Technology is transforming payments. Digital innovation is disrupting the instruments (eg cash) and institutions (eg banks) that have historically dominated payments. New players are developing innovative payment solutions that compete with traditional means of payment provided by banks....

Big tech firms entering financial services can scale up rapidly with user data from their existing business lines in e-commerce and social media, and by harnessing the inherent network effects in digital services.In addition to traditional policy concerns such as financial risks, consumer...

As the globalization of financial markets continues, we urgently need to understand the crises that have plagued these markets and the policies best suited to preventing such crises in the future. In this book, a prominent group of economists and policymakers blend conceptual analysis and policy...