Banking, accounting, technology: The evolution of financial markets has shown that theory and technology – the two being often inseparable – have fundamentally transformed modern finance. However, the task of integrating these theoretical and technological developments into the analysis of modern money is still ahead of us. What role did pricing and risk management models and technologies play in the evolution of the shadow banking system? How has the evolution of accounting impacted the capacity of different actors to acquire and control assets? Can a case be made that financial technology has ‘disrupted’ the social contract (if there ever was one) underpinning the finance franchise of the pre-digital era?
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