfgang Schäfers |
| Abstract: | The tokenization of real-world assets is one of the fastest growing innovations in blockchain technology within the financial landscape. It is poised to redefine the current paradigm in how we fund, trade, and manage assets. Its disruptive potential is particularly significant for traditionally illiquid assets, such as real estate. One of the main promises of tokenization is the improvement of accessibility, liquidity, and tradability. Therefore, a functioning and lively secondary market is a necessary requirement. We observed 342 real estate tokens in the USA traded between 2021 and 2023 across various marketplaces. Based on 2, 429, 220 blockchain transactions, we analyze the market structure of real estate tokens and the dynamics of liquidity, tradability, and their determinants. Our study is the first comprehensive empirical investigation into secondary market activities and liquidity for real estate token. This research provides guidance for real estate token investors, business actors, and regulatory entities on the practical functioning and the maturity of the nascent secondary markets for real estate tokens. |
| Keywords: | Digital Assets; Real Estate Token; Secondary market; tokenization |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-098 |