(Routledge International Studies in Money and Banking) 1st Edition
by Lech Gasiorkiewicz (Editor), Jan Monkiewicz (Editor)
This
book offers an in-depth analysis of the most salient features of
contemporary financial systems and clarifies the major strategic issues
facing the development of digital finance. It provides insight into how
the digital finance system actually works in a socioeconomic context. It
presents three key messages: that digital transformation will change
the financial system entirely, that the State has a particularly
important role to play in the whole process and that consumers will be
offered more opportunities and freedom but simultaneously will be
exposed to more risk and challenges.
The book is
divided into four parts. It begins by laying down the fundamentals of
the subsequent analysis and offers a deep understanding of digital
finance, including a topology of the key technologies applied in the
transformation process. The next part reviews the challenges facing the
digital State in the new reality, the digitalization of public finance
and the development of digitally relevant taxation systems. In the third
part, digital consumer aspects are discussed. The final part examines
the risks and challenges of digital finance. The authors focus their
attention on three key developments in financial markets: accelerated
growth in terms of the importance of algorithms, replacing existing
legal regulations; the expansion of cyber risk and its growing impact
and finally the emergence of new dimensions of systemic risk as a side
effect of financial digitalization. The authors supplement the analysis
with a discussion of how these new risks and challenges are monitored
and mitigated by financial supervision.
The book is a
useful, accessible guide to students and researchers of finance,
finance and technology, regulations and compliance in finance.
