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Highlights
- How new technology is rapidly changing the nature of money and the way we pay A diverse and growing range of financial institutions and platforms--from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins--has harnessed new technology to disrupt the system of money and payments as we know it.
- About the Author: Dan Awrey is professor of law at Cornell Law School.
- 304 Pages
- Business + Money Management, Money & Monetary Policy
Description
About the Book
"A diverse and growing range of financial institutions and platforms--from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins--has harnessed new technology to disrupt the system of money and payments as we know it. Beyond Banks explains why this disruption holds out the promise of faster, cheaper, more convenient, and more secure payments, but also how it increasingly risks exposing consumers, businesses, and governments to the problem of bad money. Dan Awrey traces the origins of our current bundled system of banking, money, and payments. He explains why the problem of bad money--the result of antiquated and inadequate laws and regulation that fail to establish credible commitments to hold, transfer, or return a customer's money on demand--requires that policymakers fundamentally rethink their approach toward the design of the laws and institutions at the heart of this system. He presents ways to effectively unbundle banking from money and payments, ensure the credibility of monetary commitments, and promote the stability of this system. Awrey also envisions a more forward-looking role for policymakers in encouraging greater technological experimentation, competition, and innovation in the realm of payments. Beyond Banks sheds critical light on the important but too often dysfunctional relationship among technology, regulation, and money, and lays the foundations for a safer, more nimble, and more inclusive system of money and payments."--Book Synopsis
How new technology is rapidly changing the nature of money and the way we pay
A diverse and growing range of financial institutions and platforms--from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins--has harnessed new technology to disrupt the system of money and payments as we know it. Beyond Banks explains why this disruption holds out the promise of faster, cheaper, more convenient, and more secure payments, but also how it increasingly risks exposing consumers, businesses, and governments to the problem of bad money. Dan Awrey traces the origins of our current bundled system of banking, money, and payments. He explains why the problem of bad money--the result of antiquated and inadequate laws and regulation that fail to establish credible commitments to hold, transfer, or return a customer's money on demand--requires that policymakers fundamentally rethink their approach toward the design of the laws and institutions at the heart of this system. He presents ways to effectively unbundle banking from money and payments, ensure the credibility of monetary commitments, and promote the stability of this system. Awrey also envisions a more forward-looking role for policymakers in encouraging greater technological experimentation, competition, and innovation in the realm of payments. Beyond Banks sheds critical light on the important but too often dysfunctional relationship among technology, regulation, and money, and lays the foundations for a safer, more nimble, and more inclusive system of money and payments.Review Quotes
"This recommended book . . . aptly contributes to the conversation about revising the policies that financial institutions and services must follow."-- "Library Journal"
"Awrey reframes Gresham's Law for the technological age. In its original formulation, Gresham's Law notes that good and bad money cannot circulate together. . . . For now, non-bank consumer money remains a small part of the picture. But as it proliferates, risks will emerge. To stay ahead of them, Dan Awrey's book, Beyond Banks, is worth the read."---Marc Rubinstein, Net Interest
About the Author
Dan Awrey is professor of law at Cornell Law School. He is the coauthor of Principles of Financial Regulation and a founding managing editor of the Journal of Financial Regulation.Dimensions (Overall): 9.3 Inches (H) x 6.4 Inches (W) x 1.2 Inches (D)
Weight: 1.3 Pounds
Suggested Age: 22 Years and Up
Sub-Genre: Money & Monetary Policy
Genre: Business + Money Management
Number of Pages: 304
Publisher: Princeton University Press
Format: Hardcover
Author: Dan Awrey
Language: English
Street Date: October 22, 2024
TCIN: 91497742
UPC: 9780691245423
Item Number (DPCI): 247-23-6135
Origin: Made in the USA or Imported
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Shipping details
Estimated ship dimensions: 1.2 inches length x 6.4 inches width x 9.3 inches height
Estimated ship weight: 1.3 pounds
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