商业研究报告中央银行数字货币和非正规经济27

企业行业分析方案商业业态分类及特点商业业态包括百货店、超级市场、大型综合超市、便利店、专业市场（主题商城）、专卖店、购物中心和仓储式商场等8

种形式。各主要业态选址和经营特征如下。1、百货店百货店是指在一个大建筑物内，根据不同商品部门设销售区，开展进货、管理、运营，满足顾客对时尚商品多样化选择需求的零售业态。（1）选址在城市繁华区、交通要道。（2）商店规模大，营业面积在5000

平方米以上。（3）商品结构以经营男装、女装、儿童服装、服饰、衣料、家庭用品为主，种类齐全、少批量、高毛利。（4）商店设施豪华、店堂典雅、明快。（5）采取柜台销售与自选（开架）销售相结合方式。（6）采取定价销售，可以退货。（7）服务功能齐全。2、超级市场超级市场指采取自选销售方式、以销售食品、生鲜食品、副食品和生活用品为主，满足顾客每日生活需求的零售业态。（1）址在居民区、交通要道、商业区。（2）以居民为主要销售对象，10

分钟左右可到达。（3）商店营业面积在1000

平方米左右。（4）商品构成以购买频率高的商品为主。（5）采取自选销售方式，出入口分设，结算由设在出口处的收银机统一进行。（6）营业时间每天不低于11

小时。（7）有一定面积的停车场地。3、大型综合超市大型综合超市是指采取自选销售方式，以销售大众化实用品为主，满足顾客一次性购足需求的零售业态。（1）选址在城乡结合部、住宅区、交通要道。（2）商店营业面积2500

平方米以上。（3）商品构成为衣、食、用品齐全，重视本企业的品牌开发。（4）采取自选销售方式。（5）设与商店营业面积相适应的停车场。4、便利店（方便店）便利店是满足顾客便利性需求为主要的目的的零售业态。（1）选址在居民住宅区、主干线公路边，以及车站、医院、娱乐场所、机关、团体、企业事业所在地。（2）商店营业面积在100

平方米左右，营业面积利用率高。（3）居民徒步购物5-7

分钟可到达，80%的顾客为有目的的购买。（4）商品结构以速成食品、饮料、小百货为主，有即时消费性、小容量、应急商业业态分类及特点性等特点。（5）营业时间长，一般在10

小时以上，甚至24

小时，终年无休日。（6）以开架自选货为主，结算在收银机处统一进行。5、购物中心购物中心指企业有计划地开发、拥有、管理运营的各类零售业态、服务设施的集合体。（1）由发起者有计划地开设、布局统一规划，店铺独立经营。（2）选址为中心商业区或城乡结合部的交通要道。（3）内部结构由百货店或超级市场作为核心店，与各类专业店、专卖店、快餐店等组合构成。（4）设施豪华、店堂典雅、宽敞明亮，实行卖场租赁制。（5）核心店的面积一般不超过购物中心面积的80%。（6）服务功能齐全，集零售、餐饮、娱乐为一体。（7）根据销售面积，设相应规模的停车场。6、仓储式商场仓储式商场指以经营生活资料为主的，储销一体、低价销售、提供有限服务的零售业态（其中有的采取会员制形式，只为会员服务）。（1）在城乡结合部、交通要道。（2）商店营业面积大，一般为10000

平方米左右。（3）目标顾客以中小零售商、餐饮店、集团购买和有交通工具的消费者为主。（4）商品结构主要以食品（有一部分生鲜商品）、家庭用品、体育用品、服装衣料、文具、家用电器、汽车用品、室内用品等为主。（5）店堂设施简朴、实用。（6）采取仓储式陈列。（7）开展自选式的销售。（8）设有较大规模的停车场。商业业态分类及特点行业文档手册Faculty

ofBusiness商业分析研究报告文档

and

Law

Working

Papers

in

Economics

&

Finance

2020-11

Central

bank

digital

currency

and

in-

formal

economy

Eun

Young

Oh,

University

of

Portsmouth

Shuonan

Zhang,

University

of

Portsmouth

Portsmouth

Business

School

h<ps://www.port.ac.uk/about-us/structure-and-governance/organisaFonal-structure/our-academ-分析报告文档行业文档手册Central

bank

digital

currency

and

informal

economyEun

Young

Oh,

Shuonan

Zhang∗

,

†University

of

Portsmouth,

Economics

and

Finance,

Portsmouth,

UK,

PO1

2UPAbstract

The

central

bank

digital

currency

(CBDC)

attracts

discussions

on

its

merits

and

risks

but

much

lessattention

is

paid

to

the

adoption

of

a

CBDC.

In

this

paper,

we

show

that

the

CBDC

may

not

be

widelyaccepted

in

the

presence

of

a

sizeable

informal

economy.

Based

on

a

two-sector

monetary

model,

weshow

an

L-shaped

relationship

between

the

informal

economy

and

CBDC.

The

CBDC

can

formalizethe

informal

economy

but

this

effect

becomes

marginally

significant

in

countries

with

significantly

largeinformal

economies.

In

order

to

promote

CBDC

adoption

and

improve

its

effectiveness,

tax

reduction

andthe

positive

CBDC

interest

rate

can

be

useful

tools.

We

further

show

that

CBDC

policy

rate

adjustmenttriggers

a

reallocation

effect

between

formal

and

informal

sectors,

through

which

improves

the

effectivenessof

both

conventional

monetary

policy

and

fiscal

policy.JEL

classification:

E26,

E40,

E42,

E58Keywords:

Central

Bank

Digital

Currency,

Informal

Economy,

Quantitative

Analysis∗Corresponding

Author:

Dr.

Shuonan

Zhang,

University

House,

Winston

Churchill

Avenue,

Portsmouth,

Hampshire,

PO12UP,

shuonan.zhang@port.ac.uk†This

research

did

not

receive

any

specific

grant

from

funding

agencies

in

the

public,

commercial,

or

not-for-profit

sectors.1商业分析研究报告文档分析报告文档行业文档手册1Introduction商业分析研究报告文档

The

technological

advances

such

as

the

distributed

ledger

technology

(DLT)

opened

the

possibility

for

central

banks

to

issue

digital

fiat

currency–Central

Bank

Digital

Currency

(CBDC).1

The

ongoing

research

spurs

a

broad

discussion

about

whether

central

banks

should

issue

CBDC.

The

proponents

argue

that

CBDC

has

lower

transaction

costs

than

cash

(Griffoli

et

al.

2018),

could

avoid

potential

instability

caused

by

pri-

vate

money

creation

(Brunnermeier

&

Niepelt

2019)

and

improve

macroeconomic

management

as

well

as

control

of

money2

(Bindseil

2020).

The

opponents,

on

the

other

hand,

are

concerned

with

the

potential

dis-

intermediation

consequences

which

could

threaten

both

economic

growth

and

financial

stability

(Keister

&

Sanches

2019).

Despite

the

disagreement,

their

discussions

are

commonly

from

issuer

or

banking

perspectives

with

less

attention

paid

to

user

sides.

To

date,

there

is

a

lack

of

investigations

to

what

extent

CBDC

can

be

accepted

and

circulated.

In

this

paper,

we

depart

from

the

existing

angles

and

understand

CBDC

from

a

user-sided

viewpoint.

As

users

of

money,

households

value

anonymity

in

transaction

ensured

by

cash

payment.

Such

a

motive

is

stronger

in

developing

countries

where

significant

informal

income

discourages

people

from

using

digital

payments

for

tax

evasion.3

As

one

type

of

digital

money,

CBDC

is

likely

to

be

traceable4

and

subject

to

government

monitoring.

We

argue

that

accounting

for

the

traceable

feature

of

CBDC

payment

and

the

presence

of

informal

economy

has

important

implications

for

the

adoption

and

effects

of

CBDC.

We

build

a

two-sector

monetary

model

with

formal

and

informal

productions

to

understand

the

relation-

ship

between

CBDC

and

informal

economy.

In

our

framework,

we

highlight

three

differences

between

cash

and

CBDC.

The

latter

is

a

more

efficient

means

of

payment

in

the

terms

of

low

transaction

costs

(Hasan

et

al.

2013,

Kosse

et

al.

2017,

Griffoli

et

al.

2018)5,

interest-bearing

but

subject

to

central

bank

monitoring.

The

last

feature

provides

a

spillover

effect

on

enforcing

tax

payment,

yet

scarifying

anonymous

payments

and

informal

incomes.

In

equilibrium,

the

features

of

CBDC

lead

to

a

trade-off

between

cost

efficiency

and

anonymity

for

households

who

determine

the

optimal

allocation

between

cash

and

CBDC.

This

decision,

in

turn,

affects

labour

allocation

through

the

income

gap

between

formal

and

informal

sectors.

In

summary,

there

is

a

two-way

relationship

between

CBDC

and

informal

economy

which

are

jointly

determined.

To

quantitatively

evaluate

implications

of

our

model,

we

calibrate

parameters

to

multiple

cases

which

allow

us

to

conduct

cross-country

comparisons.

Our

results

suggest

an

L-shaped

relationship

between

the

1By

definition,

CBDC

is

“an

electronic

form

of

central

bank

money

that

could

be

used

by

households

and

businesses

to

make

payments

and

store

value.”

(Bank

of

England)

2Bindseil

(2020)

suggests

that

CBDC

could

be

helpful

to

overcome

illicit

payments

and

strengthen

monetary

policies.

3There

are

many

reasons

why

people

value

anonymity,

which

is

unnecessary

to

be

a

monetary

reason

such

as

people’s

desires

for

privacy

(Low

et

al.

1994),

and

their

own

belief

and

morality

(Goldberg

&

Lewis

2000).

In

our

framework,

the

preference

for

anonymity

stems

from

informal

incomes.

We

choose

such

a

monetary

reason

due

to

modeling

simplicity.

Cash

allows

people

to

preserve

their

privacy.

One

may

consider

other

forms

of

anonymity

which

could

strengthen

our

argument.

4A

purely

token-based

CBDC

could

allow

anonymous

payments.

However,

many

central

banks

are

considering

limited

anonymity

of

CBDC.

For

example,

Riksbank

(2017)

suggests

that

Swedish

CBDC,

e-krona,

will

require

registration

and

hence

is

traceable;

ECB

(2019)

considers

anonymity

in

small

amounts

of

payment

only.

5Existing

literature

mainly

focuses

transaction

costs

in

cash

management.

In

addition,

the

low

transaction

costs

could

be

achieved

by

promoting

financial

inclusion,

since

CBDC

provides

a

gateway

to

access

to

formal

financial

services

(Griffoli

et

al.

2018).分析报告文档

2商业市场调研报告是指调查和收集有关商业市场需求、消费者行为、竞争状况、市场趋势等方面的信息，从而为企业决策者提供有助于确定市场方向和制定营销策略的实用数据和建议。在当今商业竞争日益激烈的环境下，商业市场调研报告对企业的发展至关重要。商业市场调研报告的形式和内容可因行业和目标而异，通常包括市场情况、产品特色、消费者行为和需求、竞争对手及其策略等方面的信息。针对不同的信息，企业可以采用各种方式来获取市场数据，如调查问卷、访谈、观察等方式。在调研报告中，企业需要对市场数据和信息进行分析，得出结论和建议，并据此提供具体的市场营销策略和行动方案。此外，企业还应该对己行动的效果及时追踪和评估，并针对性地调整和完善市场策略。商业市场调研过程中，我们首先需要考虑的是需要确定的目标。调研目标应据此制定市场调研方案。通常包括需求满足度、市场规模、产品可行性和客户类型等。调研计划的其他方面包括调研方式、调研时期和成本等。商业调研分析报告作用行业文档手册informal

economy

and

CBDC,

implying

that

countries

with

large

informal

economies,

typically

developingcountries,

are

less

likely

to

adopt

and

use

CBDC

widely.

Moreover,

we

show

a

formalization

effect

of

CBDCon

the

informal

sector

due

to

the

spillover

effect

of

CBDC

on

detecting

informal

incomes.

However,

themagnitude

of

the

formalization

effect

diminishes

with

scales

of

the

informal

economy.

This

finding

deliversdistinctive

implications

between

developed

and

developing

countries.

For

developed

(developing)

countries,there

is

sensitive

(insensitive)

CBDC-informal

economy

relationship

which

leads

to

significant

(marginal)benefits

of

CBDC

on

formalization.In

order

to

promote

CBDC

adoption

and

usage

and

increase

the

effectiveness

of

CBDC,

we

considertwo

policy

tools–tax

reduction

and

CBDC

interest

rate.

A

tax

reduction

weakens

households’

incentive

toevade

taxes,

leading

to

lower

opportunity

costs

of

detection

when

using

CBDC.

A

positive

CBDC

interestrate

directly

increases

incentives

for

households

to

hold

CBDC.

Both

policies

can

encourage

the

adoption

ofCBDC.

The

increased

CBDC

share

in

money,

in

turn,

results

in

improved

monitoring

of

informal

earningsand

thus

stimulates

the

formalization

effects.In

light

of

model

mechanisms,

we

apply

the

CBDC-informal

economy

relationship

in

a

business

cycleframework

to

study

the

implications

of

adjusting

the

CBDC

interest

rate

for

macroeconomic

fluctuations.Following

the

impulse

response

analysis,

we

find

that

adjusting

the

CBDC

interest

rate

triggers

a

reallocationeffect

between

formal

and

informal

sectors,

through

which

increases

effectiveness

of

both

conventional

mon-etary

policy

and

fiscal

policy.

Given

counter-cyclical

implementation

of

government

policies,

the

CBDC

rateadjustment

contributes

to

stabilizing

the

measured

business

cycles.

Such

a

finding,

combined

with

the

effectsof

tax

rate

adjustment,

suggests

important

roles

of

coordination

between

fiscal

authorities

and

central

banksin

macroeconomic

management.

Furthermore,

we

find

the

effects

of

CBDC

rate

adjustment

is

adverselyaffected

by

scales

of

the

informal

economy,

implying

asymmetrical

benefits

between

developing

countries

anddeveloped

countries.

Moreover,

we

also

show

an

efficiency

gain

of

CBDC.

When

more

CBDC

is

used

intransactions,

the

aggregate

transaction

costs

would

be

lower

which

in

turn

stimulates

consumption.

Such

aneffect

also

implies

a

welfare

gain

due

to

introduction

of

CBDC.This

study

contributes

to

the

existing

literature

by

providing

a

crossroad

to

two

areas

of

research,

namelyCBDC

and

informal

economy.

In

terms

of

CBDC,

the

current

discussions

largely

focus

on

implicationsfor

banking

intermediation,

financial

stability

and

monetary

policies

(Barrdear

&

Kumhof

2016,

Andolfatto2018,

Brunnermeier

&

Niepelt

2019,

Keister

&

Sanches

2019,

Fern´andez-Villaverde

et

al.

2020).

For

example,Brunnermeier

&

Niepelt

(2019)

establish

conditions

under

which

CBDC

would

not

undermine

financialstability

based

on

a

model

of

money,

liquidity

and

financial

frictions.

Departing

from

financial

stabilityanalysis,

we

study

CBDC

from

the

user

side

with

more

focus

on

transaction

anonymity,

another

importantissue

of

CBDC.

We

challenge

the

conventional

wisdom

that

CBDC

is

more

useful

in

developing

countries,

anddeliverer

important

policy

implications.

Although

CBDC

can

reduce

transaction

costs

by

promoting

financialinclusion

which

is

particularly

important

for

developing

countries,

such

a

benefit

could

be

overweighted

by3商业分析研究报告文档分析报告文档行业文档手册22.1Facts

and

Motivational

Evidence

CBDC,

Cash

and

Digital

PaymentThere

are

different

types

of

CBDC,

which

can

lead

to

various

implications

for

payments,

monetary

andfinancial

stability

(Meaning

et

al.

2018).

Similar

to

other

forms

of

money,

the

types

of

CBDC

can

vary

basedon

its

attributes

and

features—access,

anonymity,

interest,

and

transfer

mechanism

(Coeur´e

&

Loh

2018).With

regard

to

access,

it

would

have

to

be

considered

who

can

access

to

CBDC.

One

form

of

CBDC

can

beuniversally

accessible

or

available

only

to

limited

parties

such

as

commercial

banks.

It

can

design

to

providefull

anonymity

or

to

be

traceable.

In

addition,

it

is

feasible

to

pay

interest

on

CBDC,

or

alternatively,

itcan

be

non-interest

bearing.

The

interest

rate

can

be

positive

or

negative

based

on

market

conditions.

Aninterest-bearing

feature

could

offer

a

store

of

value

as

CBDC

serves

as

risk-free

assets.

Furthermore,

it

wouldhave

to

be

considered

whether

CBDC

is

exchanged

in

a

centralized

manner

or

in

a

decentralized

manner.The

transfer

of

CBDC

can

be

either

via

the

central

bank

or

on

a

peer-to-peer

basis.

CBDC

is

a

new

form

of

money

that

can

be

distinguished

from

cash

and

other

digital

payments

(Carstens2018,

Berentsen

&

Schar

2018).

Physical

cash

is

accessible

to

everyone

on

a

peer-to-peer

basis,

offers

fullanonymity,

and

has

no

counterparty

or

cyber

risk.

However,

it

has

high

transaction

costs6

while

it

doesnot

offer

interest

and

has

a

fixed

nominal

value.

Bank

deposits

are

in

electronic

form

issued

by

commercial6Thetransaction

costs

link

to

the

distance

between

a

customer

and

an

ATM

and

cash

withdrawal

fees.商业分析研究报告文档

than

in

developed

countries

to

adopt

CBDC.

This

study

also

relates

to

the

literature

on

informal

economy.

Existing

literature

suggests

roles

of

the

informal

economy

as

an

alternative

source

of

growth

and

a

cushion

in

business

cycles

(Loayza

&

Rigolini

2011,

Fern´andez

&

Meza

2015).

However,

the

coexistence

of

formal

and

informal

economies

is

only

a

second-

best

situation.

The

low

productivity

(Prado

2011),

lack

of

social

protection

(Orsi

et

al.

2014)

and

financial

exclusion

(Capasso

&

Jappelli

2013)

renders

informality

not

a

desirable

component

of

an

economy.

Moreover,

the

presence

of

informality

causes

measurement

errors

(Restrepo-Echavarria

2014)

and

weakens

propagation

of

government

policies.

This

paper

contributes

to

the

literature

by

showing

how

the

introduction

of

CBDC

is

conducive

to

the

formalization

process

not

only

in

the

long-run

but

also

in

a

short-run

business

cycle

framework,

albeit

the

benefits

are

asymmetric

across

countries.

The

rest

of

the

paper

is

organized

as

follows.

Section

2

presents

some

facts

and

motivational

evidence.

Section

3

presents

the

model

with

CBDC

and

informal

economy.

Section

4

presents

our

parameter

calibra-

tions.

In

section

5,

we

make

use

of

the

calibrated

model

parameters

for

steady-state

analyses.

Section

6

studies

implications

of

the

relationship

between

informal

economy

and

CBDC

for

business

cycles.

Section

8

concludes

with

comments.分析报告文档

4行业文档手册Figure

1Payment

Process

-

Cash,

Digital

Payment

and

CBDC2.2Informal

Economy

and

Digital

Payment商业分析研究报告文档

designed

with

no

service

or

intermediary

fees

at

the

point

of

transaction

and

offers

relatively

cheap

payment

services

(Jiang

2020).

Bank

deposits

are

used

to

make

digital

payments

in

most

countries

(Bech

et

al.

2018),

and

require

some

of

verification8,

which

delays

the

payments.

Figure

1

shows

how

payments

work

when

paying

by

cash,

electronic

money,

and

CBDC.

There

are

several

parties

involved

in

this

process

-

customers,

commercial

banks

and

the

central

bank.

Unlike

cash

or

CBDC,

digital

payments

are

not

immediate

and

need

to

verify

by

settlement

agents,

typically

central

banks.

For

instance,

the

Bank

of

England

operates

the

Real-Time

Gross

Settlement

(RTGS)

infrastructure

as

the

main

communication

network

in

the

UK

(Dent

&

Dison

2012).

Given

specific

design

features

of

CBDC,

it

can

improve

the

efficiency

of

payment

systems

as

it

facilitates

faster

settlement,

traceability,

and

has

a

cost

advantage

compared

with

other

digital

payments

(Ward

&

Rochemont

2019).

Source:

Author’s

compilation

In

order

to

successfully

increase

the

adoption

and

usage

of

CBDC,

it

is

crucial

to

learn

lessons

from

the

historical

patterns

of

other

payments.

In

this

subsection,

considering

the

similar

features

between

CBDC

7When

the

issuing

bank

and

the

acquiring

bank

are

different,

the

acquiring

bank

needs

to

pay

interchange

fees

to

the

issuing

bank.

They

are

the

sum

paid

by

merchants

for

using

debit

or

credit

card

payment

services

to

card-issuing

payment

service

providers.

(Schmalensee

2002).

8Central

banks

act

as

the

the

primary

role

in

the

settlement

for

payment

transaction

as

they

provide

safe

and

reliable

liquidity

assets

and

have

low

credit

risk

(Listfield

&

Montes-Negret

1994).分析报告文档

5一、市场调研报告是企业了解市场动态的窗口。它有利于企业掌握市场动态，如市场供求情况、市场最新趋势、消费者的要求以及本企业产品的销售情况等方面的市场动态。二、它为企业客观判断自身的竞争能力，调整经营决策、产品开发和生产计划提供了依据，企业在市场竞争中要想明确自身所处的位置，就要做市场调查，从市场调查报告中获取准确的信息。企业领导层在考虑开发新产品，决定产品的生产数量、品种、花色时也要先做市场调查。三、有助于整体宣传策略需要，为企业市场地位和产品宣传等提供信息和支持。四、通过市场调查所获得的资料，除了可供了解目前市场的情况之外，还可以对市场变化趋势进行预测，从而可以提前对企业的应变作出计划和安排，充分地利用市场的变化，从中谋求企业的利益。商业调研分析报告作用行业文档手册and

other

digital

payments

presented

in

Section

2.1,

we

study

the

relationship

between

digital

payment

andone

of

its

hindrances,

informal

economy

that

provides

us

important

implications

for

CBDC

implementation.In

recent

years,

there

have

been

a

greater

use

of

digital

payments

across

countries.

It

has

become

oneof

the

main

payment

methods

for

various

economic

agents

from

households

and

firms

to

financial

intuitionsand

public

authorities.

For

numerous

reasons

such

as

tackling

tax

evasion

and

increasing

financial

inclusion9,policymakers

encourage

the

use

of

digital

payments

and

try

to

change

the

payment

behavior

of

individuals10.However,

compared

with

developed

countries,

digital

payments

still

have

not

been

widely

adopted

in

devel-oping

countries

(Patil

et

al.

2017),

which

now

can

turn

CBDC

adoption

stories

to

do

the

same

since

CBDCand

other

electronic

payments

have

much

in

common.

The

adoption

of

digital

payments

hence

put

calls

forCBDC

into

sharper

focus,

and

we

can

take

some

learning

for

CBDC

adoption

from

other

digital

payments

intheir

adoption

journey.

Among

the

inhibitors

of

the

adoption

of

digital

payments11,

the

size

of

the

informaleconomy

plays

a

major

role.Informal

economy

defines

from

the

viewpoint

of

tax

and

regulations

(Schneider

et

al.

2010).

One

of

itsactivities

is

undeclared

work

which

includes

all

paid

and

unpaid

of

work

that

are

not

declared

to

the

taxauthorities

(Pfau-Effinger

2009).

All

sectors

have

an

element

of

undeclared

work;

however,

relatively

highincidence

of

undeclared

work

seems

to

appear

more

in

certain

sectors

such

as

agriculture,

and

householdservice.

In

the

informal

economy,

cash

is

the

crucial

medium

for

undeclared

monetized

exchange

as

it

isnot

traceable

by

public

authorities.

In

such

way,

firms

can

evade

tax

and

social

security

contributions,

andemployees

can

avoid

paying

income

tax.

However,

cash

payments

aggravate

the

tax

enforcement

problem(Gordon

&

Li

2009).

Cash

transactions

and

tax

evasion

are

one

of

the

key

aspects

of

the

informal

economy.The

size

of

informal

activities

in

developing

economies

is

bigger

than

ones

in

developed

economies

(Capasso&

Jappelli

2013).

This

also

links

to

the

fact

that

cash

still

rules

in

developing

economies

in

spite

of

the

rapiddevelopment

of

financial

innovation

across

the

countries

(Bech

et

al.

2018).

The

reason

is

that

cash

providesthe

anonymity

of

users

which

allows

people

to

hide

their

transaction

history.

In

contrast,

most

forms

ofelectronic

money

or

digital

payments

can

be

easily

traced

by

the

public

authority.

For

instance,

bank

accountrecords

and

the

uses

of

credit

or

debit

cards

have

a

high

probability

of

detection

as

they

can

be

cross-checkedvia

third-party

reporting.

VAT

invoice

data

and

third-party

reporting

data

enable

tax

authorities

to

identifyand

cluster

taxpayers,

which

enhances

tax

evasion

detection.The

traceability

of

the

digital

payments

would

allow

countries

to

curb

tax

evasion

activities.

The

re-lationship

between

tax

evasion

and

digital

payment

is

confirmed

by

Figure

2a.

It

shows

that,

in

Europe,a

higher

frequency

of

digital

payments

is

associated

with

lower

tax

evasion.

The

figure

plots

the

average

9Cash

is

difficult

to

monitor

by

authorities

and

causes

tax

enforcement

problems

(Gordon

&

Li

2009).

Okello

Candiya

Bon-gomin

et

al.

(2018)

show

that

there

is

a

positive

relationship

between

mobile

money

and

financial

inclusion.10Numerous

countries

have

applied

tax

incentives

to

encourage

to

use

electronic

payments

(Sung

et

al.

2017).

For

instance,Japan

introduced

the

consumption

tax

reward

point

program

for

electronic

payments

in

October

2019.

In

this

system,

cashlesspayment

will

receive

certain

percentage

points

(2%

or

5%)

or

cash

back.11The

digital

payment

adoption

rate

can

vary

depending

on

the

availability

of

ATM

and

POS

terminals,

the

level

of

bankingindustry

concentration,

and

illegal

activities

(Humphrey

et

al.

1996).6商业分析研究报告文档分析报告文档行业文档手册(a)

Digital

Payment

and

Tax

Evasion(b)

Informal

Economy

and

Digital

Payment商业分析研究报告文档

Note:

2(a)

contains

30

European

economies

in

2(a),

and

2(b)

includes

60

economies.

VAP

gap

is

from

Poniatowski

et

al.

(2018)

and

digital

payment

is

from

Wold

Bank

Glo