The article considers opportunities, risk and challenges of development of digital financial technologies. To identify them we use the scenario approach. We determine three main development scenarios for the market of innovative financial technologies - "domination of traditional financial...

This paper investigates quantitative significance of liquidity constraints for asset prices and monetary policy in a monetary economy version of Kiyotaki and Moore (2005). Motivated by the lack of commitment in the intertemporal asset trade, the model economy features limited resalability of...