Showing papers by "Alistair Milne published in 2018"
TL;DR: In this paper, the authors outline seven key research gaps with questions that could form the basis of academic study in FinTech and propose coherent research themes formulated through focus group meetings with policymakers and academics.
Abstract: New financial technologies (FinTech) have erupted around the world. Consequently, there has been a considerable increase in academic literature on FinTech over the last five years. Research tends to be scantily connected with no coherent research agenda. Signi - cant research gaps and important questions remain. There is much work to be done before this area becomes an established academic discipline. This paper offers coherent research themes formulated through focus group meetings with policymakers and academics, and also based on a critical assessment of the literature. We outline seven key research gaps with questions that could form the basis of academic study. If these are addressed it would help this area become an established academic discipline.
41 citations
TL;DR: In this paper, the authors challenge widespread preconceptions about cryptocurrencies and other crypto assets, arguing that cryptocurrencies are not monetary tokens or objects but accounting entries (like deposit money and custodian bank security accounts) and their innovation is not "decentralisation" but use of single (rather than multiple) ledgers; automated secure transfer; and potential anonymity.
Abstract: This paper challenges widespread preconceptions about cryptocurrencies and other crypto assets. They are not monetary tokens or objects but accounting entries (like deposit money and custodian bank security accounts). Their innovation is not ‘decentralisation’ but use of single (rather than multiple) ledgers; automated secure transfer; and potential anonymity. This has practical implications: (i) crypto assets require no new framework of law and regulation with AML rules applying directly to crypto institutions (ii) ‘CBDC’ or central bank account money already exists, the policy issues are (a) who may directly or indirectly hold central bank accounts? (b) what mechanisms should identify holders?
14 citations
TL;DR: In this article, a proposal for fundamental reform of monetary arrangements, using the technology of cryptocurrencies to move all bank and fiat money off balance sheet onto a single state sponsored mutual distributed ledger.
Abstract: This chapter sets out a proposal for fundamental reform of monetary arrangements, using the technology of cryptocurrencies to move all bank and fiat money off balance sheet onto a single state sponsored mutual distributed ledger. This helps achieve monetary outcomes desired by the Austrian school of economics: allowing an almost complete withdrawal of the state from the provision of money and credit and reducing the need for bank regulation, lender of last resort and bank bail-out.
13 citations
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TL;DR: In this article, the authors outline seven key research gaps with questions that could form the basis of academic study in FinTech and propose coherent research themes formulated through focus group meetings with policymakers and academics.
Abstract: New financial technologies (FinTech) have erupted around the world. Consequently, there has been a considerable increase in academic literature on FinTech over the last five years. Research tends to be scantily connected with no coherent research agenda. Signi - cant research gaps and important questions remain. There is much work to be done before this area becomes an established academic discipline. This paper offers coherent research themes formulated through focus group meetings with policymakers and academics, and also based on a critical assessment of the literature. We outline seven key research gaps with questions that could form the basis of academic study. If these are addressed it would help this area become an established academic discipline.
10 citations