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This edition focuses on a paper that investigates the impact of fintech development on an important type of crime: theft. Based on Becker’s rational criminal theory, it suggest that fintech development could mitigate theft activities by increasing the earnings from legitimate work, relaxing potential criminals’ financial constraints, and reducing the expected gains from theft. It established a unique dataset containing information on more than 1 million theft defendants during the period, 2014–2018, which it extracted from 874,000 judgment statements. Then, it aggregated them to construct a city-year panel of theft activities and matched it with the city-level economic activities and Fintech development level.
OUTCOME
The results show that a one standard deviation increase in the fintech development level has a significant association with a 0.39 standard deviation decrease in thefts’ density. Robustness checks and instrumental variable estimation support the main results. Further, the development of fintech reduces the density of thefts by reducing residents’ cash holding and providing more job opportunities.
Finally, a nationally representative household survey was used to estimate the cost of theft for households, finding that victims suffer from more mental health problems, increasing their health expenditure. Its results suggest an unexpected source of welfare gain from the development of fintech: an improvement in public security.
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EVENTS
Future of FinTech October 5-6, 2021 USA & Virtual: A forum for understanding the evolution of financial services and also a live marketplace for connecting industry buyers and sellers.
Sibos 2021 October 11-14, 2021, Online: Assess how digital acceleration, technological innovation, change and risk intersect with some of the most pressing topics such as addressing AI, Big Data, CBDCs and cybersecurity, cloud computing, ethical investing, diversity and inclusion in banking
IFINTEC Finance Technologies Conference and Exhibition October 12 – 13, 2021, Turkey: Retail Banking, Digital Banking, Core Banking, Payment Systems, Banking Technologies, Banking IT Solutions, Digital Transformation and Finance Technologies.
Fintech Surge October 17 – 20, 2021, Dubai: A conference to power the New Future of Finance on the intersection between technology and finance, Fintech
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