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Business and Economics > Information Management

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Cover FinTech Notes
The Rise of Payment and Contracting Platforms
Mr. Tobias Adrian
and
Mr. Tommaso Mancini Griffoli
This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals. While much innovation in recent years has more narrowly targeted end-user frictions, the vision in this paper is based on the mandate of the IMF, governed by the central banks and finance ministries of 190 member countries. Cross-border payments present the foundation for the global financial system, and its functioning is overseen by the IMF.
Keywords:
cross-border payments; platforms; central bank digital currencies; digital money; foreign exchange; settlement; programmability encryption; cross-border payment; note 2023/005; anatomy of payment; XC platform; platform operator; International reserves; Information and data management; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Working Papers
The Measurement and Macro-Relevance of Corruption: A Big Data Approach
Sandile Hlatshwayo
,
Anne Oeking
,
Mr. Manuk Ghazanchyan
,
David Corvino
,
Ananya Shukla
, and
Mr. Lamin Y Leigh
Corruption is macro-relevant for many countries, but is often hidden, making measurement of it—and its effects—inherently difficult. Existing indicators suffer from several weaknesses, including a lack of time variation due to the sticky nature of perception-based measures, reliance on a limited pool of experts, and an inability to distinguish between corruption and institutional capacity gaps. This paper attempts to address these limitations by leveraging news media coverage of corruption. We contribute to the literature by constructing the first big data, cross-country news flow indices of corruption (NIC) and anti-corruption (anti-NIC) by running country-specific search algorithms over more than 665 million international news articles. These indices correlate well with existing measures of corruption but offer additional richness in their time-series variation. Drawing on theory from the corporate finance and behavioral economics literature, we also test to what extent news about corruption and anti-corruption efforts affects economic agents’ assessments of corruption and, in turn, economic outcomes. We find that NIC shocks appear to negatively impact both financial (e.g., stock market returns and yield spreads) and real variables (e.g., growth), albeit with some country heterogeneity. On average, NIC shocks lower real per capita GDP growth by 3 percentage points over a two-year period, illustrating persistence in the effect of such shocks. Conversely, there is suggestive evidence that anti-NIC efforts appear to have a sustained positive macro impact only when paired with meaningful institutional strengthening, proxied by capacity development efforts.
Keywords:
WP; NIC shock; anti-corruption effort; NIC country; corruption; anti-corruption; capacity development; big data; text analysis; event study; reform program; NIC measure; NIC level; Auditing; Global