(Ebook PDF) Driverless Finance 1st Edition by Hilary Allen 0197626823 9780197626825 full chapters

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ISBN-10 : 0197626823 

ISBN-13 : 9780197626825

Author: Hilary Allen 

Everyone is talking about fintech, and they’re usually saying good things. Driverless Finance provides a balance to that conversation, exploring the threats that different fintech innovations pose for our financial system. With in-depth and accessible descriptions of new financial technologies and business models – ranging from distributed ledgers to machine learning, cryptoassets to robo-investing – this book allows readers to think more critically about fintech, and about how the law should respond to it.This book highlights the increased speed, complexity, and coordination inherent in new fintech innovations, and illustrates how these features could come together in a massive financial system failure. It makes the case for a precautionary approach to regulating fintech, erring on the side of caution to avoid a financial crisis that could have irreversible and catastrophic effects for our society. Because neither longstanding regulatory approaches nor experimental new approaches like regulatory sandboxes were designed to address fintech’s systemic risks, this book makes several bold new proposals for regulation designed to make fintech-inspired financial crises less likely. These proposals include new forms of disclosure and supervision, new forms of technological tools (known as suptech), and a new licensing regime for financial technologies. This book finishes by situating its discussion of fintech and financial stability in the context of important debates about innovation, expertise, cybersecurity, privacy, competition, and other pressing issues.

Driverless Finance 1st Table of contents:

I. The Case for Precaution
1. The Case for Precaution
Dealing with uncertainty
The costs of doing nothing
What exactly do we mean by precaution?
Precaution in other contexts
The costs of precautionary regulation
Innovation isn’t always good
Imagine if credit default swaps had been cryptoassets
Precautionary regulation is process-oriented
Time is of the essence
II. Fintech Threats to Financial Stability
2. Fintech and Risk Management
What is risk management?
Risk modeling before machine learning
Machine learning and risk management
Programming errors and data problems
Inscrutable models and automation biases
Increased coordination and correlation
Robo-investing
BlackRock and Aladdin
Machine learning and insurance
3. Fintech and Capital Intermediation
Capital intermediation basics
Banks and bank runs
Shadow banking
Markets and financial stability
Marketplace lending
High frequency trading
Cryptoassets
Runs, fire sales, and cryptoassets
Problems with self-execution
Facebook’s Diem
Cryptoassets and monetary policy
4. Fintech and Payments
How payments are processed
Payments failures
Payments regulation
Operational risks in complex systems
Mobile payments
Distributed ledgers and payments
Public payments alternatives
Other financial infrastructure
A note on vendors
III. Regulating Fintech and Financial Stability
5. Fintech and Financial Stability Regulation Status Quo
What is regulation?
Why regulating innovation is hard
Why regulating financial innovation is particularly hard
Innovation support from regulators
Regulatory sandboxes
Critique of innovator-focused regulation
Overview of financial stability regulation
How fintech might undermine financial stability regulation
Industry reliance on regtech
The challenges of suptech
6. Precautionary Regulation of Fintech Innovation
The need for information
Regulatory expertise and culture
Legal authority
Precautionary regulatory strategies for new technologies
Precautionary oversight of risk management algorithms
Suptech interventions for machine learning
Precautionary regulation of operational risks
The scope of a licensing regime
The licensing review process
A licensing regime for robo-investing
A licensing regime for cryptoassets
7. The Bigger Picture
Public sector innovation
Innovation, expertise, and permission to fail
The role of finance in society
International and cyberspace borders
Financial stability regulation in the United States
Competition and the techfins
Competition and smaller fintechs
Data and privacy
Cybersecurity

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