Half Title Page
FINTECH, PANDEMIC, AND THE FINANCIAL SYSTEM
Series Page
INTERNATIONAL FINANCE REVIEW
Series Editor: J. Jay Choi
Title Page
INTERNATIONAL FINANCE REVIEW - VOLUME 22
FINTECH, PANDEMIC, AND THE FINANCIAL SYSTEM: CHALLENGES AND OPPORTUNITIES
EDITED BY
SUK-JOONG KIM
The University of Sydney, Australia
United Kingdom – North America – Japan India – Malaysia – China
Copyright Page
Emerald Publishing Limited
Howard House, Wagon Lane, Bingley BD16 1WA, UK
First edition 2023
Editorial matter and selection © 2023 Suk-Joong Kim.
Individual chapters © 2023 The authors.
Published under exclusive licence by Emerald Publishing Limited.
Reprints and permissions service
Contact: permissions@emeraldinsight.com
No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. Any opinions expressed in the chapters are those of the authors. Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters’ suitability and application and disclaims any warranties, express or implied, to their use.
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-1-80262-948-4 (Print)
ISBN: 978-1-80262-947-7 (Online)
ISBN: 978-1-80262-949-1 (Epub)
ISSN: 1569-3767 (Series)
Contents
| List of Contributors | vii |
| Part I: An Overview | |
| Chapter 1: An Overview of Fintech, Pandemic and the Financial System: Challenges and Opportunities | |
| Suk-Joong Kim | 3 |
| Part II: Fintech and Pandemic | |
| Chapter 2: Banks’ Patenting as an Answer to Emerging Fintech and Bigtech Competition: A Cross-country Empirical Study | |
| Oskar Kowalewski and Paweł Pisany | 13 |
| Chapter 3: Digital Financial Inclusion: Its Role in Mitigating GDP Losses During the Pandemic | |
| Chen Zheng and Zhiyue Sun | 37 |
| Chapter 4: The Role of Fintech in the Paycheck Protection Program | |
| Blake Rayfield, Hasib Ahmed, Nicolas Duvernois and Lois Rayfield | 63 |
| Chapter 5: Gender Gap in Consumer Loan Performance: Evidence From Fintech Lending in an Emerging Economy | |
| Tanseli Savaser, Murat Tiniç, Gunseli Tumer-Alkan and Hakki Deniz Karaman | 77 |
| Part III: Cryptocurrency and the Financial System | |
| Chapter 6: Cryptocurrencies Meet Equities: Risk Factors and Asset-pricing Relationships | |
| Victoria Dobrynskaya and Mikhail Dubrovskiy | 95 |
| Chapter 7: Got Crypto? Evidence from Markowitz, Kataoka, and Conditional Value-at-Risk Models | |
| Lanqing Du, Jinwook Lee, Namjong Kim, Paul Moon Sub Choi and Matthew J. Schneider | 113 |
| Chapter 8: International Financial Regulation of Cryptoassets and Asset-backed Tokens | |
| Sylvia Gottschalk | 145 |
| Part IV: Central Bank Digital Currency | |
| Chapter 9: Central Bank Digital Currencies: The Motivation | |
| Bert Van Roosebeke and Ryan Defina185 | |
| Chapter 10: A Review of the Proposed Bank of England’s “Retail” Central Bank Digital Currency (CBDC) as a Cryptocurrency Competitor | |
| Kelly-Ann Coulter | 201 |
| Chapter 11: The Digital Euro From a Geopolitical Perspective: Will Europe Lag Behind? | |
| Philipp Sandner and Jonas Gross | 223 |
| Part V: Economy and the Financial System | |
| Chapter 12: The Journey of an Exchange Traded Fund: Becoming a Unicorn or Zombie | |
| Fei Gao and Bingqiao Li | 243 |
| Chapter 13: Does Finance Benefit Society? Financial Sector Size and Labor Market Performance | |
| Marc Steffen Rapp and Iuliia A. Udoieva | 273 |
| Chapter 14: On the Effectiveness of Capital Controls: A Synthetic Control Method Approach | |
| Meng-Ting Chen and Richard J. Nugent III | 297 |
| Chapter 15: Determinants in the Development of Financial Centers: Evolution Around the World | |
| Giang Phung, Ha Truong and Hai Hong Trinh | 337 |
| Index | 363 |
List of Contributors
| Hasib Ahmed | Department of Accounting, Finance and Economics, Southern University and A&M College, Baton Rouge, LA, USA |
| Meng-Ting Chen | Soochow University, Taipei City, Taiwan |
| Paul Moon Sub Choi | College of Business Administration, Ewha Womans University, Seoul, Korea |
| Kelly-Ann Coulter | School of Management, University College London, London, UK |
| Ryan Defina | International Association of Deposit Insurers, Basel, Switzerland |
| Victoria Dobrynskaya | HSE University, School of Finance, Moscow, Russian Federation |
| Lanqing Du | Decision Sciences and MIS, LeBow College of Business, Drexel University, PA, USA |
| Mikhail Dubrovskiy | HSE University, School of Finance, Moscow, Russian Federation |
| Nicolas Duvernois | University of New Orleans, LA, USA |
| Fei Gao | Singapore Institute of Technology, Singapore |
| Sylvia Gottschalk | Middlesex University Business School, Hendon, UK |
| Jonas Gross | Frankfurt School of Finance & Management, Frankfurt, Germany |
| Hakki Deniz Karaman | Kadir Has University, Department of International Trade and Finance, Fatih Istanbul, Turkey |
| Namjong Kim | Korea Institute of Finance, Seoul, Korea |
| Suk-Joong Kim | The University of Sydney Business School, The University of Sydney, NSW, Australia |
| Oskar Kowalewski | IESEG School of Management, Lille, France |
| Jinwook Lee | Decision Sciences and MIS, LeBow College of Business, Drexel University, PA, USA |
| Bingqiao Li | Singapore Institute of Technology, Singapore |
| Richard J. Nugent III | Hydrologic Engineering Center, Institute for Water Resources, U.S. Army Corps of Engineers, CA, USA |
| Giang Phung | ISC Paris Business School, Paris, France |
| Paweł Pisany | Institute of Economics, Polish Academy of Sciences, Warsaw, Poland |
| Marc Steffen Rapp | School of Business and Economics, Philipps-Universität Marburg, Marburg, Germany |
| Blake Rayfield | WA Franke College of Business, Northern Arizona University, Flagstaff, AZ, USA |
| Lois Rayfield | WA Franke College of Business, Northern Arizona University, Flagstaff, AZ, USA |
| Philipp Sandner | Frankfurt School of Finance & Management, Frankfurt, Germany |
| Tanseli Savaser | Vassar College, Department of Economics, Poughkeepsie, NY, USA |
| Matthew J. Schneider | Decision Sciences and MIS, LeBow College of Business, Drexel University, Philadelphia, PA, USA |
| Zhiyue Sun | School of Accounting, Economics and Finance, Curtin University, Perth, Australia |
| Murat Tiniç | Kadir Has University, Department of International Trade and Finance, Fatih Istanbul, Turkey |
| Hai Hong Trinh | School of Economics and Finance, Massey Business School, Massey University, Palmerston North, New Zealand |
| Ha Truong | Department of Banking and Finance, Monash Business School, Monash University, Victoria, Australia |
| Gunseli Tumer-Alkan | Vrije Universiteit Amsterdam, Department of Finance, Amsterdam, The Netherlands |
| Iuliia A. Udoieva | School of Business and Economics, Philipps-Universität Marburg, Marburg, Germany |
| Bert Van Roosebeke | International Association of Deposit Insurers, Basel, Switzerland |
| Chen Zheng | School of Accounting, Economics and Finance, Curtin University, Perth, Australia |
