Paying with a mobile phone is a cutting-edge innovation transforming the global payments industry. However, some advanced economies like the U.S. are lagging behind in mobile payment adoption. We construct a dynamic model with sequential payment innovations to explain this puzzle, which uncovers...

The low-carbon city pilot (LCCP) policy is an essential strategy for China to combat climate change, attain the carbon neutrality target, and achieve comprehensive green transformation, which will inevitably have an impact on many areas of the economic system. The digital economy has given a new...