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International migration and large remittance flows have been prominent features of the Philippine economy for many decades. This paper describes the evolving pattern of migration and remittance flows and analyzes some of the channels through which remittances affect economic activity. The empirical evidence does not clearly support the purported short-term stabilizing effect on consumption of remittance flows. Furthermore, as in other countries, the longer term economic effect of such flows is ambiguous.

Electronic books. -- local. --- Emigrant remittances -- Philippines. --- Philippines -- Emigration and immigration. --- Exports and Imports --- Macroeconomics --- Remittances --- Aggregate Factor Income Distribution --- Macroeconomics: Consumption --- Saving --- Wealth --- Personal Income, Wealth, and Their Distributions --- International Investment --- Long-term Capital Movements --- International economics --- Income --- Consumption --- Disposable income --- Capital inflows --- International finance --- Economics --- National income --- Capital movements --- Philippines --- Emigrant remittances --- Emigration and immigration.

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We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each individual component of the India Stack is important, we argue that its key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack. Until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions. The expansion of mobile-based financial services that enable simple and convenient ways to save and conduct financial transactions has provided a novel alternative for expanding the financial net. The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments and the entry of a range of competitors including fintech and bigtech firms.

Accounting --- Finance: General --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public Administration --- Public Sector Accounting and Audits --- Finance --- Computer applications in industry & technology --- Public finance accounting --- Financial services --- Fiscal accounting and reporting --- Payment systems --- Mobile banking --- Fintech --- Financial services industry --- Finance, Public --- Clearinghouses --- Banking --- Banks and banking, Mobile --- Technological innovations --- India

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A new wave of technological innovations, often called "fintech," is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech might provide solutions that respond to consumer needs for trust, security, privacy, and better services, change the competitive landscape, and affect regulation. It combines a broad discussion of trends across financial services with a focus on cross-border payments and especially the impact of distributed ledger technology. Overall, the paper finds that boundaries among different types of service providers are blurring; barriers to entry are changing; and improvements in cross-border payments are likely. It argues that regulatory authorities need to balance carefully efficiency and stability trade-offs in the face of rapid changes, and ensure that trust is maintained in an evolving financial system. It also highlights the importance of international cooperation.

Banks and banking --- Technological innovations.

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Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level productivity patterns across advanced economies prior to the crisis and examines the role of product and labor market rigidities as well as innovation and investments in information technology and human capital in driving productivity differences across sectors and countries. Since productivity payoffs of reforms evolve over time, we also focus on large changes in the structural indicators examine their dynamic impact on productivity, employment, and output. Our results suggest that reform priorities depend on country-specific settings, including the scale of specific policy distortions and the distance from the technology frontier. Productivity gains from reforms are large and materialize predominantly in the medium term, with some important variations across industries and countries.

Finance: General --- Macroeconomics --- Public Finance --- Production and Operations Management --- Macroeconomic Analyses of Economic Development --- Technological Change: Government Policy --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Macroeconomics: Production --- Labor Economics: General --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Labour --- income economics --- Finance --- Public finance & taxation --- Total factor productivity --- Productivity --- Labor --- Commodity markets --- Information technology in revenue administration --- Financial markets --- Revenue administration --- Industrial productivity --- Labor economics --- Commodity exchanges --- Revenue --- United States --- Income economics

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New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Criminology --- Financial Economics: General --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Illegal Behavior and the Enforcement of Law --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Monetary economics --- Distributed ledgers --- Banking --- Corporate crime --- white-collar crime --- Technology --- general issues --- Currencies --- Blockchain and DLT --- Virtual currencies --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Money --- Crime --- Blockchains --- Databases --- Financial services industry --- Technological innovations --- Banks and banking --- Money laundering --- United States --- General issues --- White-collar crime