Some Ambiguities Concerning the Development of Electronic Money

The aim of this paper is to analyse the economic efficiency of electronic money and to identify different factors hindering its growth. It is argued that electronic money might eventually make paper money obsolete. Nevertheless, prospects for the development of this monetary innovation remain uncertain due to the complexity and ambiguity of electronic money products. In particular, the paper identifies network effects and habit persistence as major factors hindering the adoption and more widespread use of electronic money.e-money, ICT, network externalities, habit persistence.

The Weight of Economic Growth and Urbanization on Electricity Demand in UAE

This study aims to explore the relationship between economic growth, urbanization, financial development and electricity consumption in case of United Arab Emirates. The study covers the time period of 1975-2011. We have applied the ARDL bounds testing to examine long run relationship between the variables in the presence of structural breaks. The VECM Granger causality is applied to investigate the direction of causal relationship between the variables. Our empirical exercise found cointegration between the series in case of United Arab Emirates. Further, results reveal that inverted U-shaped relationship is found between economic growth and electricity consumption i.e. economic growth raises electricity consumption initially and declines it after a threshold level of income per capita. Financial development adds in electricity consumption. The relationship between urbanization and electricity consumption is also inverted U-shaped. This implies that urbanization increases electricity consumption initially and after a threshold level of urbanization, electricity demand falls. The causality analysis finds feedback hypothesis between economic growth and electricity consumption i.e. economic growth and electricity consumption are interdependent. The bidirectional causality is found between financial development and electricity consumption. Economic growth and urbanization Granger cause each other. The feedback hypothesis is also found between urbanization and financial development, financial development and economic growth and same is true for electricity consumption and urbanization.

Financial deepening and economic growth in Gulf Cooperation Council countries

The aim of this paper is to investigate the causal relationship between financial development and economic growth in GCC countries for the period 1980-2010. To this end we use a multivariate vector autoregressive (VAR) framework by including investment as an additional variable to the finance and growth nexus. Our empirical analysis is based on a modified version of the Granger non-causality test by applying the Toda and Yamamoto procedure. The overall empirical results reveal that financial development contributes significantly to economic growth in the GCC context. Our results could be of great interest for policymakers since the financial sector could play a crucial role in lowering the dependence of the governments to oil revenues and could contribute significantly to spur economic growth

Some ambiguities concerning the development of electronic money

The aim of this paper is to analyse the economic efficiency of electronic money and to identify different factors hindering its growth. It is argued that electronic money might eventually make paper money obsolete. Nevertheless, prospects for the development of this monetary innovation remain uncertain due to the complexity and ambiguity of electronic money products. In particular, the paper identifies network effects and habit persistence as major factors hindering the adoption and more widespread use of electronic money

Can e-payment systems revolutionize finance of the less developed countries? The case of mobile payment technology

Technological progress in mobile industry makes mobile phones the most adopted technology of the last decade by the rich as well as poor. Mobile phones were at first intended for voice communication; nowadays they are used for sending and receiving information and they provide many advanced services to their users. Recent generation of mobile phones allows consumers to carry out transactions in the real and the virtual world by the use of mobile devices through mobile network. It is done by using mobile device such as Cell phone or PDA which is connected to payment access using mobile operator network. The aim of this paper is to analyze the technological evolution of mobile phones and to identify the macroeconomic consequences of their introduction into the financial secto

Testing Export-led Growth in Tunisia and Morocco: New Evidence using the Toda and Yamamoto procedure

This paper examines the export-led growth hypothesis in Tunisia and Morocco using a multivariate time-series framework. The two selected countries present an interesting case study in terms of their growing outward orientation and adoption of export promotion policies as part of their growth priorities. Since the eighties, both countries have integrated themselves into the world economy and have continuously improved their growth prospects. As a result, they have experienced an outstanding economic performance during the past decade. Despite the multiple similarities between Morocco and Tunisia; our empirical model based on the Toda and Yamamoto (1995) procedure reveals two conflicting results. Firstly, there is evidence for export-led growth in Tunisia while the results for Morocco reveal an import-led growth policy oriented. Secondly, results show no evidence of bidirectional causality between imports and exports for both countries. Therefore, new structural reforms are needed for the two countries to benefit from their high trade openness and from their trade partners

Can e-payment systems revolutionize finance of the less developed countries? The case of mobile payment technology

Technological progress in mobile industry makes mobile phones the most adopted technology of the last decade by the rich as well as poor. Mobile phones were at first intended for voice communication; nowadays they are used for sending and receiving information and they provide many advanced services to their users. Recent generation of mobile phones allows consumers to carry out transactions in the real and the virtual world by the use of mobile devices through mobile network. It is done by using mobile device such as Cell phone or PDA which is connected to payment access using mobile operator network. The aim of this paper is to analyze the technological evolution of mobile phones and to identify the macroeconomic consequences of their introduction into the financial secto

Problemi razvoja elektroničkog novca

Cilj je ovog članka analizirati ekonomsku efikasnost elektroničkog novca te identificirati različite čimbenike koji utječu na rast njegove upotrebe. Šira upotreba elektroničkog novca u konačnici može potpuno izbaciti gotovinu iz upotrebe. Međutim, budućnost te monetarne inovacije je neizvjesna zbog složenosti i neodređenosti elektroničkog novca. Ovaj članak posebno identificira učinke stvaranja mreže i postojanost navika kao glavne činitelje prihvaćanja i šire upotrebe elektroničkog novca