The Palgrave handbook of technological finance / / edited by Raghavendra Rau, Robert Wardrop, Luigi Zingales

• Pubblicazione: Cham, Switzerland : , : Palgrave Macmillan, , [2021]; ©2021
• Descrizione fisica: 1 online resource (902 pages)
• Disciplina: 332
• Soggetto topico: Finance - Technological innovations
• Persona (resp. second.): RauRaghavendra <1967->; WardropRobert; ZingalesLuigi
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Intro -- Preface -- Contents -- List of Contributors -- List of Figures -- List of Tables -- Introduction -- An Overview of Technologically Enabled Finance -- 1 Introduction -- 2 Matching Supply and Demand of Capital -- 2.1 Individual Credit Access -- 2.1.1 Microlending -- 2.1.2 Peer-to-Peer Lending -- 2.1.3 Soft Information and Banks -- 2.1.4 Record Keeping -- 2.1.5 Credit Monitoring -- 2.2 Payment Systems -- 2.3 New Venture Financing -- 2.3.1 Crowdfunding -- 2.3.2 Rewards-Based Crowdfunding -- 2.3.3 Securities-Based Crowdfunding -- 2.3.4 Initial Coin Offerings -- 3 Personal Finance -- 3.1 New Investment Opportunities -- 3.1.1 Cryptocurrencies -- 3.2 Robo-Advisors -- 3.3 Financial Planning -- 3.4 Insurance -- 4 Concluding Remarks -- References -- Innovations in Alternative Finance in Historical Perspective -- 1 Unsecured Consumer Lending -- 2 Early IPO Markets -- 3 Private Currency Markets in the Eighteenth Century -- 4 Microfinance in Ireland -- 5 Conclusion -- References -- Digital Currencies -- A Layman's Guide to Bitcoin and Blockchain -- 1 An Intuitive Introduction -- 1.1 Numbers -- 1.2 A Unique "Fingerprint" Number for Everything Interesting (SHA256 Hash) -- 1.3 Digital Signatures Using Cryptography -- 2 Bitcoin: A Bird's-Eye View -- 3 The Bitcoin Blockchain -- 3.1 Nonces and Miners -- 3.2 Network Congestion and Wait Times -- 4 Ledger Design -- 4.1 Which Consensus Protocol? -- 4.2 Public Versus Private Ledgers -- 4.3 Blockchain-Based Ledgers Versus Directed Acrylic Graphs -- 5 Concluding Remarks -- References -- An Introduction to Cryptocurrencies -- 1 Potential Roles and Benefits -- 2 Limitations and Concerns -- 3 Conclusion -- References -- The Role of Utopia in the Workings of Local and Cryptocurrencies -- 1 Introduction -- 2 What Is Money? -- 2.1 The Three Functions of Money -- 2.2 What Is Blockchain Technology? -- 2.3 Money as Debt. ; 2.4 Money as Social Relation -- 3 What Are Alternative Currencies? -- 3.1 A Brief History of Alternative Currencies -- 3.2 The Utopia of (Alternative) Currencies -- 3.3 The Four Alternative Currencies Under Study -- 4 Using Local and Complementary Currencies to Value Local and Humanized Exchanges: The Example of the "Sol Violette" -- 4.1 Institution of Value(s) -- 4.2 Production of Value(s) -- 4.3 Evaluation of Value(s) -- 4.4 Territorialization of Value(s) -- 5 Using a Cryptocurrency to Value Scarcity and Exclusivity: The Example of Bitcoin -- 5.1 Institution of Value(s) -- 5.2 Production of Value(s) -- 5.3 Evaluation of Value(s) -- 5.4 Territorialization of Value(s) -- 6 Using a "Free" Cryptocurrency to Value Human Life: The Example of Ğ1 "June" -- 6.1 Institution of Value(s) -- 6.2 Production of Value(s) -- 6.3 Evaluation of Value(s) -- 6.4 Territorialization of Value(s) -- 7 Using a Cryptocurrency to Recouple Financial Valuation with the Real Economy: The Example of Impak Coin -- 7.1 Institution of Value(s) -- 7.2 Production of Value(s) -- 7.3 Evaluation of Value(s) -- 7.4 Territorialization of Value(s) -- 8 Discussion -- 8.1 On the Relationships Between Utopia and Technology -- 8.2 On the Ever-Changing Utopias -- 8.3 On the Regulation of Alternative Currencies -- 9 Conclusion -- References -- Digital Currencies and Central Banks -- 1 Increasing Reliance on Electronic Payment Systems -- 1.1 Case Study: Sweden Trending Cashless -- 1.2 Case Study: Kenya's m-Pesa -- 2 Currency Digitization vs. Digital Currency -- 3 A Taxonomy of Digital Currencies (DCs) -- 4 Centralized and Decentralized Digital Currencies (CDC vs. DDC) -- 5 Digital Equivalent or Digital Parallel (E-x or P-x) -- 6 Privacy and Anonymity -- 7 Centralized and Decentralized Government-Issued Digital Currencies (gCDC vs. gDDC). ; 8 Monetary Policy with Centralized Digital Currency (gCDC) Accounts -- 9 Programmable Money and Stablecoins -- 10 Money Competition -- 11 Decentralized Digital Currencies (DDCs) in the Global Economy -- 12 Case Study: The Venezuelan Petro -- 13 Conclusion on Central Banks and Digital Currency -- References -- Cryptocurrencies: Regulatory Perspectives and Implications for Investors -- 1 Introduction -- 2 Private Digital Currencies-Cryptocurrencies and Stablecoins -- 3 Central Bank Digital Currency -- 3.1 Should Central Bank Issue Digital Currency? -- 4 Initial Coin Offering (ICO) -- 5 Investing in Cryptocurrencies -- 6 Concluding Remarks -- References -- Payments and Trading -- Fintech Revolutionizing Financial Services: The Case of Virtual Savings and Credit Supply Technological Platforms in Africa -- 1 Introduction -- 2 The Enabling Framework -- 3 Evolution of Virtual Savings and Credit Technological Platform in Kenya -- 4 Digital Evolution Pushing Frontier of Financial Inclusion in Africa -- 5 The Virtual Savings and Credit Supply Products Developing in Africa -- 5.1 M-Shwari in Kenya -- 5.2 M-Pawa in Tanzania -- 5.3 MoKash in Uganda and Rwanda -- 5.4 MoMoKash in Ivory Coast -- 6 Who Participates in This Market Segment? -- 7 The Emergence of Fintechs that Are not Regulated as Digital Bank Products -- 8 The Digital Platform for Alternative Finance-Some Conclusions -- References -- What Does Digital Money Mean for Emerging Market and Developing Economies? -- 1 Introduction -- 2 Enter Digital: Crypto-Assets, Stablecoins and CBDCs -- 3 Context in Which Digital Money May Be Adopted -- 3.1 Supply Factors -- 3.2 Demand Factors -- 4 Particular Challenges for EMDEs -- 5 Technological Advances Are Already Enhancing Inclusion and Efficiency -- 6 Conclusion -- References -- Blockchain and Other Distributed Ledger Technologies in Finance -- 1 Introduction. ; 2 What Is a Blockchain? -- 2.1 The Technology -- 2.2 The Bitcoin Example -- 2.3 Smart Contracts and Tokens -- 3 Crypto-Asset Issuance -- 3.1 Cryptocurrency Issuances -- 3.2 Initial Coin Offerings -- 3.3 Other Crypto-Assets -- 4 Post-issuance Behavior -- 4.1 Market Integrity -- 4.2 Market Efficiency -- 4.3 Market Microstructure -- 5 Token Economy -- 5.1 Tokens and Industrial Organization -- 5.2 Token Economy and Theory of the Firm -- 6 Conclusions -- References -- Consensus Mechanisms for the Blockchain -- 1 Introduction -- 2 The Dimensions of Design -- 3 Equilibrium with 'Honest' Nodes -- 4 Equilibrium with (Potentially) Dishonest Nodes -- 5 Efficient Design -- 6 Other Consensus Mechanisms -- 7 Coordination -- 8 Brief Concluding Remarks -- References -- Multi-Stakeholder Governance in the Era of Decentralized Finance -- 1 Introduction -- 2 The Implications of Permissionless Blockchain for Regulators -- 2.1 Ordinary Regulatory Goals -- 2.1.1 Investor and Consumer Protection -- 2.1.2 Financial Stability -- 2.1.3 Market Integrity -- 2.1.4 Financial Crime Prevention -- 2.2 Main Difference from the Traditional Financial Industry -- 2.2.1 Preclude Intermediaries from Transactions Between Cryptoassets. -- 2.2.2 Sophisticated Anonymization Technologies Confuse the Tracing of Transactions. -- 2.2.3 Difficulties in Stopping a Decentralized Network and Modifying Transactional Records -- 2.3 Multidisciplinary Background of Blockchain Technology -- 2.4 Who Are Creators of the Order of Finance? -- 3 Stakeholders and Pain Points -- 3.1 Stakeholders in the Blockchain Ecosystem and Pain Points -- 4 Lessons Learned from Internet Development -- 4.1 Global vs International -- 4.2 Overview of Internet Governance -- 4.3 Leveraging Internet Experiences to Tackle Issues in Blockchain-Based Financial Ecosystems -- 4.4 How Internet Standards Are Created. ; 4.5 Success and Failure in the History of the Internet -- 5 Designing a New Style: Multi-Stakeholder Governance for Finance -- 5.1 Implications from Lessig's Four Modes -- 5.1.1 Laws and Regulations -- 5.1.2 Market Mechanism -- 5.1.3 Social Norms -- 5.1.4 Architecture -- 5.2 How to Fix the Problem -- 5.3 Multi-Stakeholder Platform for Healthy Governance Mechanisms -- 6 The Way Forward -- 6.1 Discussion at G20 and OECD -- 6.2 A New Initiative: BGIN -- References -- Law and Blockchains -- 1 Introduction -- 2 Securities Law -- 3 (Smart) Contract Law -- 4 Decentralization Poses Unique Legal Challenges -- 4.1 Blockchains and Laws Around Data Privacy -- 4.2 Illegal Trade -- 4.3 Legal Considerations Around Decentralized Autonomous Organizations (DAOs) -- 5 Tax Law and Cryptocurrencies -- 5.1 Bitcoin as Property -- 5.2 Hard Forks -- 6 Intellectual Property Law -- 6.1 Efficient Global Registration -- 6.2 Provenance -- 6.3 Preventing Counterfeit -- 6.4 Challenges-First-Sale Doctrine -- 7 Concluding Remarks -- References -- Blockchain Trading and Exchange -- 1 Introduction -- 2 Landscape of Trading Venues and Other Market Participants -- 2.1 Overview of Blockchains -- 2.2 Trading Venues for Blockchain Assets -- 2.3 Securities Exchanges Integrating Blockchain Technology -- 3 Beyond Trading Venues: Other Market Infrastructure in Blockchain Trading -- 3.1 Fiat-Equivalent Assets On-Chain (i.e., Stablecoins) -- 3.2 Base Layer Protocols -- 3.3 Clearinghouses -- 3.4 Tokenization Platforms -- 3.5 Derivatives -- 4 Potential Benefits of Blockchain Trading -- 4.1 Settlement and Clearing -- 4.2 Trading Costs -- 4.3 Proxy Voting/Governance -- 4.4 Regulatory Compliance -- 4.5 Interoperability -- 5 Challenges to Blockchain Trading -- 5.1 Front-Running -- 5.2 Transaction Finality, no Recourse -- 5.3 Attacks: DDoS, Goldfinger, 51% -- 5.4 Segmented Markets-Price Dispersion. ; 5.5 Regulatory Constraints.
• Titolo autorizzato: The Palgrave handbook of technological finance
• ISBN: 3-030-65117-7
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910503000103321
• Lo trovi qui: Univ. Federico II