This paper focuses on how technology might reshape payments going forward. It considers the policy issues and choices associated with crypto-currencies, stablecoins and sovereign digital currencies and emphasises that there is no single model for sovereign digital currency design.While Bitcoin...

In recent years much attention has been given to systemic risk and maintaining financial stability. Much of the focus, rightly, has been on market failures and the role of regulation in addressing them. This article looks at the role of domestic policies and government actions as sources of...

In August 2017, the Australian Prudential Regulation Authority (APRA) launched a public consultation concerning a new licensing regime for authorised deposit-taking institutions (ADI). This article argues that the new Restricted ADI licences proposed by APRA should, if implemented, serve to...

This article develops a framework for understanding and addressing the increasing role of artificial intelligence (‘AI’) in finance. It focuses on human responsibility as central to addressing the AI ‘black box’ problem — that is, the risk of an AI producing undesirable results that...

We argue that sustainable balanced development is preconditioned on financial inclusion, and that FinTech is the key driver for financial inclusion. In turn, the full potential of FinTech to support the Sustainable Development Goals will only be realized with a progressive approach to developing...

The secondary market in the debt of less developed countries, now known as the ‘emerging markets', has been newsworthy throughout the 1990s because of its explosive growth and the profitability of some investments in these markets. However, few appreciate how the strategy of repeated...

In the past thirty years portfolio capital flows have come to prominence, far eclipsing trade flows in volume and significance. In particular, transnational capital flows came to prominence in our region as one of the contributing factors to the Asian economic crisis that commenced in 1997....

A financial transactions tax is a tiny tax on wholesale capital market transactions. Civil society has long advocated for it on social justice grounds. This so-called Robin Hood Tax would take from the rich and give to the poor. Revenue estimates for a global FTT of 0.05% are in the order of US...