Online Money Flows: Exploring the Nature of the Relation of Technology’s New Creature to Money Supply

Framing the analysis of Technology influences in an extended scenario of macroeconomic topics of the kind of Money Supply, attention is given to changes in economic paradigms that technology is constantly creating globally, focusing the research interest in the nature of the relation between cross border E-Commerce online money flows and Money Supply. As this context requires to find an explanation that cannot be provided by pre-existing theory, the abduction or abductive approach is considered to be suitable to investigate how far available data on the matter fits with the stated research subject identified at a crossroad of Technology Theory, Business Theories and Monetary Theory. The findings disclose that the nature of this relation is rooted in the Directionality, Dynamism, Intensity and Structural Properties, connected in a relational net that favors the configuration of a Theoretical body of knowledge. From the propositions’ relational models shape, a key finding come into sight as is supported the notion that cross border E-Commerce online money transfer, is a process by which cash money in circulation (Money Aggregate M1) is transformed into highly liquid assets other than cash, referred to as Quasi-Money, leading to dynamic changes for Money Supply net value and in the velocity of money. This view is consistent with the appreciation that being online money flows one new additional component of M2, they are absorbed by Money Supply being for that reason a priority issue for monetary policy interest. The emergent relational net, outlines a theory in which recognizing online money flows as a technology derived component—a technology creature—Technology influences reach the Economy at macro level by means of its effects over Money Supply M2 Aggregate. The research process is completed with a Case developed to explore how the suggested How to cite this paper: Erosa, V.E. (2018) Online Money Flows: Exploring the Nature of the Relation of Technology’s New Creature to Money Supply. American Journal of Industrial and Business Management, 8, 250-305. https://doi.org/10.4236/ajibm.2018.82017 Received: November 24, 2017 Accepted: February 9, 2018 Published: February 12, 2018 Copyright © 2018 by author and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution International License (CC BY 4.0). http://creativecommons.org/licenses/by/4.0/


Introduction
Information Technology (IT) development is recognized as a major technological breakthrough that has had a transformative impact over business practices, business processes efficiency, human and society communication modes as well as major changes in economic structures. IT impact has been widely analyzed from diverse perspectives such as competitiveness and operational efficiency as supported by early works of Brynjolfsson & Hitt [1] as well as by reports of a prestigious consultant such as McKinsey [2], top management sphere of decisions regarding technology, the effects over persons' attitudes and behavior as drivers of change as is generally accepted since Davis' development of the Technology Adoption Model [3], as well as regarding awareness of the need to incorporate technological issues within strategic decision making issues of the kind of new business models' development and operation. Global IT infrastructure platform enables firms to operate interactions among business partners resulting in collaborative and synchronized processes transactions such as the ones involving money flows between and among business partners and customers, as well as those operations related to tax administration compliance, being adopted in a growing number of countries as is reported in a recent OECD publication [4].
Business interactions and transactions conducted through Internet as an open network and other comparable systems are referred to by organizations [5], as well as by consultant firms [6], and International Organizations [7], as Digital Economy, Information Economy [8], Virtual Economy, the Web Economy or The New Economy. As Information Technology impact strikes most of economic activities, changes emerge surprisingly creating new business technologybased paradigms as well as economic components, among which online/electronic money flows emerge as a new technology creature of key importance due to its cross border field of action in Global Electronic Commerce transactions, velocity of money movement among countries, and multi-currency operation possibilities, all of them framed by macroeconomic components referring to the measurement of the total amount of monetary assets available in a particular economy at a particular point of time, known as Money Supply or Money Stock structure [9]. The concern about the relation of a monetary component of the Digital Economy termed electronic money/EMoney was introduced by Helleiner in a seminal article by since late 90s [10], providing basis to evolve into the emergent issue of monetary policy under the Information Economy context introduced by Woodford [11]. Following this ideas, the implications of Technology on Monetary Policy were introduced into the macroeconomic field discussion [12], reaching recently into the analysis of the impact on Monetary Policy of the use of Electronic Money [13], as a key advance of a theoretical field still in progress.
As Digital Economy does not distinguish itself by a rich heritage of theory development analysis on the matter usually search for explanation in theories borrowed from different scientific fields, as identified for issues of the kind of the relation between Money Supply and the amounts of electronic money-EMoneymoving in a stream/circulating by means of a technological infrastructure support, identified as an open network-online-such as Internet, referred to as online money flows. The explicit distinction of this concept is set by its dynamicflow [14]-and its aggregate-amount/sum total or more quantities or sums/the full effect [15]-characteristics, underlying the difference as a unit of analysis from the specific character of surrogate for coins and banknotes of EMoney concept defined by the EC Directive as… monetary value as represented by a claim on the issuer which is stored on an electronic device, issued on recipient of funds of an amount no less in value than the monetary value issued, and accepted as means of payment by undertakings other than the issuer, an electronic store of monetary value on a technical devise that may be widely used for making payments… [16] [17].
Two main areas of knowledge in which online money flows concept interacts are identified in the IT arena, due to the technology infrastructure component that enables their movement from buyer to seller, as well as in the business field considering its operational nature in transactions completion and its revenue generator purpose. Both views are rooted at micro economic level.
The macroeconomic level perspective emerges when is faced a wide array of Digital Economy definitions existing in-between dictionary sources and text books such as: …a Digital Economy is an economy which functions primarily by means of digital technology, especially transactions made using internet [18], …an economy that is based on digital technologies [19], to results from academy' recent works focused on the matter containing the following declaration: ….we therefore define the digital economy as "that part of the economic output derived solely or primary from digital technologies with a business model based on digital goods and services" [20].  [21], to the ones declaring that the influence of EMoney on Monetary Policyusing indistinctly the term digital money [22]-can be seen through Money Supply Money Aggregates [23] [24]. For the research interest this view results of particular interest as relies in established regulations on the matter such as the one of the European Central Bank (ECB) concerning the balance sheet of the monetary financial institutions sector, registering EMoney on the liability side as part of the money aggregates, included in transferable deposits, in the category of overnight deposits or balances of immediate conversion into currency or to be used for cashless payments [25] and [26].
The possible influence of EMoney on the monetary policy has already been reviewed, identifying a reference in the results of a survey, with data from the 2002-2003 years period, applied to 95 central banks and financial institutions by the Bank for International Settlements declaring that even when major implications of EMoney for monetary policy were not expected-at the survey time-the participating central banks report that they were considering to monitor such development, or to include EMoney data in monetary statistics, being some of them implementing activities on the matter such as data collection [27]. Interes-

Online Money Flows: A Construct of Interest
Works on the theoretical dimension starts with the identification of the constructs of interest as a basis to describe the relations among them and then determine the observable indicators required for the constructs measurement. The path to online money flows is traced since the E-Commerce and Digital Economy constructs measures and indicators. From literature review emerges evidence of the concern regarding Internet Economy measurement in a work published more than a decade ago by the Center for Research in Electronic Commerce of the University of Texas [28], that presents a Conceptual Framework developed to understand how the Internet economy works considering four layers, identi- UNCTAD [29] and in the previous mentioned MacKinsey report [2], with estimations sizing Internet Economy-for GDP quantification purposes,-the first source covered 137 countries while the second source include results of a survey applied in 13 countries (representing 70% of world' GDP), being considered the first as the sum of Internet consumption in terms of ECommerce, Services and Access, public expenditure and private investment on the matter, and interrelated Trade Balance of goods and services. In regard of ECommerce measurement, key works developed by The ECommerce Foundation that also serves as   [37]. Being

Money Stock/Supply a Construct of Interest
Money Supply the key construct setting the foundations of the research focus, to benefit clarity and construct validity its configuration is described in Figure 1, introducing as well the M2 definition break down.

Framing Concepts' Interactions
The link formed by technology as new business models enabler of ECommerce kind, with emergent components such as the online money flows, drafts a basic complex contextual background presented in Diagram 1, describing the conceptual systems interactions, suggesting as well the related data required to address the importance of a deep understanding of the nature of the relation be-

The Systems' Interaction
The research interest presented in the contextual framework draft suggests the interaction of three heterogeneous and autonomous but interrelated dynamic systems,-technology, business and money flows-revealing some type of order, as result of such interactions, identified with the Complex Systems perspective.
This view is considered to be adequate to benefit the initial conceptual framework by organizing its complexity as a general frame to work along the process followed to determine Propositions that could make a contribution addressing this challenging issue. Complex Systems definition [40], as well as its view over its application to Social Sciences [41], declare that they exhibit properties that emerge from the interaction of their parts and which cannot be predicted from The introduction of complex view perspective is considered to be necessary to identify properties that emerge from the systems interaction, which cannot be drawn from the properties of the parts as a unit. Ecommerce business models' operation starts with the mentioned technological system configuration based on Information Technology infrastructure required as the support platform for enabling connectivity, communications, products/sender/receiver identification and traceability, and money transfer transactions between and among business partners operating in an electronic based processes context. Driven by innovation development, Technology System has produced major breakthroughs in fields such as communications infrastructure that extended Internet use as the open channel for business interactions, solving technology investment problems that existed during the EDI private network era that provided access to electronic business interactions to limited number of big businesses' partners. The advent of XML standardized electronic messages, opened the doors for information flows management of the business cycle by online means paving the road for ECommerce diffusion as a new business model-linking the technology system to the business system-, that soon was perceived as a solution to create and rise profit growth. Innovation on the matter has extended to Product ID standards in the form of Electronic Product Code (EPC) that enables cost efficient operations such as product traceability along the order cycle management, logistics, delivery and fulfillment operations required to honor the promise of ECommerce sales, as well as electronic transfer solutions that created new payment schemes operated under integrity and security conditions within and across countries. From this operational interdependence, the link between these two systems emerge due to the diffusion of ECommerce business models that fuels the adoption of technologybased processes and business practices of the kind of Supply Chain Management (SCM) accelerating the use of technology as business enabler and support. Such changes contributed to a technology culture creation in which trust, confidence and efficiency are characteristics.
Under the clear understanding of the first interaction between Technology Systems and Business Systems, a second interaction with the Monetary System takes place forming a network shape of links as presented in Diagram 3. The operation of ECommerce business models under a cross border environment, leads to the creation of money flows resulting from online payment of the transactions realized, and from derivate activities such as Logistics and Fulfillment operations, generating either a positive or an adverse effect over the correspondent country's Money Supply mainly through electronic payment schemes (Electronic Transfer) and/or still directly by the banking system.
ECommerce transactions shapes a loop involving sellers placing and taking orders over the Internet, transaction partners such as physical movement enablers, banks and institutions that offer transaction clearing services, as well as  authentication authorities playing as a third party to validate integrity and security of those transactions,-and customers with a mindset to search-select-purchase goods available online by means of electronic devises and pay for them using Electronic Transfer schemes. Known as commercial cycle, the loop is framed by Governments' legal dispositions and infrastructure built for this purpose such as electronic signatures assignment-management-control, electronic invoices, and laws and regulations as means to protect consumers and businesses involved in such transactions [45]. This commercial cycle operation is supported and enabled by the Technology Infrastructure constantly updating due to innovations. The emergence of business models enabled, supported, derived, and/or designed in/by/from Information Technology infrastructure leaded to the foundation of a new business paradigm that operates in parallel, as substitute, instead, as complement, or independent to traditional business models.
The Complex Systems view of the research interest results to be suitable to provide sense to dispersed concepts working under the same roof by introducing an order to leads to identify theories behind the systems interaction, as a first step to build a theoretical referent to be used as a base to perform Theory

Methodology
The stated focus of this study is on the nature of the relation between crossborder online money flows and Money Supply. Considered as a technology creature [46], created by IT infrastructure development and its use as business rule. The full process structured in a logic sequence that goes from rule to result to case [61], is considered a suitable methodological approach to identify how the stated propositions works in an empirical setting or case that supports a plausible conclusion considered to be as the best explanation.
To support the Theory Matching operations embedded in the selected method, as a second step of the research process, a Theoretical Framework was built to frame and contrast data with existing theories focusing in Online Money

Theoretical Referent
The backbone for this research approach is configured by an array of theoretical  MONETARY THEORY Thornton,1802;Fisher,1922;Von Mises, 1923 ;Kremmerer,1907;Friedman,1956;Cagan, 1965;Krugman, 2011 to support business strategies implementation as a means to gain efficiencies, reduce operational costs and built a unique a non-imitable defensive barrier against competitors [65].
In this business atmosphere, grows the recognition of the importance of Technology Innovation, recognized by Economic Theory-since decades agoas source of economic development changes due to its role as production factor [66]. This view is extended when is accepted as strategic competitive resource, with its own management process of planning, investment and operational budget requisites, etc. As such, Technology Innovation is involved in diffusion processes among the members of a social system-either horizontally [67], or as a driver of change [68],-who eventually take the decision to make full use of it as business strategy enabler, support and/or production means [69]. Theoretical Perceived Ease of Use (PEU) are key determinants that lead to use a specific technology. Davis [3] defined Perceived Usefulness as the extent to which a person believes that using a specific technology will improve the operational performance, while Perceived Ease of Use is defined as the extent to which a person believe that the use of a specific technology is free of effort. PEU is related to intrinsic characteristics of Information Technology (easy to use and easy to learn how to use), while PU relates to extrinsic factors such as technology efficiency and efficacy, precious for the businesses to gain benefits from operating cost reduction.
Interactions of Business and Management of Technology theoretical referents provide sustain to the idea in which the diffusion of ECommerce business models follows an adoption cycle for users-from being part of the innovators or first to adopt segment, to the early adopters, the early majority, the late majority and the final adopters segment termed the laggards-, extending user's acceptance V. E. Erosa span due to their usefulness in gaining operational efficiencies and access to new markets. Thus, matching theory with available estimated data of Ecommerce value amount, is reasonable to consider that ECommerce is becoming a competitive requirement in its way to be a common business practice, and that its trend of online money outcomes will continue to grow enlarging its transference to

Formulating Propositions
The  to obtain B-an effect over Money Supply-; and (1.2) there must be C-export/ import type of ECommerce transaction-, to obtain A-an effect over online money flows-, to be related to B. In this relation is observed that Concept A (online money flows) is divided in two classifications (inbound/outbound) that dichotomizes this concept, generating a differentiated effect that leads to recode Concept B into a dichotomous concept (+/−) as well. Property 1) Directionality. The rationale expressed above leads to consider Directionality as an essential property of the relation between cross border online money flows and Money Supply that could be stated as follows: Online Money Flows are related to Money Supply by adding or subtracting the absolute value of an ECommerce transaction according to its origin as online purchase or online sell operation. From the theory building perspective, Directionality property effect is measured by the positive or negative value amount of online money flows affecting Money Supply size. Diagram 5 explains how Proposition 1 is operationalized.
Upper segment of Diagram 5, explains the connection between the electronic business cycle chain activities (order/purchase/payment/electronic transfer/confirmation/invoicing) from which paperless money transactions emerge and online money flows networks configured for its connection to Money Supply of countries engaged in such transactions. Aware that the physical movement of goods (storage, shipping, delivery, transportation, etc.) has an origin/destination pattern of its own, it is expected that cross border ECommerce Total Amount Value results became the net effect of online money flows over country' total Stock of Money, registered as growth or reduction of its M2 Aggregate the changes in its amount could have either a positive effect, a negative effect and/or internal compensation effect on Money Supply size and composition if ECommerce transactions are completed within a country. Lower segment of Diagram 5 shows the bidirectional character of the connection when simultaneous The concept introduced as money rapidity by Thornton [72], appears as main component of Fisher's [73] Money Theory as velocity (v), referring to the rate at which money passes in a given time period from one holder to the following.
Monetary authorities explain that this rate of turnover of money supply or money speed measures the number of times that a currency unit (USD$, RMB,  [77], as it evolved into Monetarism [78] whose main statement is that there is a close and stable association be-

If (A) Higher/Lower (B) Higher/Lower Then If (A) Is Present (B) Is Present
Then

Intensity of Cross Border ECommerce Operations Indicators: Operations Amount Size or Growth Rate PRE-CONDITION (C)
Deterministic Relation

If (A) Higher/Lower (B) Higher/Lower Then If (A) Is Present (B) Is Present
Then

.1) where If A is higher, then B is higher, being a sufficient condition linking A and B (4.2). The directionality
property from Proposition 1 is introduced (4.3) as a means to distinguish online money flows' type effect on Money Supply as moderating concept (C.0) to qualify the relation in accordance to the positive or negative differentiated effects that the type of ECommerce operations produce as a necessary condition affecting A to be related with correspondent differentiated effects of (B), the relation is expressed as differentiated types of (A: A1, A2) affects differentiated types of (B: B1, B2) explained previously as dichotomy.
The model presented in Figure 5,

Necessary Condition (C0.2) Produces (A2) Outbound Online Money Flows
Resource extracted from the Circulation Mass  The rationale behind this rule is provided by the shortening of Information

The Online Money Flows Insights
Moving forward in the abduction process, results in terms of data are incorporated into the analysis. The rule is supported by the available estimated data in regard of the amount of online flows created by ECommerce transactions, representing liquid assets related to Money Supply structural components, as revealed by the size of the online market in permanent growth, estimated by eMarketer in a range from 23%-per year in average from 2012 to 2015 [82] to 24% by Ecommerce Foundation for the same time period [33]. The relevance of this business mode is appreciated considering that in 2016 according to the mentioned first source, E-Commerce registered 26.4% of Worldwide buyer penetration in terms of population being Mobile payment, as well as mobile commerce solutions rapid changes, considered to be drivers of ECommerce' share significant growth. Latest numbers on the matter registered by the Ecommerce Foundation reveals descendent annual growth rates of 23.3%, 19.9% and 17.5% in 2014, 2015 and 2016, suggesting that the market is on its way to maturity [30]. The firsbt referred source on the matter [82] provide data in terms of worldwide retail, considering that Global web sales accounted for nearly 6.4% in 2014 moving to 8.6% in 2016, forecasted to reach 12.8% by 2019, representing an estimated worldwide ECommerce retail money value estimated in year 2014 in US$ 1336 billions growing to US$ 2050 billion in 2016, with a projection to US$ 3578 billion by the year 2019. Data from this same source [82] shows that China and the USA accounted for 55% Global internet retail sales during the period 2014-2016, leading world's Ecommerce during that time frame. Comparing data sources, estimations in Table 1, from ECommerce Foundation reports from 2015 [33] and 2016 [30], expressed in Euros register higher numbers for the same years, as identified in the grow pattern moving from 1 895 billion Euros in 2014 to 2 273 billion in 2015 and a sales amount value of 2 671 billion for 2016. If this tendency is sustained, eMarketer forecasts could be closer than 2019. The use of data aggregated at macro level provides insight regarding the magnitude of ECommerce transactions worldwide, the money flows involved on it and the dynamic of its growth exposing the expansion of the business model and its influence over traditional commerce paradigm.
From macroeconomics indicators view, the share of Ecommerce in worldwide Gross Domestic Product (GDP) moved from 1.34% in 2011 to 3.11% in 2015 according to Ecommerce Foundation [33]. Data from Table 2 Table 3  The activity' Intensity in terms of ECommerce estimated amount has been so far used as an input to identify its contribution to the Economy in terms of GDP participation, as is identified from the available macroeconomic indicators [33] included in Table 3., referring to an estimated ECommerce share to Global GDP  Table 4 built with data available from ECommerce Foundation reports for 2015 [33] and 2014 [87]. Expressed by this source in terms of the   Table elaborated  The lesson obtained from the prevailing differences in data composition, is that the absence of disaggregated data in terms of absolute numbers could produce biased, misleading, inaccurate or incomplete interpretation as is observed in the analysis regarding amount purchases of goods bought to foreign countries by means of ECommerce transactions expressed in terms of relative numbers in one source, and the second criteria based on sales absolute value amounts used by the second source mentioned. Data registered by mentioned ECommerce Foundation reports in this regard rises the convenience to create and capture full ECommerce cross border fact data in absolute numbers to be used as a standardized, reliable input for National Accounts Systems registers, as well as a basis of computing at country level the money flows resulting from this business mode and the resulting amounts of correspondent taxes such as VAT.
To explore how the framework works when is applied to Proposition 1 support, alternative data source providing disaggregated data of cross-border ECommerce origin and destination is identified, moving forward in the identification of the country' cross-border ECommerce profile by means of a map, remaining implicit that dealing with online money flow issues, inbound online money flows data correspond to recipient countries, while the sales transaction could take place in one country and the correspondent collection of payments could be concentrated in one or in several different countries. The Paypapers ECommerce Reports released with available data estimations of eCross-Border activities for 25 countries-at the moment-are identified as the source of data, recognizing that although expressed in relative terms (%) it is the nearest match to the type of data required for this research purpose. Following an operationalization strategy three countries reports were requested to the source as basis to collect data presented in Table 5, using selection criteria in which three countries are selected representing one major ECommerce world market (China) [90] and two countries with ECommerce activities in different stages of growth: South Africa [91], and Mexico [92]. Each selected country is from a different continent and economic region. Organized in Table 5, cross-border ECommerce data disaggregation of the selected countries presents limitations at first glance regarding its expression in percentage units keeping the real amounts (intensity) without disclosure thus, eliminating chances to build eTrade balances patterns for each of the countries' transactions, and presenting inconsistent data of correspondent ECommerce purchases as identified for China and Mexico in the right column. Being noticed data composition characteristics, as means to identify how the theoretical findings works in the interpretation field, useful data from South Africa are used to conduct a first exercise shaping an ECommerce V. E. Erosa profile map for the country, to frame the directionality analysis in both ways.
Being identified minor adjustments required the framework of analysis, as well the released data constraints, the Case was developed further on selecting Mexico as the unit of analysis, illustrating that how the framework operates as a solid analytical setting, regardless the contextual data characteristics mentioned previously.
Applying the framework of analysis to South Africa (SA) data as an example, the obtained results allows to identify its total ECommerce structured by 84.3% of internal transactions and the remaining 15.7% by cross-border operations, reflecting a general internal adoption pattern that could be an interesting starting base to leverage internal market expansion in the matter. Focusing in the 15.7% of the cross-border operations, the profile suggest an opening stage of market activities in both selling-registered in the second column of the table-and buying activities registered in the third column, being an interesting observation that the sales span is extended to four countries configuring a set that represents 30% of the total of 15.7% of the cross-border operations registered by the source while 70% correspond to atomized transactions revealing low level of adoption of business models of the type. The group of country-customers (purchases are originated from this countries) became a dominant market group with a balanced participation of China, USA, India and UK in a range from 8.2% to 7.2%, representing online money flows moving from each country to SA as Inbound online flows-unknown in absolute amounts due to the source's data expression in relative numbers-to be incorporated into SA' Money Supply structure. Deeping into the analysis, results suggest that the purchases of the block of four V. E. Erosa countries registered in the second column of Table 5, represent a minimum cross-border activity of SA as seller country, because 15.7% out of 30% is about 4.5% of total ECommerce transactions of South Africa providing support to consider that each country purchases represents around 1.1% of this total and as consequence-and in consistency with data from previous Table 3-making reasonable to consider that they represent absolute amounts with expected minimum influence over M2.
As observed in the example, the framework operates as a solid infrastructure for the analysis, while the level of data disaggregation from the source rise barriers to go deeper into the specific analysis' interest as is viewed in the identifica-  Table 3 (ECommerce amount value), are collected to explore how far the analysis could be taken under the current context of data availability. Data organized in Table 6, based on World Bank data [93], intend to bring some light upon this subject. In a first glance, it is observed that as are registered, data are not comparable with ECommerce size due to differences in the observed time series availability and to the reasons already discussed regarding the ECommerce data disaggregation V. E. Erosa  Under the previous mentioned premises awareness, data from Table 6 Figure 6, leads to identify at first glance that   Table 3 and in Table 6.

Abduction Process Stage 3. The Empirical Setting or Case
As the full abduction process is supported by a logic sequence that goes from rule-to result-to case, in the final stage of the process the set of Propositions formulated are applied in an empirical setting or case that supports a plausible conclusion [54]. Focusing in this research purpose, the process is completed by a case developed to explore how the propositions formulated are actionable by observable measurement indicators, using data from a country selected upon the criteria of emerging activities in the matter, and a reasonable data size for model diagramming. Addressing the first research purpose, working as an analytical tool, the framework developed is applied into an operational example using for such a purpose data from South Africa registered in Table 5, in order to identify if the framework developed supports data interpretation by shaping a country' cross-border ECommerce operational profile.
Applying the framework reasoning to the example, Diagram 9, shows South   Table 7-released by the Mexican Association for Internet (AMIPCI) integrated in this research as the national data source [85]. From Table 7 interpretation, a staggering growth in Mexico' estimated ECommerce market value is identified, as the tendency reach to 2015 with numbers ten times higher than those registered for 2009, revealing as well a high-level dynamism recognized by the annual growth of 59% registered from 2014 to the next year. The pattern of behavior observed in the data series indicates conditions of an accelerated market growth that produces a general dynamic effect of their resulting online money flows over the total amount of the Money Stock. Dealing with total amount series, to gain value from the data interpretation the analysis requires to be extended into the identification of the reasons beneath the market growth, because as a broad term it refers either to V. E. Erosa American Journal of Industrial and Business Management  [92] is selected as cross border transactions source due to the small redundancy effect of the data expressed in relative numbers, identified by their comparison with the national source. Such effect is observed in Table 8, as data expressed in percentages do not represent the share of a total (100%) due to the type of question formulated in the survey of origin as means of data collection regarding import and export markets, in which one survey respondent could provide a multiple response in terms of countries selected, later processed as different items representing the proportion of the total number of respondents that provide such an answer and not the cross border' participation structure.
To address Directionality and Dynamism properties, data from Table 8 are taken into the analytical framework as an input to build a map of the country's cross border ECommerce Profile assuming that data from the selected source refers to countries in which transactions are completed regardless the goods' flow pattern. As visible in Diagram 10, the country' Ecommerce profile emerges with its own shape, different from the one's resulting for South Africa. Data from Mexico's online money flows direction responds accordingly to the type of

Conclusions
Information Technology re-evolution is opening a new field for the Economic Results from this research shows that its stated purpose is covered concerning the exploration approach observed by the activities executed in terms of the collection, assessment, organization and analysis of key theoretical references, and available data to input the theory matching process of the selected abduction process, from which is drawn a system of four propositions, modeling a theory regarding the relational statements between the two main constructs. In the quest for an answer to the Research Question posed, an analytical framework is developed by first describing the conceptual network of the main constructs definitions as well as the classifications and representation of the data involved, followed by the description of the components' interaction presented in theoretical relational models as in operational descriptive models of how theory works linking the theoretical components. Being at the core of the Research Question the identification of the nature of the relation between the two main constructs, the resulting set of four propositions is focused in the properties or characteristics of the relation, being each of them a node that gradually configures a relational network or system identified as an emergent theoretical body of knowledge that could be considered as a Technology Macroeconomic View Theory, useful as an explanation framework of Technology influences over the Economy.
The selected innovative methodology process is completed presenting how the

Research Limitations
The level of analysis realized in this research results from the current status of the available data categorization as well as the multiple criteria applied by the sources for indicators on the matter. The full benefits of the use of the analytical framework developed in this research will come into view as factual data released are expressed in absolute numbers to provide sense to most of available E-Commerce data estimations commonly issued at present in relative numbers or based in different monetary units, perceptions, levels of disaggregation, taxonomies and/or segmentations by regions or groups of countries, which so far represents a limitation regardless the qualitative nature of the research study.
Being the topic explored until recently, the research scenario is wide and espe-