FinTech and the COVID-19 Pandemic: Evidence from Electronic Payment Systems

Abdih, Yasser, Ralph Chami, Jihad Dagher, and Peter Montiel (2012). Remittances and Institutions: Are Remittances a Curse?, World Development 40 (4): pp. 657-666.

Aditya, A., S. Aron-Dine, W. Dunn, L. Feiverson, P. Lengermann and C. Sahm (2019). From transaction data to economic statistics: constructing real-time, high-frequency, geographical measures of consumers spending. Finance and Economics Discussion Series 2019-057. Board of Governors of the Federal Reserve.

Adeniyi, Oluwatosin, Kazeem Ajide, and Ibrahim D. Raheem (2019). Remittances and output growth volatility in developing countries: Does financial development dampen or magnify the effects? Empirical Economics 56 (3): pp. 865–882.

Aker, J., and I. Mbiti (2010). Mobile Phones and Economic Development in Africa, Journal of Economic Perspectives, 24(3), 207-232

Allen, F. and D. Gale (2000). Financial Contagion. Journal of Political Economy, 108(1), 1-33

Aprigliano, A., Ardizzi G., and L. Monterforte (2019). Using payment system data to forecast the Italian GDP. International Journal of Central Banking. v. 15, p. 55-80.

Ashraf, Nava, Diego Aycinena, Claudia Martinez A., and Dean Yang (2015). Savings in Transnational Households: A Field Experiment Among Migrants from El Salvador. Review of Economics and Statistics 97, no. 2 (May 2015): 332-351.

Bae, K., Karolyi G. and R.M Stulz (2003). A new approach to measuring financial contagion. The Review of Financial Studies, 16, 717-76

Baker, Scott (2018). Debt and the response to household income shocks: validation and application of linked financial account data. Journal of Political Economy, 126(4):26 1504-1557

Bhagwati, J., (1998).The Capital Myth,Foreign Affairs, 77(3), 7–12.

Bech, M.L, Shimizu, Y. and P. Wong (2017). The quest for speed in payments, BIS Quaterly Review

Borio, C. and P Van den Bergh (1993). The nature and management of payment system risk: an international perspective, BIS Economic Papers, no. 36.

Cabrales, A., D. Gale and P. Gattardi (2016). Financial contagion in networks. Oxford handbook of the Economics of Networks, edited by Y. Bramoulle, A. Galeotti and Brian Rogers, 543-68. Oxford and New York: Oxford University Press.

Carlsen, M. and Storgaard, P.E. (2010). Dankort payments as a timely indicator of retail sales in Denmark. Technical report

Central Bank of Kenya (2020) Implementation of the emergency measures to mitigate the adeverse impact of the Corona virus (Covid-19) pandemic on loans and advances- Banking Circular No. 3 of 2020.

Central Bank of Ireland (2020), The potential economic impact of Covid-19 pandemic based on baseline and severe scenarios. Quarterly Bulletin No. 3/QB3- July 2020

Central Bank of Kenya(2020). Emergency measures to facilitate mobile money trans- actions. Press Release, March 2020.

Central Bank of Kenya(2020). Key monetary and financial indicators- CBK, weekly Bulletin, 2020.

Central Bank of Kenya(2020). Monetary policy committee meeting, CBK, March-23- 2020.

Central Bank of Kenya(2018). Commentary on Diaspora Remittance, May 2018.

Cytonn Report (2020) Cytonn note on the monetary policy committee (MPC) meeting- July, 2020.

Crockett, A. (1998), Managing change in payment systems, BIS policy papers no.4.

Crowe, M. Tabila E. and B. Mcguire (2017) Mobile banking and payment practices of US financial institutions: 2016 Mobile financial Services survey results in Seven Federal Reserve Districts. Federal Reserve Bulletin of Boston, December, p.14

Degryse, H. and G. Nguyenn (2007). Interbank exposures: An empirical examination of contagion risk in the Belgian Banking System. Internationa Journal of Central Banking 3(2): 123-71

Demirgu ̈ ̧c-Kunt, A., L. Klapper, D. Singer, S. Ansar and J.R. Hess (2018).The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, World Bank, Washington D.C.,

Diamond, D. and P. Dybvig (1983). Bank runs, deposit insurance and liquidity. Jour- nal of Political Economy, 91, 401-19.

Esteves, P.S (2007) Are ATMs/POS Data relevnat when forecasting Private Consumption. Technical Report.

Furfine, C. Interbank Exposures: Quantifying the risk of Contagion. Journal of Money, Credit and Banking, 35, 2003.

Frost, Gambacorta and Gambacorta (2020). The Matthew effect and modern finance: on the nexus between wealth and inequality, financial development anf financial tech- nology. Working Paper No. 871

FSB (2016) Fintech: Describing the landscape and a framework for analysis, March; and FSB(2017a).

Galbraith, J. and G. Tkacz (2007). Electronic transactions as high-frequency indicators of economic activity. Bank of Canada, Staff Working paper.

Gambacorta, L. and H. Shin (2018). Why bank capital matters for monetary policy. Journal of Financial Intermediation, v.35, pp. 17-29

Galbraith, J. and G. Tkacz (2015). Nowcasting GDP with electronic payment data. ECB Statistics paper Series.

Galbraith, J. and Tkacz (2009). A note on monitoring dail economic activity via electronic transaction data. CIRANO Working Papers 2009-23

Hopkins, A. and M. Sherman (2020). How has the Covid-19 pandemic affected daily spending patterns. Central bank of Ireland, QB2

Hosny, A. (2020) Remittance concentration and volatility: Evidence from 72 developing countries. IMF working papers.

Jack, W. and T. Suri (2014). Risk Sharing and Transactions Costs: Evidence from Kenya’s Mobile Money Revolution. American Economic Review 104 (1): pp. 183-223

Jack, W., and T. Suri (2011), The Economics of M-PESA, NBER Working Paper.

Jack, W., T. Suri and R. Townsend (2010), Monetary Theory and Electronic Money: Lessons from the Kenyan Experience, Economic Quarterly, 96(1), First Quarter.

Jagannathan, M., Stephen, C. and M. Weisbach (2000). Financial Flexibility and The Choice Between Dividends and Stock Repurchases. Journal of Financial Economics,57, 355-384. Reprinted in Recent Developments in Corporate Finance, edited by Jay Ritter, Edward Elgar publishing, 2005.

Kaminsky, G. L., and C. Reinhart (2000). On Crises, Contagion and Confusion, Jour- nal of International Economics, 51, 145–168.

Mas, Ignacio, and Olga Morawczynski (2009). Designing Mobile Money Services: Lessons from M-PESA,Innovations, 4(2), 77-92, MIT Press

Muller, J. (2003). Two approaches to assess contagion in the interbank market. Swiss national Bank (Decemeber)

Nyachol A.T., Namiinda, B. and W. Muema (2019). Financial determinants of dividend policy payout in among commercial Banks in Kenya. AJSSE, V. 3, 2019

Ncube, Mthuli and Zuzana Brixiova (2013). Remittances and their Macroeconomic Impact: Evidence from Africa, AfDB Working Paper no. 188. Tunisia: African Development Bank.

Philippon, T. (2016). The FinTech Opportunity, NBER Working Paper, 22476, August.

Rao, Madanmohan (2011). Mobile Africa Report 2011: Regional Hubs of Excellence and Innovation.

Rysman, M. and Schuh, S. (2017). New innovations in payments.NBER Innovation Policy and the Economy, 17(1), 27-48.

Van Lelyveld I. and Lierdorp, F.R (2004). Interbank Contagion in the Dutch Sector. A Sensitive Analysis

Wells, S.J. (2004). Financial interlinkages in the United Kingdon’s Interbank market and the risk of contagion.

Were, M. and Wambua (2014). What factors drive interest rates of commercial banks? evidence from Kenya. Review of Development Finance. V4, 73-82

Yang, D., and H. Choi (2007). Are Remittances Insurance? Evidence from Rainfall Shocks in the Philippines, World Bank Economic Review, Vol. 21 (2), 219-248.