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Introduction
This issue enhances the existing literature by both theoretically constructing a framework and empirically assessing the impacts of digital policies on the economy and financial systems, which are pertinent given the pandemic-accelerated digital transformation (Jaumotte et al., 2023). Despite the growing prevalence of digitalization, there remains a gap in understanding the effectiveness and consequences of such policies in their various implementations. For instance, although data protection policies are well-established in European countries, they are relatively new to some developing economies and financial markets. By contrast, the US recently implemented (date) a “Data Breach Response” policy that mandates business associates inform the relevant covered entity of any data breach they discover - potentially creates market frictions and asymmetries.
This special issue disentangles the complex effects of digital policies from a policy perspective, facilitating a comparative analysis of case studies through evidence-based findings, thereby contributing to a more in-depth understanding of their impacts across different contexts. The originality lies in its comprehensive approach to understanding digital policies through a blend of theoretical and empirical analysis. Takagi (2020) discussed the economic impacts of digital platforms across five pillars: labour, incubation, consumption, destruction, and wealth distribution. Now, at the forefront, there are additional artificial intelligence and advanced technologies (such as ChatGPT, trading apps, etc.), through which the dynamics potential risks are rapidly evolving, as are their complex interactions. For instance, some countries have banned the use of Bitcoin and other digital currencies (Hendrickson & Luther, 2017), yet there is room for institutions like the Bank of England to develop central bank digital currencies and adapt their monetary policies accordingly (Davoodalhosseini, 2022).
Therefore, this special issue investigates whether and how digital policies alter economic and financial activities amid emerging risks and new market forms. The current literature has developed a theoretical framework for digital Economics, such as in Goldfarb (2019), yet there remains a significant lack of empirical studies examining how economic agents in Asia and Europe respond to digital policies. The importance of this topic has grown as digitalization has become widespread post-COVID-19, and the ongoing technological advancements necessitate a deeper exploration within economic and financial frameworks.
References
Chakravorti, B., Bhalla, A., & Chaturvedi, R. S. (2020). Which economies showed the most digital progress in 2020. Harvard Business Review, 18.
Davoodalhosseini, S. M. (2022). Central bank digital currency and monetary policy. Journal of Economic Dynamics and Control, 142, 104150.
Fedral Trade Commission (2021). Data Breach Response: A Guide for Business. Accessed at https://www.ftc.gov/business-guidance/resources/data-breach-response-gu… on 09 May 2024.
Goldfarb, A., & Tucker, C. (2019). Digital economics. Journal of Economic Literature, 57(1), 3-43.Hendrickson, J. R., & Luther, W. J. (2017). Banning bitcoin. Journal of Economic Behavior & Organization, 141, 188-195.
Jaumotte, F., Oikonomou, M., Pizzinelli, C., & Tavares, M. (2023). How Pandemic Accelerated Digital Transformation in Advanced Economies. International Monetary Fund, 21.
Takagi, S. (2020). Literature survey on the economic impact of digital platforms. International Journal of Economic Policy Studies, 14(2), 449-464.
List of topic areas
- The financial and economic interactions among households, firms, and economic agents in the context of digitalization and digital policies.
- The policies of using fintech, AI, and big data to provide more personalized financial services, enhance operational effectiveness, and reduce costs.
- The digitalisation policies and economic inequality (labor, trade, innovation, etc.), financial market disruptions, market frictions, and potentially emerging risks.
- The digitalisation policies and ethical and privacy concerns, including issues related to bias, discrimination, privacy, transparency, justice, ownership, and control in economy and financial markets.
- The role of government to mediate and mitigate the adverse effects of digitalisation policies.
Guest Editors
Luu Duc Toan Huynh, Queen Mary University of London, United Kingdom, [email protected]
Kiet Tuan Duong, University of York, United Kingdom, [email protected]
Bryan S. Weber, The City University of New York, United States, [email protected]
Dao Trung Le, University of Finance – Marketing (UFM), Vietnam, [email protected]
Submissions Information
Submissions are made using ScholarOne Manuscripts. Author guidelines must be strictly followed.
Authors should select (from the drop-down menu) the special issue title at the appropriate step in the submission process, i.e. in response to ““Please select the issue you are submitting to”. Submitted articles must not have been previously published, nor should they be under consideration for publication anywhere else, while under review for this journal.
Key deadlines
Opening date for manuscripts submissions: 01/09/2024
Closing date for manuscripts submission: 01/07/2025
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