Financial Intermediation and New Technology: Theoretical and Regulatory Implications of Digital Financial Markets

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Financial Intermediation and New Technology: Theoretical and Regulatory Implications of Digital Financial Markets

Technological progress in finance has been accelerating over the last decade. In the future, it is likely that financial intermediaries may undergo significant challenges as regards their traditional business model and functions, since an increasing share of payments may be settled without banks’ deposits and capital markets may increasingly provide direct credit to the economy.

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