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Technology in Financial Markets
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In recent years, technology has emerged as a disruptive force in the economy and finance, leading to the establishment of new economic and financial paradigms. Focusing on blockchain technology and its implementations in finance, this book proposes a novel theoretical approach to disruption. Relying on complexity science, it develops a dynamic perspective on the study of disruptive phenomena and their relationship to financial regulation and the law. It identifies the intrinsic interconnections characterizing the ‘multidimensional’ technology-driven transformations, involving commercial practices, capital markets, corporate governance, central banking, and financial networks. From this perspective, it considers how they are reflected at the level of contract law, financial law, corporate law, and central banking law. The book adopts a unique comparative approach, and explains and clarifies the factual and historical dimensions underlying the emergence of the crypto-economy. Blockchain technology is a useful case study for two reasons. First, it exemplifies the way each subpart of the financial system—commercial practices, financial markets, corporations, central banking, networks—and consequently each subcategory of financial regulation evolves on an individual basis. Second, it shows how such subparts evolve together, bringing about systemic transformations and ultimately leading to the creation of new economic and financial paradigms. The book takes into account both of these perspectives, analysing the evolution of each subpart and emphasizing the interconnected transformations. In doing this, it adopts the structure of an ascending climax, starting from contracts and escalating to increasingly broad dimensions, in particular capital markets, corporate governance, central banking, and financial networks.
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