Recourse to a purported ideal of societal homogeneity has become common in the context of the refugee reception crisis – not only in Japan, as Leppold et al report, but also throughout Europe. Calls for societal homogeneity in Europe originate from populist movements as well as from some governments. Often, they go along with reduced social support for refugees and asylum seekers, for example i...

The study investigates the effect of financial development on major economic indicators, i.e., growth, inflation, and employment by applying System GMM estimation technique for a panel 120 countries period 1997 to 2017. Four distinct proxies are used, private sector credit, liquid liabilities, money quasi money, bank credit. results contradict traditional supply-lending hypothesis reveal negati...

the study of the role of money in the economy of developing countries, and its impact on economic variables, analysis of monetary policies, and other related issues are of paramount importance in economic planning. considering the above-mentioned points and also the realities of iranian economy, it is quite vital to scientifically specify the long-term trend of money supply through investigatio...

Emerging digital financial services use mobile phones to provide access to populations traditionally excluded from the global economy. These “mobile money” services have proven extremely successful in their first ten years of deployment, and provide a powerful means of raising people out of poverty. Such services have access to a wealth of customer information, potentially including entire purc...

Over the last 10 years, availability of mobile phones has increased dramatically, especially in the developing markets. At the same time, majority of the population living in developing countries are still lacking the access to official financial services. This gap has enabled an opportunity to mobile network operators and financial service providers to introduce mobile money transfer services ...

The use of mobile phones has increased rapidly in many developing countries, including in rural areas. Besides reducing the costs of communication and improving access to information, mobile phones are an enabling technology for other innovations. One important example are mobile phone based money transfers, which could be very relevant for the rural poor, who are often underserved by the forma...

I test for the existence of a bank lending channel of monetary policy transmission. I identify bank lending channel effects with a simple model of bank behavior incorporating longterm customer relationships. The model suggests that when a large fraction of bank assets is held in loans, contractionary monetary policy shocks are more likely to cause a cutback in bank lending, in turn reducing rea...

This paper reports findings from an experiment that implements the Lagos-Wright (2005) model of monetary exchange. We find that subjects generally avoid the autarkic equilibrium of that model and make trading decisions consistent with the model’s monetary equilibrium. Aliprantis, Camera and Puzzello (ACP, 2007) show that providing periodic access to centralized markets as in the Lagos and Wrigh...