SỐ 208 | Tháng 7/2023
Đánh giá mối quan tâm toàn cầu về tài chính phi tập trung, tài chính nhúng, tài chính mở, tài chính đại dương và tài chính bền vững
Peterson K. Ozili
Tóm tắt:
Mục đích - Bài viết này phân tích mối quan tâm toàn cầu đối với thông tin Internet về tài chính phi tập trung (DeFi), tài chính nhúng(EmFi), tài chính mở(OpFi), tài chính đại dương(OcFi) và tài chính bền vững(SuFi) và mối quan hệ giữa chúng.
Thiết kế/phương pháp nghiên cứu /phương pháp tiếp cận - Bài viết sử dụng phương pháp so sánh dựa trên phân tích hồi quy và tương quan để đánh giá mối quan tâm toàn cầu đối với thông tin trên Internet về DeFi,EmFi,OpFi, OcFi và sufi.
Kết quả - Các phát hiện cho thấy mối quan tâm toàn cầu đối với thông tin trên Internet về EmFi phổ biến hơn ở các nước châu Á và châu Âu. Tìm kiếm trên web toàn cầu về thông tin trên Internet về OcFi đã giảm trong cuộc khủng hoảng tài chính trong khi tìm kiếm trên web toàn cầu về thông tin trên Internet về OpFi và EmFi tăng lên trong những năm khủng hoảng tài chính. Tìm kiếm web toàn cầu về thông tin trên Internet vềDeFi, SuFi và EmFi tăng lên trong những năm đại dịch. Có mối tương quan đáng kể và tích cực giữa sự quan tâm đến DeFi, EmFi, OcFi và sufi. Ngoài ra, có mối tương quan tiêu cực và đáng kể giữa sự quan tâm đến EmFi và sự quan tâm đến OpFi. Ma trận hệ số hồi quy cho thấy OpFi,EmFi,OcFi, DeFi và sufi có liên quan đáng kể.
Tính mới/giá trị - Theo hiểu biết tốt nhất của tác giả, đây là bài viết đầu tiên phân tích mối liên hệ giữa sự quan tâm đến DeFi,EmFi,OpFi,OcFi và sufi. Vì vậy, nghiên cứu này đã giải quyết một lỗ hổng kiến thức quan trọng trong nghiên cứu bằng cách khám phá mối quan tâm của mọi người đối với thông tin trên Internet về DeFi, EmFi, OpFi, OcFi và SuFi.
Tài liệu tham khảo:
- Allen, F. (2012), “Trends in financial innovation and their welfare impact: an overview”, European Financial Management, Vol. 18 No. 4, pp. 493-514.
- Arner, D.W., Buckley, R.P. and Zetzsche, D.A. (2021), “Open banking, open data and open finance: lessons from the European union”, in Jeng, L. (Ed.), Open Banking, Oxford University Press, Oxford.
- Chen, Y. and Bellavitis, C. (2020), “Blockchain disruption and decentralized finance: the rise of decentralized business models”, Journal of Business Venturing Insights, Vol. 13, C, doi: 10.1016/j.jbvi.2019.e00151.
- Chohan, U.W. (2021), “Decentralized Finance (DeFi): an emergent alternative financial architecture”, Critical Blockchain Research Initiative (CBRI) Working Papers, doi: 10.2139/ssrn.3791921.
- Compton, P. (2021), “Embedded Finance: creating a seamless future for financial services”, A Barclays report on Embedded Finance, available at: https://rise.barclays/content/dam/thinkrise-com/documents/Rise-FinTech-Insights-Embedded-Finance-DIGITAL.pdf.
- Equinix (2020), “Paving the path from open banking to open finance in Benelux”, A Research Paper from Finextra in association with Equinix, available at: wp_paving_the_path_from_open_banking_to_open_finance_in_benelux.
- Farzin, M., Sadeghi, M., Kharkeshi, F.Y., Ruholahpur, H. and Fattahi, M. (2021), “Extending UTAUT2 in M-banking adoption and actual use behavior: does WOM communication matter?”, Asian Journal of Economics and Banking, Vol. 5 No. 2, pp. 136-157.
- Fatemi, A.M. and Fooladi, I.J. (2013), “Sustainable finance: a new paradigm”, Global Finance Journal, Vol. 24 No. 2, pp. 101-113.
- FCA (2019), Call for Input: Open Finance, Financial Conduct Authority, London, available at: https://www.fca.org.uk/publications/calls-input/call-input-open-finance.
- Finlab (2021), Open Finance and Vulnerability: A Policy Discussion Paper, The Finance Innovation Lab, London.
- Fullwiler, S. (2016), “Sustainable finance: building a more general theory of finance”, Routledge Handbook of Social and Sustainable Finance, Routledge, pp. 17-34.
- Hong, H., Wang, N. and Yang, J. (2021), “Welfare consequences of sustainable finance”, National Bureau of Economic Research, No. w28595, available at: https://www.nber.org/papers/w28595.
- Hope, K. (2021), “Open banking and the rise of banking-as-a-service”, A Temenos Report, Geneva.
- Johnson, K.N. (2020), “Decentralized finance: regulating cryptocurrency exchanges”, William and Mary Law Review, Vol. 62 Nos 6/4, p. 1911, available at: https://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=3901&context=wmlr.
- Johnson, S. and Kwak, J. (2012), “Is financial innovation good for the economy?”, Innovation Policy and the Economy, Vol. 12 No. 1, pp. 1-16.
- Katona, T. (2021), “Decentralized finance: the possibilities of a blockchain ‘money lego’ system”, Financial and Economic Review, Vol. 20 No. 1, pp. 74-102.
- Kemfert, C. and Schmalz, S. (2019), “Sustainable finance: political challenges of development and implementation of framework conditions”, Green Finance, Vol. 1 No. 3, pp. 237-248.
- Khan, N. and Eroglu, H. (2020), Open Finance: A Framework for the Arab Region Is More than a Question of Scope, MENA Fintech Association, Dubai.
- Kim, T., Koo, B. and Park, M. (2013), “Role of financial regulation and innovation in the financial crisis”, Journal of Financial Stability, Vol. 9 No. 4, pp. 662-672.
- Kore Fusion (2021), “Embedded finance: this decade’s largest creator of value”, A Kore Fusion Report, New York, available at: https://korefusion.com/embedded-finance-this-decades-largest-creator-of-valu/.
- Laeven, L., Levine, R. and Michalopoulos, S. (2015), “Financial innovation and endogenous growth”, Journal of Financial Intermediation, Vol. 24 No. 1, pp. 1-24.
- Lumpkin, S. (2010), “Regulatory issues related to financial innovation”, OECD Journal: Financial Market Trends, Vol. 2009 No. 2, pp. 1-31.
- Meegan, X. and Koens, T. (2010), “Lessons learned from decentralised finance (DeFi)”, ING, available at: https://new.ingwb.com/binaries/content/assets/insights/themes/distributed-ledger-technology/defi_white_paper_v2.0.pdf.
- Mercer, C. and Hallas, D. (2021), “The smart path to open finance: how a smart data right can deliver open finance and change our economy”, A Coadec Report, London.
- Migliorelli, M. (2021), “What do we mean by sustainable finance? Assessing existing frameworks and policy risks”, Sustainability, Vol. 13 No. 2, p. 975.
- Mothibi, K., Lazaridis, D. and Rahulani, A. (2020), “Regulating open finance”, A FSCA Consultation and Research Paper, Pretoria.
- Mullineux, A.W.A. (2010), “Financial innovation and social welfare”, Journal of Financial Regulation and Compliance, Vol. 18 No. 3, pp. 243-256
- Norden, L., Buston, C.S. and Wagner, W. (2014), “Financial innovation and bank behavior: evidence from credit markets”, Journal of Economic Dynamics and Control, Vol. 43, C, pp. 130-145.
- Oracle (2021), “Embedded finance for transaction banking”, A Oracle Report.
- Ozcan, R. (2021), “Decentralized finance”, Financial Ecosystem and Strategy in the Digital Era, pp. 57-75, doi: 10.1007/978-3-030-72624-9_4.
- Ozili, P.K. (2022a), “Decentralized finance research and developments around the World”, Journal of Banking and Financial Technology. doi: 10.1007/s42786-022-00044-x.
- Ozili, P.K. (2022b), Decentralized Finance and Cryptocurrency Activity in Africa, Contemporary Studies in Economic and Financial Analysis, CSEF, Vol. 109, available at: https://ssrn.com/abstract=4001707
- Ozili, P.K. (2022c), “Theories of sustainable finance”, Managing Global Transitions, Forthcoming in 2023.
- Pereira, M.G. and Nogueira, J.M. (2021), “Blue finance: opportunities for the blue economy”, Naval War College Journal, Vol. 27 No. 3, pp. 575-600.
- Pimentel, B.M. and Ramírez, G. (2021), “Sustainable finance and its sustainability”, Working Paper.
- Plaid and Accenture (2021), “Embedded finance: financial services whenever and wherever customers need them”, A Plaid Report, California.
- Popescu, A.D. (2020), “Decentralized finance (defi)–the lego of finance”, Social Sciences and Education Research Review, Vol. 7 No. 1, pp. 321-349.
- PPS (2021), “Exploring embedded finance: the future of integrated financial services”, A PPS White Paper.
- Rogers, E.M. (2010), “Diffusion of innovations”, A Simon and Schuster Report.
- Rustomjee, C. (2016), “Financing the blue economy in small states”, CIGI Policy Brief No. 78.
- Sandberg, J. (2018), “Toward a theory of sustainable finance”, Designing a Sustainable Financial System, Palgrave Macmillan, Cham, pp. 329-346.
- Schär, F. (2021), Decentralized Finance: on Blockchain-And Smart Contract-Based Financial Markets, Second Quarter 2021, Federal Reserve Board of St. Louis Review, pp. 153-174, doi: 10.20955/r.103.153-74.
- Schindler, J.W. (2017), “Fintech and financial innovation: drivers and depth”, FEDS Working Paper No. 81.
- Schoenmaker, D. (2017a), “From risk to opportunity: a framework for sustainable finance”, RSM Series on Positive Change, Vol. 2.
- Schoenmaker, D. (2017b), Investing for the Common Good: A Sustainable Finance Framework, Bruegel, Brussels, p. 80.
- Schumacher, K., Chenet, H. and Volz, U. (2020), “Sustainable finance in Japan”, Journal of Sustainable Finance and Investment, Vol. 10 No. 2, pp. 213-246.
- Shiiba, N., Wu, H.H., Huang, M.C. and Tanaka, H. (2022), “How blue financing can sustain ocean conservation and development: a proposed conceptual framework for blue financing mechanism”, Marine Policy, Vol. 139, 104575, doi: 10.1016/j.marpol.2021.104575.
- Sumaila, U.R., Walsh, M., Hoareau, K., Cox, A., Teh, L., Abdallah, P., Akpalu, W., Anna, Z., Benzaken, D., Crona, B. and Fitzgerald, T. (2021), “Financing a sustainable ocean economy”, Nature Communications, Vol. 12 No. 1, pp. 1-11.
- Teboul, L. and Angelos Anastasiou, A. (2021), “The embedded finance journey: innovation that differentiates the customer experience”, A Goldman Sachs report on transaction banking, available at: https://www.goldmansachs.com/what-we-do/transaction-banking/insights/baas.pdf.
- Thiele, T. (2020), “Blue infrastructure finance: a new approach, integrating nature-based solutions for coastal resilience”, Natural Environment.
- Thottoli, M.M. (2022), “The starring role of crowdfunding in GCC: a structured literature review”, Asian Journal of Economics and Banking, Vol. 6 No. 2, pp. 155-177.
- Torrance, S. (2020), “Embedded finance: a $7 trillion game-changing opportunity for incumbents”, A Rainmaking Report, København.
- UNDP (2022), In the Same Boat: Ocean Finance, Inclusivity and Social Equity, United Nations Environment Programme - Finance Initiative, New York.
- Wabnitz, C.C. and Blasiak, R. (2019), “The rapidly changing world of ocean finance”, Marine Policy, Vol. 107, 103526, doi: 10.1016/j.marpol.2019.103526.
- Walsh (2018), “Ocean finance: definition and actions”, Pacific Ocean Finance Program.
- Woodhurst (2020), “Uncovering the true potential of open finance”, A Woodhurst Report, London.
- Yavin, O. and Reardon, A.J. (2021), “What digital banks can learn from decentralised finance”, Journal of Digital Banking, Vol. 5 No. 3, pp. 255-263.
- Zavolokina, L., Dolata, M. and Schwabe, G. (2016), “The FinTech phenomenon: antecedents of financial innovation perceived by the popular press”, Financial Innovation, Vol. 2 No. 1, pp. 1-16.
- Zetzsche, D.A., Arner, D.W. and Buckley, R.P. (2020), “Decentralized finance”, Journal of Financial Regulation, Vol. 6 No. 2, pp. 172-203.
- Ziolo, M., Bak, I. and Cheba, K. (2021), “The role of sustainable finance in achieving Sustainable Development Goals: does it work?”, Technological and Economic Development of Economy, Vol. 27 No. 1, pp. 45-70.
Assessing Global Interest in Decentralized Finance, Embedded Finance, Open Finance, Ocean Finance and Sustainable Finance
Abstract:
Purpose – This paper analyzes global interest in Internet information about decentralized finance (DeFi), embedded finance (EmFi), open finance (OpFi), ocean finance (OcFi) and sustainable finance (SuFi) and the relationship among them.
Design/methodology/approach – The paper used a comparative methodology based on regression and correlation analyses to assess global interest in Internet information about DeFi, EmFi, OpFi, OcFi and SuFi.
Findings – The findings reveal that global interest in Internet information about EmFi was more popular in Asian and European countries. Global web search for Internet information about OcFi decreased during the financial crisis while global web search for Internet information about OpFi and EmFi increased during financial crisis years. Global web search for Internet information about DeFi, SuFi and EmFi increased during the pandemic years. There is a significant and positive correlation between interest in DeFi, EmFi, OcFi and SuFi. Also, there is a significant and negative correlation between interest in EmFi and interest in OpFi. The regression coefficient matrix shows that OpFi, EmFi, OcFi, DeFi and SuFi are significantly related.
Originality/value – To the best of the author’s knowledge, this is the first paper that analyses the association between interest in DeFi, EmFi, OpFi, OcFi and SuFi. Thus, this study addressed an important knowledge gap in the literature by exploring people’s interest in Internet information about DeFi, EmFi, OpFi, OcFi and SuFi.