The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry’s business model in both its banking and non-banking components. It has already revolutionised...

Chapter 1. Introduction -- Chapter 2. Two forms of the unknown -- Chapter 3. The economics of external shocks -- Chapter 4. The traditional way to do it -- Chapter 5. The real tragedy of the commons -- Chapter 6. Upgrading the system -- Chapter 7. The great leverage -- Chapter 8. Three...