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  ,       (DeFi).              DeFi,    ,       ,    .       ,     ,                DeFi.

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DeFi   .       



DeFi and the Future of Finance

Campbell R. Harvey, Ashwin Ramachandran, Joey Santoro



 2021 by Campbell R. Harvey, Ashwin Ramachandran, and Joey Santoro.

All Rights Reserved. This translation published under license with the original publisher John Wiley & Sons, Inc. via Igor Korzhenevskiy of Alexander Korzhenevski Agency



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      ,    ,    ,            .        ,           [9 - Alan White, David Grabers Debt: The First 5000 Years, Credit Slips: ADiscussion on Credit, Finance, and Bankruptcy, June 18, 2020, https://www.creditslips.org/creditslips/2020/06/david-graebers-debt-the-first-5000-years.html.].

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.2.1.  Western Union,  1873

: Western Union Holdings, Inc.



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notes








1


. Alan White, David Grabers Debt: The First 5000 Years, Credit Slips, June 18, 2020, https://www.creditslips.org/creditslips/2020/06/david-graebers-debt-the-first-5000-years.html.




2


Dean Corbae and Pablo DErasmo, Rising Bank Concentration, Staff Paper #594, Federal Reserve Bank of Minneapolis, March 2020, https://doi.org/10.21034/sr.594.




3


             ,                (, , ,  ,   FATF,    砫  FATF).   . . .,    .




4


    ,    .          .   BRICS                : ,        .




5


Plaid, http://plaid.com.




6


FDIC, Federal Deposit Insurance Corporation     .




7


              .      ,   -  .




8


R.Chetty, N. Hendren, P. Kline, and E. Saez, Where Is the Land of Opportunity? The Geography of Intergenerational Mobility in the United States, Quarterly Journal of Economics 129, no. 4 (2014): 15531623; Amber Narayan et al., Fair Progress?: Economic Mobility Across Generations Around the World, Equity and Development, Washington, DC: World Bank, 2018.




9


Alan White, David Grabers Debt: The First 5000 Years, Credit Slips: ADiscussion on Credit, Finance, and Bankruptcy, June 18, 2020, https://www.creditslips.org/creditslips/2020/06/david-graebers-debt-the-first-5000-years.html.




10


      .    ,      .        0,4%   23%.




11


 -    .           1990-,      ,      .




12


 . .  Euromoney. 2001. Forex Goes into Future Shock. (October), https://faculty.fuqua.duke.edu/~charvey/Media/2001/EuromoneyOct01.pdf.




13


 PayPal,  1998   Confinity,         X.com 2000.




14


   Cash App, Braintree, Venmo Robinhood.




15


C. R. Harvey, The History of Digital Money, 2020, https://faculty.fuqua.duke.edu/~charvey/Teaching/697_2020/Public_Presentations_697/History_of_Digital_Money_2020_697.pdf.




16


Satoshi Nakamoto, Bitcoin: APeer-to-Peer Electronic Cash System, 2008.




17


Stuart Haber and W. Scott Stornetta, How to Time-Stamp aDigital Document, Journal of Cryptology, 3, no. 2 (1991), https://dl.acm.org/doi/10.1007/BF00196791.




18


Adam Back, Hashcash ADenial of Service Counter-Measure, August 1, 2002, http://www.hashcash.org/papers/hashcash.pdf.




19


Paul Jones and Lorenzo Giorgianni, Market Outlook: Macro Perspective, Jameson Lopp, n. d., https://www.lopp.net/pdf/BVIMacro-Outlook.pdf.




20


C. Erb and C. R. Harvey, The Golden Dilemma, Financial Analysts Journal, 69, no. 4 (2013): 1042, ,            .




21


  , , ,   ,         .              - ,            ,              .


