Driverless Finance by Hilary J. Allen

Author:Hilary J. Allen [Allen, Hilary J.]
Language: eng
Format: epub
Published: 2021-03-15T00:00:00+00:00

Part III

Regulating Fintech and Financial Stability

5

Fintech and Financial Stability Regulation Status Quo

In part II, we explored many of the new financial stability risks that are evolving with the rise of driverless finance. Diagnosing risks is often easier than addressing them, though. Part III of this book tackles the thorny practicalities of designing financial stability regulation for the fintech era. This chapter explores the challenges that regulators face when dealing with any new innovation, then considers in more detail the approaches that regulators have pursued with regard to fintech so far. Unfortunately, the new regulatory approaches they have pursued for fintech don’t really address financial stability risks, and so Chapter 6 will suggest some innovative regulatory approaches that respond directly to the risks identified earlier in the book. Of course, new financial stability risks aren’t the only issues arising from fintech’s new fusion of finance and technology. Chapter 7 takes a step back and looks at some of the bigger debates about finance and technology, and considers how those debates intersect with the financial stability issues that we have focused on in this book.

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