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About this book

This book is a collection of academic lectures given on fintech, a topic that has been written about extensively but only from a business or technological point of view. In contrast to other publications on the subject, this book shows the reader how fintech should be understood in relation to economics, financial theory, policy, and law. It provides introductory explanations on fintech-related concepts and instruments such as blockchains, crypto assets, machine learning, high-frequency trading, and AI. The collected lectures also point to surrounding issues including start-ups, monetary policy, asset management, cyber and other security, and stability of financial systems.

The authors include professors, a former central bank official, current officials at Japan’s Financial Services Authority, a lawyer, the former dean of the Asian Development Bank Institute, and private sector professionals at the frontline of fintech. The book is most suitable for those both within and outside of academia who are beginning to learn about fintech and wish to successfully take part in the revolution that is certain to have wide-ranging effects on our economy and society.

Table of Contents

Frontmatter

Chapter 1. An Overview of Fintech

Abstract
The word “fintech” was first used in the 1980s as an abbreviation of “financial technology.”
Sahoko Kaji

Chapter 2. Understanding Fintech from a Macroeconomic Perspective

Abstract
If students of economics or finance want to work in financial technology (fintech), they must first acquire at least a basic understanding of statistics and econometrics.
Naoyuki Yoshino

Chapter 3. Crypto Assets (Cryptocurrencies) and Central Bank Digital Currencies

Abstract
Bitcoins, which drew attention worldwide after their price soared in 2017, began to be seen as a high-risk investment after crashing in 2018.
Naoyuki Iwashita

Chapter 4. Consumer Behavior and Financial Marketing

Abstract
Marketing entails gaining an understanding of consumer behavior and leveraging that understanding to establish means of making consumers want to use your products or services.
Tomohiro Senda, Miwa Takemura

Chapter 5. The Impact of Fintech on Existing Financial Institutions

Abstract
Fintech is a colloquial term created by joining together the words “finance” and “technology.”
Kazuhiko Tajimi

Chapter 6. Fintech Entrepreneurship

Abstract
As Joseph Schumpeter pointed out, capitalism is a system that inherently leads to the creation of large bureaucratic organizations that impede innovation, resulting in a gradual rise in debt and unemployment.
Masahiro Fukuhara

Chapter 7. Fintech’s Impact on International Capital Markets

Abstract
The fintech industry began to develop amid investment into U.S.-based startups at an astonishing rate starting around 2010, and, influenced by overseas trends, the word “fintech” began to gain popularity in Japan from around 2015.
Spyridon Mentzas

Chapter 8. Architecture and Legislation Brought by Cryptoassets

Abstract
In cyberspace, an architecture (to be described later) composed of program codes (hereinafter “codes” refers to program codes) is increasingly disciplining people by circumventing laws and contracts.
Masakazu Masujima

Chapter 9. Fintech: Toward a New Era of Finance

Abstract
In several years, we often see the term “FinTech” in major economic newspapers and magazines, and it is now widely conceived to the general public at large.
Jumpei Miwa, Yusaku Matsui

Chapter 10. Blockchain Basics

Abstract
Blockchains and cryptocurrencies are often discussed in the same context, partly because they were developed together.
Masahiro Fukuhara, Sahoko Kaji

Chapter 11. Machine Learning Principles and Applications

Without Abstract
Teruo Nakatsuma

Chapter 12. The Mechanism of HFT and Its Merits and Demerits—The Information Efficiency Challenge

Without Abstract
Teruo Nakatsuma

Chapter 13. Asset Management and Robo-Advisors

Without Abstract
Teruo Nakatsuma

Chapter 14. New Risks from Fintech (1) Cyber Security

Without Abstract
Yuta Miyauchi

Chapter 15. New Risks from Fintech (2) Financial System Destabilization

Without Abstract
Kazuhito Ikeo
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