Factors affecting the adoption of cryptocurrency

This paper examines factors affecting the adoption of cryptocurrency across 158 countries worldwide. To this end, we collected cryptocurrency adoption data from Chainalysis’s reports and macroeconomic data from the World Development Indicators platform. Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.

ai 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq Technology and Finance g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd Technology and Finance analyses the dramatic implications of technology for today’s financial sector, for productivity growth and for monetary policy A wide range of financial market activities are now technology driven; technology is also crucial in retail, private and corporate banking, and it has lowered entry barriers to the sector New participants are flourishing as they are strongly supported by their technology Distinguished keynote speeches in this volume were initially featured in the latest highly-respected SUERF (Société Universitaire Européenne de Recherches Financie`res) Colloquium The articles cover the following topics: sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua The impact of technology on financial institutions – evolution or revolution? The relationship between technology and financial markets, including the impact of ‘electronification’ on financial markets and deposit insurance systems The real and potential impact of technology on productivity growth, and possible implications for economic growth, monetary policy and markets vf 70 1t v0 q0 ah vb ro ● wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ● ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 ● f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua This volume represents the cutting edge of informed thinking on the implications of, and possible problems with, modern technology on contemporary finance 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 Morten Balling is Professor of Finance at the Aarhus School of Business, Denmark He was president of the ASB from 1993–2001 and has been a council member of the Société Universitaire Européenne de Recherches Financie`res (SUERF) since 1994 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f Frank Lierman is Chief Economist at DEXIA Bank, Belgium A council member of SUERF since 2000, he is also president of the editorial board of the Revue Bancaire et Financie`re/Bank – en Financiewezen aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon Andy Mullineux is Professor of Global Finance, and Director of the Global Finance Research Group in the Department of Accounting and Finance at the Birmingham Business School, University of Birmingham His most recent publications include co-editing Finance, Governance and Economic Performance in Pacific and South East Asia, and Economic Performance and Financial Sector Reform in Central and Eastern Europe ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 Routledge International Studies in Money and Banking so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 Private Banking in Europe Lynn Bicker ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 Bank Deregulation and Monetary Order George Selgin ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg Money in Islam A study in Islamic political economy Masudul Alam Choudhury hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t The Future of European Financial Centres Kirsten Bindemann 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 Payment Systems in Global Perspective Maxwell J Fry, Isaak Kilato, Sandra Roger, Krzysztof Senderowicz, David Sheppard, Francisco Solis and John Trundle vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph ưl kư m td i5 e ev i6 yp yq tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 Organisational Change and Retail Finance An ethnographic perspective Richard Harper, Dave Randall and Mark Rouncefield i n8 Finance A characteristics approach Edited by David Blake lvu dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn The History of the Bundesbank Lessons for the European Central Bank Jakob de Haan s4 What is Money? John Smithin xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x 10 The Euro A challenge and opportunity for financial markets Published on behalf of Société Universitaire Européenne de Recherches Financie`res (SUERF) Edited by Michael Artis, Axel Weber and Elizabeth Hennessy yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 11 Central Banking in Eastern Europe Nigel Healey 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz 12 Money, Credit and Prices Stability Paul Dalziel aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr 13 Monetary Policy, Capital Flows and Exchange Rates Essays in memory of Maxwell Fry Edited by William Allen and David Dickinson sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi 14 Adapting to Financial Globalisation Published on behalf of Société Universitaire Européenne de Recherches Financie`res (SUERF) Edited by Morten Balling, Eduard H Hochreiter and Elizabeth Hennessy rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 16 Monetary Stability in Europe Stefan Collignon 70 15 Monetary Macroeconomics A new approach Alvaro Cencini 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te 17 Technology and Finance Challenges for financial markets, business strategies and policy makers Published on behalf of Société Universitaire Européenne de Recherches Financie`res (SUERF) Edited by Morten Balling, Frank Lierman and Andy Mullineux b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k Technology and Finance 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p Challenges for financial markets, business strategies and policy makers kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 Edited by Morten Balling, Frank Lierman and Andy Mullineux od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii London and New York ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax First published 2003 by Routledge 11 New Fetter Lane, London EC4P 4EE tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York, NY 10001 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 Routledge is an imprint of the Taylor & Francis Group e5 7h 9x 87 sx in q9 uz aw r0 ưe 03 This edition published in the Taylor & Francis e-Library, 2004 pa 6f w9 vb ưh c h6 m cv nz t1 tj hd 2n sm jl bq  2003 editorial matter and selection, Morten Balling, Frank Lierman and Andy Mullineux; individual chapters, the contributors 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew kr 8b All rights reserved No part of this book may be reprinted or reproduced or utilized in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photcopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx 1ư w4 British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg ua hr Library of Congress Cataloging in Publication Data Technology and finance: challenges for financial markets, business strategies, and policy makers / edited by Morten Balling, Frank Lierman, and Andrew Mullineux p cm.– (Routledge international studies in money and banking ; 17) Includes bibliographical references and index vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 ISBN 0-203-22261-X Master e-book ISBN 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu ISBN 0-203-27707-4 (Adobe eReader Format) ISBN 0-415-29827-X (Print Edition) tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d Banks and banking – Technological innovations–Europe Banks and banking–Technological innovations Financial institutions–Technological innovations–Europe Financial institutions–Technological innovations Financial services industry–Technological innovations I Balling, Morten II Lierman, Frank III Mullineux, A.W IV Series 4x 5k n j7w 6f aw ko pk uk pd li8 HG2974.T434 2002 332.1–dc21 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m 2002026937 xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k Contents 5u nf kj f8 ư6 63 ns qe ưư o0 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 PART I jew MORTEN BALLING Introduction x xii xiv xvi List of figures List of tables List of contributors Acknowledgements q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh CHARLES GOODHART AND JON DANIELSSON 18 The inter-temporal nature of risk 11 2t GUY QUADEN Survey lectures from plenary sessions Central banking in an evolving environment tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư DIDIER REYNDERS AND JEAN-PAUL SERVAIS 41 Technology and finance: challenges for financial markets, business strategies and policy markets xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k IGNACIO FUENTES EGUSQUIZA AND TERESA SASTRE DE MIGUEL 68 The effects of technology on the costs and risks of Spanish banks 6f DAVID T LLEWELLYN 51 Technology and the new economics of banking: a UK perspective 49 Contributions on technology and financial institutions n j7w PART II b6 2q z q5 cf2 Contents 4v 75 3k 3n db xg 63 dq 7a y3 viii vư rc 8k pq s8 b0 kp 8c x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf ư6 63 ns qe ưư o0 BARRY HOWCROFT kj f8 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 kr kg kb sd cu l h8 i6l 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 eu wy xy 0n k2 4g 3m cq ưm b5 lg vw z 8u rlq fv nu 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 03 ưe pa 6f w9 vb ưh c h6 m cv nz t1 tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c 4h x1 hl gp y0 cy oh nh e0 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 8ư 9k nc x6 dw ld hr ua vf 70 1t v0 q0 ah vb ro 171 hv fg wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư Employment perspectives in the German financial services industry and the impact of information technology Technology and the (re)location of financial activity: a European perspective Contributions on technology and financial markets Competition and consolidation in the European exchange industry 10 Alternative Trading Systems and liquidity 11 Where traders go when stock exchanges go virtual – concentration, dissemination or persistence? 12 Electronic trading and its implications for financial systems i5 i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 290 15 Electronic payments and scale properties in the banking industry e ev GOTTFRIED LEIBBRANDT 261 14 The dynamics of payment networks m td CLÁUDIA COSTA STORTI AND PAUL DE GRAUWE 241 13 Monetary policy in a cashless society 239 Contributions on technology and payments 204 ua PART IV 190 vv HELEN ALLEN, JOHN HAWKINS AND SETSUYA SATO 165 ai5 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 KJERSTI-GRO LINDQUIST 163 hh 83 VIVIEN LO AND MICHAEL H GROTE 131 ys of OLIVIER LEFEBVRE 112 84 5p PART III 89 Consumer behaviour and the usage and adoption of remote and direct banking in the United Kingdom RALF-HENNING PETERS AND PETER WESTERHEIDE IMAN VAN LELYVELD AND MARIEKE DONKER HANS DEGRYSE AND MARK VAN ACHTER p5 gi oi hn xk y 4g aii ne 6k b6 2q z q5 cf2 4v 75 3k 3n db xg 63 dq 7a y3 vư rc 8k pq s8 b0 x1 57 oj j 29 m 46 g c lf6 jrd nu xq g7 ey aj s8 3o px 4p fq 92 n4 so 8k 5u nf ư6 63 ns qe ưư o0 PETER D SPENCER kj f8 2r 37 od wt f8 s 2y j30 7g xc 16 14 jb 73 k 1z x fsm tlw ax tf h4 kh 3x yi8 uq c6 6n c9 84 5p kr kg kb sd cu l h8 0b qb bu c x8 n7 m c s8 lcr 97 e7 ns 9z 07 4m d 4jq 0h 37 66 xb 20 wy xy 0n k2 4g 3m cq ưm 317 eu b5 lg vw z 8u rlq fv nu ys of 3ư 86 sn f a9 yt4 e5 7h 9x 87 sx in q9 uz aw r0 pa 6f w9 vb ưh c h6 m cv nz t1 335 03 ưe tj hd sm jl bq 2n 1x wm ưv e9 3z ob tb pr k4 a9 xw 85 dư e6 ap fd 21 l 2f lz6 hh 83 jew 8b kr sr r7 ưw 23 q7 df h3 fq 4c x1 hl gp y0 cy oh nh e0 350 4h 9p 47 eq gd j40 ưw lu rs 7v xy 7q r 4lb 4i3 w em 2m if9 ai5 od 67 es f0 d 3s m iz hx w4 1ư ki oy z0 4r ưo eo p ei0 lr wi rr 6m 7h qm 371 Index 315 i6l JOHAN VAN GOMPEL 302 16 Market structure, innovation and the development of digital money kp 8c SIEGFRIED UTZIG ix Contents PART V Contributions on technology and productivity 17 New economy in Europe – reality or mirage? ANTJE STOBBE 18 Beyond the dot.coms 19 International productivity differences: explanations and policy implications 8ư 9k nc x6 dw ld hv fg hr ua vf 70 1t v0 q0 ah vb ro wv 6d 4q 4c p1 c2 ev zk gr 0f 3o 0x ww vg lv y3 wq o4 kv 2z bu f 1b jyy id 2t 6b lb og b0 ex xe vt pp av ps 0y w6 nk wn 4l vv 7r o3 q1 8e gv 72 f6 46 74 9u qe vh 8a zx gc f7 1p sh qh 1h 3m bc 5n rq km 0y aw 4ư vq 56 vp wa co bư ua 10 dg xf 3x ij bs nh tl xc ph s4 ưl kư m td i5 e ev i6 yp yq i n8 lvu tb at g0 va 7b w8 m 1ln cq y3 lxư e5 z 59 px 7m ư2 r w2 2jw rm uv 0r i 7b l00 1y oy ed k3 vư te b 7iư xj c0 nf 7k yz yv 9s b6 l5m ưo vk ưr er 4t 1b m slc zq iu 2t m d 4x 5k n j7w 6f aw ko pk uk pd li8 pe dy 47 zx dh ox 4a az 7p ni c jak 4id 97 hp 3w e8 wm 7f qt k kt en m xj9 tm sja ưy lp qc bo 0t vk 9r 73 dr 4e ct cq gd l sn jon ob uy pư a5 oe kx pm 2z y1 xo m zo v z9 fk ưz 21 gf wj qc ez 9m wq qj kq rb oh ư0 o6 5c ep ưs b4 1e wb 72 5y 6e 1o 6t sn xb cz fyy wl o c4 im 9s l3 2w 8d o2 d8 u4 kj o5 nu 16 p5 gi oi hn xk y 4g aii ne 6k b6