BigFintechs (BFTs) have become new giants of global finance bringing with them key new challenges, particularly for emerging and developing economies. The purpose of this Technical Paper is to garner a more robust understanding of the emerging impacts (positive and negative) of BFTs across the full spectrum of the Sustainable Development Goals (SDGs), to better inform the dialogue around a new generation of governance innovations to address such impacts, particularly with regard to least developed countries (LDCs). The current focus of research and practical approaches to Fintech regulation, governance and supervision are viewed as the domain of the financial sector and, to a limited degree, the technology sector. These approaches relate to the implications of harnessing emerging technology in delivering financial services, with a global focus on issues of privacy, financial security, money laundering, taxonomy, benchmarks and overall financial integrity and stability. However, BFTs are playing an increasing role in shaping (in both positive and negative ways) a sustainable future, including issues that have previously been considered as outside the realm of examination. To date, there has been no holistic examination of all the activities in which BFTs are involved.
Therefore, the understanding of their cross-cutting impacts across the SDGs, policy, regulatory and corporate governance is equally limited. The current narrative of the 'Fourth Industrial Revolution' and the digital economy in terms of ensuring the transformative nature of digital technologies are harnessed for sustainable economic development and that developing countries and especially LDCs are not left further behind. The narrative is premised on the notion that Fintech has an enabling capacity and that there are certain risks largely related to data governance, consumer protection and operational risk management that must be addressed. Furthermore, BFTs are examined largely within subsets of activities related to their financial service offerings rather than across their evolving ecosystem of activities and the implications of these across the full spectrum of the SDGs and for LDCs. This paper begins with the premise that the nature and scale of BFT activities carries different emerging trends, risks and vulnerabilities in LDCs. This paper broadens the examination in three key aspects: (i) it covers a fuller spectrum of BFT activities, brought into the scope of this paper through their connection to the Fintech element employed; (ii) it engages an impact lens developed to capture a fuller range of the environmental, social and economic SDGs; and (iii) the paper presents a case study and landscape analysis with a view to advancing the collective understanding of emerging trends and their impacts, particularly on LDCs.
{"title":"BigFintechs and Their Impacts on Sustainable Development","authors":"K. Foster, Sofie Blakstad, M. Bos, Sangita Gazi","doi":"10.2139/ssrn.3871385","DOIUrl":"https://doi.org/10.2139/ssrn.3871385","url":null,"abstract":"BigFintechs (BFTs) have become new giants of global finance bringing with them key new challenges, particularly for emerging and developing economies. The purpose of this Technical Paper is to garner a more robust understanding of the emerging impacts (positive and negative) of BFTs across the full spectrum of the Sustainable Development Goals (SDGs), to better inform the dialogue around a new generation of governance innovations to address such impacts, particularly with regard to least developed countries (LDCs). The current focus of research and practical approaches to Fintech regulation, governance and supervision are viewed as the domain of the financial sector and, to a limited degree, the technology sector. These approaches relate to the implications of harnessing emerging technology in delivering financial services, with a global focus on issues of privacy, financial security, money laundering, taxonomy, benchmarks and overall financial integrity and stability. However, BFTs are playing an increasing role in shaping (in both positive and negative ways) a sustainable future, including issues that have previously been considered as outside the realm of examination. To date, there has been no holistic examination of all the activities in which BFTs are involved. <br><br>Therefore, the understanding of their cross-cutting impacts across the SDGs, policy, regulatory and corporate governance is equally limited. The current narrative of the 'Fourth Industrial Revolution' and the digital economy in terms of ensuring the transformative nature of digital technologies are harnessed for sustainable economic development and that developing countries and especially LDCs are not left further behind. The narrative is premised on the notion that Fintech has an enabling capacity and that there are certain risks largely related to data governance, consumer protection and operational risk management that must be addressed. Furthermore, BFTs are examined largely within subsets of activities related to their financial service offerings rather than across their evolving ecosystem of activities and the implications of these across the full spectrum of the SDGs and for LDCs. This paper begins with the premise that the nature and scale of BFT activities carries different emerging trends, risks and vulnerabilities in LDCs. This paper broadens the examination in three key aspects: (i) it covers a fuller spectrum of BFT activities, brought into the scope of this paper through their connection to the Fintech element employed; (ii) it engages an impact lens developed to capture a fuller range of the environmental, social and economic SDGs; and (iii) the paper presents a case study and landscape analysis with a view to advancing the collective understanding of emerging trends and their impacts, particularly on LDCs.<br><br><br><br>","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86953958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Projects like highways, bridges, pipelines, and wildlife corridors exhibit indivisibilities — we need the whole thing to have anything of value. Many environmental and social goals have a similar all-or-nothing character: staying above or below a certain critical threshold can make all the difference. This essay focuses on the role of visibility in addressing resource dilemmas that have this structure. I examine how two kinds of visibility can help avoid catastrophic consequences and advance desirable ones. The first involves recognizing when an indivisibility is present — that is, appreciating the vulnerability of resources to thresholds and cliff effects before it is too late. The second involves seeing how individual decisions about resources stack together to generate outcomes. When a resource problem suffers from poor visibility along these dimensions, finding ways to clear the view can improve the prospects for cooperative solutions.
{"title":"Visibility and Indivisibility in Resource Arrangements","authors":"L. Fennell","doi":"10.2139/ssrn.3870832","DOIUrl":"https://doi.org/10.2139/ssrn.3870832","url":null,"abstract":"Projects like highways, bridges, pipelines, and wildlife corridors exhibit indivisibilities — we need the whole thing to have anything of value. Many environmental and social goals have a similar all-or-nothing character: staying above or below a certain critical threshold can make all the difference. This essay focuses on the role of visibility in addressing resource dilemmas that have this structure. I examine how two kinds of visibility can help avoid catastrophic consequences and advance desirable ones. The first involves recognizing when an indivisibility is present — that is, appreciating the vulnerability of resources to thresholds and cliff effects before it is too late. The second involves seeing how individual decisions about resources stack together to generate outcomes. When a resource problem suffers from poor visibility along these dimensions, finding ways to clear the view can improve the prospects for cooperative solutions.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78512473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.ch8
{"title":"Densities of Functions of Random Variables","authors":"","doi":"10.1002/9781119692430.ch8","DOIUrl":"https://doi.org/10.1002/9781119692430.ch8","url":null,"abstract":"","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75788221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.app4
{"title":"Working with Joint Distributions","authors":"","doi":"10.1002/9781119692430.app4","DOIUrl":"https://doi.org/10.1002/9781119692430.app4","url":null,"abstract":"","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78248498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.ch6
J. Walrand
1. pdf: Pr [X ∈ (x ,x +δ ]] = fX (x)δ . 2. CDF: Pr [X ≤ x ] = FX (x) = ∫ x −∞ fX (y)dy . 3. U[a,b], Expo(λ ), target. 4. Expectation: E [X ] = ∫ ∞ −∞ xfX (x)dx . 5. Expectation of function: E [h(X )] = ∫ ∞ −∞ h(x)fX (x)dx . 6. Variance: var [X ] = E [(X −E [X ])2] = E [X 2]−E [X ]2. 7. Gaussian: N (μ,σ2) : fX (x) = ... “bell curve” Normal Distribution. For any μ and σ , a normal (aka Gaussian) random variable Y , which we write as Y = N (μ,σ2), has pdf
1. pdf: Pr [X∈(X, X +δ]] = fX (X)δ。2. CDF: Pr [X≤X] = FX (X) =∫X−∞FX (y)dy。3.U[a,b]， Expo(λ)，目标。4. 期望:E [X] =∫∞−∞xfX (X)dx。5. 函数期望:E [h(X)] =∫∞−∞h(X)fX (X)dx。6. 方差:var [X] = E (X−E [X]) 2] = E X[2]−E (X) 2。7. 高斯:N (μ，σ2): fX (x) =…“钟形曲线”正态分布。对于任意μ和σ，正态(即高斯)随机变量Y，我们将其写成Y = N (μ，σ2)，具有pdf
{"title":"Continuous Probability","authors":"J. Walrand","doi":"10.1002/9781119692430.ch6","DOIUrl":"https://doi.org/10.1002/9781119692430.ch6","url":null,"abstract":"1. pdf: Pr [X ∈ (x ,x +δ ]] = fX (x)δ . 2. CDF: Pr [X ≤ x ] = FX (x) = ∫ x −∞ fX (y)dy . 3. U[a,b], Expo(λ ), target. 4. Expectation: E [X ] = ∫ ∞ −∞ xfX (x)dx . 5. Expectation of function: E [h(X )] = ∫ ∞ −∞ h(x)fX (x)dx . 6. Variance: var [X ] = E [(X −E [X ])2] = E [X 2]−E [X ]2. 7. Gaussian: N (μ,σ2) : fX (x) = ... “bell curve” Normal Distribution. For any μ and σ , a normal (aka Gaussian) random variable Y , which we write as Y = N (μ,σ2), has pdf","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81464712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.ch9
{"title":"Conditional Distribution, Expectation, and Variance","authors":"","doi":"10.1002/9781119692430.ch9","DOIUrl":"https://doi.org/10.1002/9781119692430.ch9","url":null,"abstract":"","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81494527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.ch5
{"title":"More Discrete Distributions and Their Relationships","authors":"","doi":"10.1002/9781119692430.ch5","DOIUrl":"https://doi.org/10.1002/9781119692430.ch5","url":null,"abstract":"","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76398242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.index
{"title":"Index","authors":"","doi":"10.1002/9781119692430.index","DOIUrl":"https://doi.org/10.1002/9781119692430.index","url":null,"abstract":"","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74224012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-11DOI: 10.1002/9781119692430.app1
Jamie Monogan
R allows you to use a wide variety of distributions for four purposes. For each distribution, R allows you to call the cumulative distribution function (cdf), probability density function (pdf), quantile function, and random draws from the distribution. All probability distribution commands consist of a prefix and a suffix. Table 1 presents the four prefixes, and their usage, as well as the suffixes for some commonly-used probability distributions.
{"title":"Probability Distributions in\u0000 R","authors":"Jamie Monogan","doi":"10.1002/9781119692430.app1","DOIUrl":"https://doi.org/10.1002/9781119692430.app1","url":null,"abstract":"R allows you to use a wide variety of distributions for four purposes. For each distribution, R allows you to call the cumulative distribution function (cdf), probability density function (pdf), quantile function, and random draws from the distribution. All probability distribution commands consist of a prefix and a suffix. Table 1 presents the four prefixes, and their usage, as well as the suffixes for some commonly-used probability distributions.","PeriodicalId":48724,"journal":{"name":"Law Probability & Risk","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84390797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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