Download Banking Beyond Banks and Money: A Guide to Banking Services in the Twenty-First Century PDF

TitleBanking Beyond Banks and Money: A Guide to Banking Services in the Twenty-First Century
File Size4.4 MB
Total Pages319
Table of Contents
1 Introduction
2 Classification of Crowdfunding in the Financial System
	1 Emergence of Social Financing in the Digital Age
	2 The Many Facets of Crowdfunding
	3 Evidence of Positive Disruption to Traditional Financing
	4 Insights on Social Behavior in P2P Lending Markets
	5 Recent Developments in Equity-Based Crowdfunding
3 Crowdfunding and Bank Stress
	1 Introduction
	2 Literature and Background
		2.1 Bank Funding and Crowdfunding
		2.2 Institutional Background
	3 Sampling and Identification
		3.1 Sampling
		3.2 Identification Through Bank Bailouts
		3.3 Venture and Crowdfunding Traits
	4 Model and Results
		4.1 Specification and Baseline Results
			4.1.1 Credit Scores
			4.1.2 Size
			4.1.3 Tangibility
			4.1.4 Characteristics of the Management Team and Venture
			4.1.5 Rating of Sophisticated Investors
		4.2 Bank Characteristics
		4.3 Alternative Bank Stress Indicators
		4.4 Using Versus Successfully Completing Crowdfunding
	5 Conclusion
4 How Peer to Peer Lending and Crowdfunding Drive the FinTech Revolution in the UK
	1 Overview of the Alternative Finance Sector in the UK
	2 UK’s Leading P2P and Crowdfunding Platforms
		2.1 Funding Circle
		2.2 Zopa
		2.3 RateSetter
		2.4 Crowdcube
		2.5 Seedrs
		2.6 SyndicateRoom
	3 Business Models and Drivers Behind the Success of Peers to Peer Lending
	4 Business Models and Drivers Behind the Success of Equity Crowdfunding
5 FinTech in China: From Shadow Banking to P2P Lending
	1 Introduction
	2 Banking in China: The Politics of Money
		2.1 Political Intervention and the (Mis)Allocation of Money
		2.2 Preparing for the Necessary Liberalization of Finance
	3 A Window of Opportunity: Bring the Shadows to the Light
		3.1 Bringing the Shadows to the Light: A Regulatory Approach
		3.2 Bringing the Shadows to the Light: The Technological Route
	4 RegTech: Maximizing the Benefits of FinTech
		4.1 Compliance: An Extensive Case for Automation
	5 Conclusion: Leap-Frogging the World?
6 Features or Bugs: The Seven Sins of Current Bitcoin
	1 Bitcoin: A Cryptographer’s Dream
		1.1 Short Description of How Bitcoin Works
	2 Problem 1: Gold Rush Syndrome
	3 Problem 2: Weak Integrity Protection
	4 Problem 3: Poor Speed and Instability
		4.1 Genius or Engineering Mistake?
	5 Problem 4: Bitcoin Monetary Policy
		5.1 The Appreciation Argument
	6 Problem 5. Misunderstanding the Threats
		6.1 Emerging Threats
		6.2 Is the Problem not Already Solved?
	7 The Basic Blockchain Manipulation Attack
		7.1 The Question of Dominance
		7.2 Attacks with Hash Rate Displacement
	8 Problem 6: Dangers of Open Source
		8.1 The Question of Bitcoin Source Code
		8.2 Bitcoin and the Open Design Principle
		8.3 Open Design, Bitcoin and Kerckhoffs’ Principle
	9 Problem 7: Bitcoin Elliptic Curve
		9.1 Urgent Action for Bitcoin Community
		9.2 A Fix for Individual Bitcoin Users
	10 Summary and Conclusion
7 Decentralized Banking: Monetary Technocracy in the Digital Age
	1 Can Monetary Policy Adhere to Rule-Following?
	2 What a Viable Digital Currency System Might Look like
	3 Conclusion
8 Trustless Computing—The What Not the How
	1 Introduction
	2 Strong Economic Signals
	3 A Global Computer
	4 Consensus: An Old Compute Paradigm Made New
		4.1 Non-localisation: A Truly Global Computer Running by Consensus
		4.2 A Machine of Unparalleled Digital Security and Resilience
		4.3 A Perfectly Auditable System
	5 The Perennial Problem
	6 Further Examples
		6.1 Consumer Goods
		6.2 Online Dating
		6.3 International Trade
9 Reinventing Money and Lending for the Digital Age
	1 Introduction
	2 Comparing Bitcoin with Other Monies
		2.1 Divisibility
		2.2 The Open Source Cryptocurrency Revolution and Hayek’s Denationalization Proposal
		2.3 Comparing Banknotes and Card Payments with Bitcoins
	3 Virtual Currency Adoption: China, Cyprus, and Iceland
		3.1 The Chinese Back and Forth on Bitcoin
		3.2 The Cyprus Bail-in Tax and the Subsequent Bitcoin “Bubble”
			3.2.1 Further Evidence on the Reaction to the Cypriot Tax
		3.3 A Crypto Currency Experiment on Iceland: Auroracoin
	4 The Relative Stability of Bitcoin as a Store of Value
		4.1 Return on Investment
	5 P2P Lending with Bitcoin
	6 Conclusions
10 How Non-banks are Boosting Financial Inclusion and Remittance
	1 The Opportunity for Non-banks in Financial Inclusion and Remittance
	2 Mobile Banking: Overview
		2.1 Mobile Money
			2.1.1 Usage and Availability of Mobile Money
			2.1.2 Mobile Money Applications
			2.1.3 Benefits of Mobile Money
		2.2 Other Mobile Financial Services Offerings
		2.3 New Models in Remittance
		2.4 Remittance Process
		2.5 Costs of Remittances
		2.6 Mobile Money in Remittance
		2.7 Bitcoin Remittance
			2.7.1 Flow of Funds in Bitcoin Remittance
			2.7.2 Commercial Model
			2.7.3 Regulatory Environment
			2.7.4 Players in the Bitcoin-Enabled Remittance Space
	3 Conclusion
11 Scalability and Egalitarianism in Peer-to-Peer Networks
	1 Introduction
	2 A Brief Introduction to Complex Networks
		2.1 Erdős-Rényi Networks
		2.2 Scale-Free Networks
		2.3 Network Egalitarianism
		2.4 Collective Properties of Networks
	3 A Network Model of Blockchain Forks: Efficiency and Egalitarianism
		3.1 Erdős-Rényi Networks
		3.2 Comparing the Performance of Different Networks: Erdős-Rényi Versus Scale-Free Networks
	4 Conclusion
12 Are Transaction Costs Drivers of Financial Institutions? Contracts Made in Heaven, Hell, and the Cloud in Between
	1 Introduction
	2 Institutional Theory
		2.1 Property Right Regimes
		2.2 The Enforcement Mechanism
		2.3 Informal Institutions
		2.4 Formal Institutions and Contracting
		2.5 Technology, Transaction Costs and Institutional Change
		2.6 Transaction Costs in History
	3 P2P Technology and Transaction Costs
		3.1 Bitcoin
		3.2 Blockchain
		3.3 Smart Contracts
		3.4 Inefficiencies of Legal Documents
		3.5 Common Accord
		3.6 Banking and the Financial System
	4 Modeling Transaction Costs and Financial Institutions
		4.1 A Step-by-Step Modeling Strategy to Explore the Relative Importance of Transactions Costs for the Emergence of Financial Institutions
	5 Conclusion
13 Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money
	1 Introduction
	2 Blockchain Technology Emerges
		2.1 Basics of Blockchain Technology
		2.2 Permissionless and Permissioned Blockchains
			2.2.1 Permissionless Blockchains
			2.2.2 Permissioned Blockchains
			2.2.3 Smart Contracts
		2.3 Differences Between Blockchains and Databases
	3 Data Security, Confidentiality, Availability and Integrity on the Blockchain
		3.1 Data Integrity
		3.2 Clark-Wilson Model for Data Integrity
		3.3 Biba Models for Data Integrity
		3.4 Integrity Considerations in Financial Applications
	4 Considerations in Blockchain Technology Developments for Bank Ledgers and Financial Accounting
		4.1 Possible Roles for Blockchain Technology Developments for Government Cash Management: Treasury Single Accounts
			4.1.1 A Complete Treasury Single Account Structure
			4.1.2 Possible Blockchain Architectures for a Complete TSA
		4.2 Possible Roles for Blockchain Technology Developments for Commercial Bank Ledgers
			4.2.1 Considerations of Blockchain Ledgers Regarding Automated Provisioning Processes of Losses Under IFRS9
	5 Blockchain Technology and the Trade Settlement Process
		5.1 Blockchain in the Settlement Cycle
	6 Blockchain Technology and Multi-signature Escrow Services
	7 Conclusions
14 Blockchains and the Boundaries of Self-Organized Economies: Predictions for the Future of Banking
	1 Introduction
	2 A Bank Is a Firm that Intermediates a Market
	3 New Economics of Blockchain
		3.1 Blockchain as a New General Purpose Technology
		3.2 Blockchain as a Technology of Decentralization, like a Market
		3.3 The Transaction Cost Approach to Blockchain
		3.4 A Blockchain Is a Catallaxy
	4 What the Economics of Blockchains Implies for Banking
	5 The New Political Economy of Blockchain
		5.1 Cryptosecession to Blockchain Economies
		5.2 Blockchains and Institutional Exit Costs
		5.3 Blockchains and Institutional Evolution
	6 Conclusion
15 Blockchain 2.0 and Beyond: Adhocracies
List of Concepts
List of Names/Authors Cited in the Book
List of Names

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