Front Cover -- Fintech and the Remaking of Financial Institutions -- Copyright Page -- Contents -- Acknowledgments -- 1 Introduction -- M-Pesa: Providing Some of the World's Poorest With Financial Access -- Venmo: Effortlessly Split Dinner Tabs, Buy Concert Tickets With Friends -- Bitcoin,...

We study solvency contagion risk in the UK banking system from 2008 to 2015. We develop a model that only accounts for losses transmitted after banks default, but also for losses due to the fact that creditors revalue their exposures when probabilities of default of their counterparties change....