Browsing by Author "Young MR"

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Currency digitalization: The supply, demand, and infrastructure aspects of china's central bank digital currency
(Elsevier B.V., 2025-11) Zeng L; Young MR; Hao W
This paper studies how digitalization affects the adoption of China's central bank digital currency (e-CNY). Utilizing provincial-level panel data from 2011 to 2021, we examine the impacts of "Breadth of Digitalization Coverage" and "Digitalization Level" on the supply and demand dynamics of e-CNY. Our findings show that digitalization reduces both the supply and demand of physical currency. This decreasing reliance on physical currency implies that digitalization has paved the way for adopting e-CNY. We further investigate the infrastructural factors that support digitalization progression and e-CNY's implementation. Our results suggest that the transition from physical to digital currency is jointly driven by wallet digitalization (enabled by smartphones) and payment scenario digitalization (supported by e-commerce). Our result findings provide implications to both China and other countries developing CBDC initiatives.
Perceived risk and debt behaviour in the stock market: A survey of investors in Vietnam
(Taylor & Francis Group, 2022-08-24) Phung TMT; Hsu W-H; Naylor MJ; Young MR; McMillan D
While informal debt is often used as a funding source for retail investors, very little is known about the characteristics of its sources and use. This is particularly true in emerging markets where the use of informal debt is widespread. We examine the determinants of the use of informal debt of individual investors in the Vietnam stock market and find that perceived risk has a positive impact on informal debt decisions, that borrowing sources are primarily from parents and friends and that experience, wealth and borrowing sources have a positive impact. We also find that women perceive higher risks in stock investments than men do.The policy implication is that informal debt sources play a significant part in stock market development, and therefore, a greater level of attention needs to be paid to them. Policies need to be developed that increase and manage informal sources of investment finance.
Urban ground leases: a cross-country comparison
(Taylor and Francis Group, 2024-02-05) Pope AR; Young MR
The ground lease is a form of land tenure where the property rights are split between the lessor (landowner) and the lessee (land user). Additional ground lease features, such as the obligation to pay ground rent, depend on factors including the legal framework and lessor requirements. Ground lease features can lead to interpretation problems for ground leaseholders and even valuers, such as misunderstanding the extent of ground rent review. This paper examines location-based differences in order to highlight ground lease variability across countries. The term ‘ground lease’ is effectively a catch-all term for a tenure type that can display considerable differences depending on the location. Recognition of potential ground lease pitfalls and how ground leases differ across jurisdictions is necessary in an increasingly connected world. This paper advocates for uniform international ground lease terminology that more completely explains the extent of tenure rights of each ground lease.