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The Crypto Market Ecosystem has emerged as the most profound application of blockchain technology in finance. This textbook adopts an integrated approach, linking traditional functions of the current financial system (payments, traded assets, fundraising, regulation) with the respective functions in the crypto market, in order to facilitate the reader in their understanding of how this new ecosystem works. The book walks the reader through the main features of the blockchain technology, the definitions, classifications, and distinct characteristics of cryptocurrencies and tokens, how these are evaluated, how funds are raised in the cryptocurrency ecosystem (ICOs), and what the main regulatory approaches are. The authors have compiled more than 100 sources from different sub-fields of economics, finance, and regulation to create a coherent textbook that provides the reader with a clear and easily understandable picture of the new world of encrypted finance and its applications. The book is primarily aimed at business and finance students, who already have an understanding of the basic principles of how the financial system works, but also targets a more general readership, by virtue of its broader scope and engaging and accessible tone.

The effects of financial system on economic growth rate are identified. To do this in an endogenous stochastic growth model with two types of financial systems, efficient and inefficient ones, the effects on growth are studied. This investigation shows that financial inefficiency has a negative impact on growth. A financial regulation through a capital yield tax corrects negative impacts on growth; furthermore, the necessary conditions for growing under this scenario are characterized. An empirical study is carried out in order to verify the relationship between economic growth and financial regulations. Mediante un modelo de crecimiento endógeno estocástico se analiza el impacto del sistema financiero, bajo escenarios de eficiencia e ineficiencia del mismo, sobre la tasa de crecimiento. Se muestra que las ineficiencias del sistema financiero tienen un impacto negativo sobre el crecimiento económico, lo cual es corregido mediante la regulación financiera a través de un impuesto al rendimiento del capital. Asimismo, un análisis empírico corrobora los resultados teóricos correspondientes.

El efecto Día-de-la-Semana (EDdlS) se refiere a desviaciones consistentes de los precios de activos financieros en algunos días específicos de la semana. Su presencia indica una utilización ineficiente de la información por parte del mercado. En este trabajo investigamos la presencia y evolución del EDdlS en Colombia, empleando estimación bayesiana eficiente y datos del indicador COLCAP desde 2008 a 2024. De esta manera actualizamos los datos y la metodología con respecto a trabajos anteriores. Encontramos un EDdlS los días miércoles, en los cuales los retornos promedio se muestran en general significativamente mayores que en los demás días. Éste efecto, si bien es persistente, no es consistente en el tiempo. Esta evidencia se suma a la de una larga lista de autores que no sustenta la hipótesis de mercados eficientes.

This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone.

The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.

Objective of the study: This article aims to understand how a public bank responds to technological changes in the financial market. Methodology / Approach: A qualitative methodology was used in a single case study involving the Sergipe State Bank, with data collection through interviews with innovation management directors and analysis of reports from the bank and the Brazilian Federation of Banks. Originality / Relevance: Digitalization, widely adopted in the financial market, accentuates the distinction between fintechs and traditional banks, highlighting technological innovation as a fundamental element. Based on this, this paper has the originality of studying financial innovation, more specifically the technological type, from the perspective of public banks, which has been little explored in the field of innovation studies. Regarding the relevance of the work, a socioeconomic interest is generated as public banks stand out, which, among traditional institutions, act with a social bias. Main results: It was observed that most of the innovations promoted by Banese aim to gain operational efficiency and improve service. Theoretical / methodological contributions: It is considered that a public bank rarely innovates in a disruptive way, and does not necessarily replicate what is trending in the market, as it prioritizes what is interesting to its consumer public and its strategic mission. Social / management contributions: The use of data related to innovation in research helps governments understand socioeconomic changes, in addition to monitoring and evaluating the effectiveness and efficiency of their policies (OCDE, 2018).

Este artículo presenta un análisis de la integración bursátil en Latinoamérica, con un enfoque en Chile, Perú y Colombia. El objetivo principal es determinar la existencia de la integración bursátil entre ellos. Para ello, se ha probado la existencia de vectores de cointegración en los índices bursátiles y de propagación de varianza entre estos países, con un modelo VEC para modelar la ecuación de medida de los retornos y un modelo DCC-GARCH para capturar la dinámica de correlaciones entre los mercados y analizar la propagación del riesgo entre las regiones. Los resultados indican que, los mercados bursátiles latinoamericanos no presentan una tendencia de crecimiento común, esto revela diferencias fundamentales entre ellos que obstaculizan el proceso de integración. Siendo que, Chile y Perú mantienen rendimientos competitivos tanto a nivel internacional como regional, compartiendo ciertas características estadísticas; y en contraste, Colombia ha ido perdiendo su competitividad regional y está obteniendo resultados inferiores.

This book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial systems. The book defines global governance of financial systems to involve three main principles: effectiveness in devising efficient regulatory standards and rules; accountability in decision-making structure and chain of command; and legitimacy, meaning that those subject to international regulatory standards have participated in some meaningful way in their development.

Uno de los elementos constitutivos del actual proceso turistificador que se da en Medellín es un activo mercado de inmuebles de rentas cortas, que ha ampliado las esferas de la reproducción de capitales financiero-inmobiliarios. Esa irrupción, rápida en términos temporales y extensiva espacialmente, se ha dado bajo dos modalidades: la conversión de inmuebles del parque habitacional en residencias turísticas y el desarrollo de nuevos productos inmobiliarios ah hoc. Así, el objetivo del artículo es indagar qué tan centralizada está la propiedad o gestión de viviendas transformadas en activos transados en la plataforma Airbnb -sobre todo del primer tipo- y cómo se distribuyen espacialmente en el territorio medellinense. A partir de la identificación de la cantidad y tipo de inmuebles asociados a los ‘hosts’ se identificaron diferentes agentes, sus posiciones en el mercado y la disposición espacial de sus activos. Se evidencia que, a diferencia del imaginario de un mercado descentralizado, se presentan tendencias monopólicas que sugieren que buena parte del stock de Airbnb corresponde a carteras de inversión con una planificación espacial selectiva en la localización de sus activos, con un gran impacto concreto y potencial en la geografía social de la ciudad. One of the constituent elements of the current touristification process in Medellín is an active short-term rental property market, which has expanded the spheres of reproduction of financial and real estate capital. This emergence, rapid in time and extensive in space, has occurred in two forms: the conversion of existing housing stock into tourist residences and the development of new ad hoc real estate products. Thus, the objective of this article is to investigate how centralized the ownership or management of homes transformed into assets traded on the Airbnb platform is—particularly the former—and how they are spatially distributed throughout Medellín. By identifying the number and type of properties associated with hosts, different agents, their market positions, and the spatial arrangement of their assets were identified. It is evident that, contrary to the imaginary of a decentralized market, monopolistic tendencies are present, suggesting that a large part of Airbnb's stock corresponds to investment portfolios with selective spatial planning in the location of its assets, with a significant concrete and potential impact on the city's social geography.  L'un des éléments constitutifs du processus actuel de touristification à Medellín est un marché immobilier locatif actif à court terme, qui a élargi les sphères de reproduction du capital financier et immobilier. Cette émergence, rapide dans le temps et étendue dans l'espace, s'est manifestée sous deux formes : la conversion du parc immobilier existant en résidences touristiques et le développement de nouveaux produits immobiliers ad hoc. Cet article vise donc à analyser le degré de centralisation de la propriété ou de la gestion des logements transformés en actifs négociés sur la plateforme Airbnb, en particulier dans le premier cas, et leur répartition spatiale à Medellín. En identifiant le nombre et le type de biens immobiliers associés aux hôtes, les différents agents, leur positionnement sur le marché et la répartition spatiale de leurs actifs ont été identifiés. Il apparaît clairement que, contrairement à l'imaginaire d'un marché décentralisé, des tendances monopolistiques sont présentes, suggérant qu'une grande partie du parc immobilier d'Airbnb correspond à des portefeuilles d'investissement avec une planification spatiale sélective de la localisation de ses actifs, avec un impact concret et potentiel significatif sur la géographie sociale de la ville. Um dos elementos constitutivos do atual processo de turistificação em Medellín é um ativo mercado imobiliário de aluguel de curta temporada, que expandiu as esferas de reprodução do capital financeiro e imobiliário. Essa emergência, rápida no tempo e extensa no espaço, ocorreu de duas formas: a conversão do parque habitacional existente em residências turísticas e o desenvolvimento de novos produtos imobiliários ad hoc. Assim, o objetivo deste artigo é investigar o quão centralizada é a propriedade ou a gestão de imóveis transformados em ativos negociados na plataforma Airbnb — em particular a primeira — e como eles se distribuem espacialmente por Medellín. Ao identificar o número e o tipo de imóveis associados aos anfitriões, foram identificados diferentes agentes, suas posições de mercado e a disposição espacial de seus ativos. É evidente que, ao contrário do imaginário de um mercado descentralizado, tendências monopolistas estão presentes, sugerindo que grande parte do estoque do Airbnb corresponde a carteiras de investimentos com planejamento espacial seletivo na localização de seus ativos, com significativo impacto concreto e potencial na geografia social da cidade.