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The literature on the economic effects of electronic money and banking lacks organization and a common analytical framework. This paper identifies the main issues raised by e-money and e-banking and presents them as six puzzles. Our solutions to the puzzles build a framework for analyzing the effects of e-money and e-banking, and for choosing the appropriate approach to regulating electronic money and banking.

Internet banking --- Electronic funds transfers --- Electronic banking --- Banks and banking --- Electronic commerce --- EFT (Electronic funds transfers) --- Electronic check clearing --- Electronic money systems --- Electronic payments systems --- Electronic transfer of funds --- Funds, Electronic transfers of --- Telebanking --- Transfers of funds, Electronic --- Electronic data interchange --- Electronic benefits transfers --- Home banking services --- Economic aspects. --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- Distributed ledgers --- Banking --- Monetary economics --- Digital currencies --- Currencies --- Monetary base --- Bank credit --- Technology --- Money --- Demand for money --- Financial services industry --- Technological innovations --- Money supply --- Credit --- United States

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The role of remittances in development and economic growth is not well understood. This is partly because the literatures on the causes and effects of remittances remain separate. We develop a framework that links the motivation for remittances with their effect on economic activity. Because remittances take place under asymmetric information and economic uncertainty, there exists a significant moral hazard problem. The implication is that remittances have a negative effect on economic growth. We test this prediction using panel methods on a large sample of countries. The results indicate that remittances do have a negative effect on economic growth, which indicates that the moral hazard problem in remittances is severe.

Exports and Imports --- Finance: General --- Macroeconomics --- Emigration and Immigration --- Altruism --- Asymmetric and Private Information --- International Migration --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Remittances --- General Financial Markets: Government Policy and Regulation --- Aggregate Factor Income Distribution --- International economics --- Finance --- Migration, immigration & emigration --- Moral hazard --- Income --- Outward remittances --- Balance of payments --- Financial sector policy and analysis --- Population and demographics --- National accounts --- International finance --- Financial risk management --- Emigration and immigration --- Emigrant remittances --- Pakistan

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Financial instruments are subject to inflation taxes on the wealth they represent and on the nominal income flows they provide. This paper explicitly introduces financial instruments into the standard stochastic growth model with money and production and shows that the value of the firm in this case is equal to the firm’s capital stock divided by inflation. The resulting asset-pricing conditions indicate that the effect of inflation on asset returns differs from the effects found in other papers by the addition of a significant wealth tax.

Finance: General --- Inflation --- Investments: Stocks --- Macroeconomics --- Monetary Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Price Level --- Deflation --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Finance --- Stocks --- Stock markets --- Asset prices --- Financial instruments --- Prices --- Stock exchanges

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We present cross-country evidence on the impact of remittances on labor market outcomes. Remittances appear to have a strong impact on both labor supply and labor demand in recipient countries. These effects are highly significant and greater in size than those of foreign direct investment or offcial development aid. On the supply side, remittances reduce labor force participation and increase informality of the labor market. In addition, male and female labor supply show significantly different sensitivities to remittances. On the demand side, remittances reduce overall unemployment but benefit mostly lower-wage, lowerproductivity nontradables industries at the expense of high-productivity, high-wage tradables sectors. As a consequence, even though inequality declines as a result of larger remittances, average wage and productivity growth declines, the latter more strongly than the former leading to an increase in the labor income share. In fragile states, in contrast, remittances impose a positive externality, possibly because the tradables sector tends to be underdeveloped. Our findings indicate that reforms to foster inclusive growth need to take into account the role of remittances in order to be successful.

Emigrant remittances --- Immigrant remittances --- Remittances, Emigrant --- Foreign exchange --- Exports and Imports --- Labor --- Factor Income Distribution --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Informal Economy --- Underground Econom --- Remittances --- Labor Force and Employment, Size, and Structure --- Labor Demand --- Labor Standards: Labor Force Composition --- Demand and Supply of Labor: General --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- International economics --- Labor force participation --- Labor markets --- Balance of payments --- International finance --- Labor market --- Economic theory --- United States

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Over the past decades, workers' remittances have grown to become one of the largest sources of financial flows to developing countries, often dwarfing other widely-studied sources such as private capital and official aid flows. While it is undeniable that remittances have poverty-alleviating and consumption-smoothing effects on recipient households, a key empirical question is whether they also serve to promote long-run economic growth. This study tackles this question and addresses the main shortcomings of previous empirical work, focusing on the appropriate measurement, and incorporating an instrument that is both correlated with remittances and would only be expected to affect growth through its effect on remittances. The results show that, at best, workers' remittances have no impact on economic growth.

Capital movements. --- Economic development. --- Emigrant remittances. --- Emigration and immigration -- Economic aspects. --- Econometrics --- Exports and Imports --- Investments: General --- Macroeconomics --- Remittances --- Aggregate Factor Income Distribution --- Estimation --- Investment --- Capital --- Intangible Capital --- Capacity --- International economics --- Econometrics & economic statistics --- Outward remittances --- Income --- Estimation techniques --- Capital accumulation --- International finance --- Emigrant remittances --- Econometric models --- Saving and investment --- United States