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5 - COVID-19, Digital Finance, and Existential Sustainability Crises

from Part I - Digital Transformation of Finance and Regulation

Published online by Cambridge University Press:  09 November 2023

Ross P. Buckley ,
Douglas W. Arner  and
Dirk A. Zetzsche
Ross P. Buckley
Affiliation:
University of New South Wales, Sydney
Douglas W. Arner
Affiliation:
The University of Hong Kong
Dirk A. Zetzsche
Affiliation:
Université du Luxembourg
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Summary

This chapter examines how the digital financial infrastructure that emerged in the wake of the 2008 GFC assisted to address the financial, economic, and health challenges presented by the COVID-19 pandemic. While the 2008 Crisis was a financial crisis that impacted the real economy, COVID-19 was a health and geopolitical crisis that impacted the real economy. In fact, during COVID-19 the financial system turned from problem child to crisis manager, having provided effective tools to support the crisis response. Notwithstanding the former, digital finance has also created new forms of risk (TechRisk).

Keywords

crisisfinancial crisis2008 financial crisisCOVIDpandemicsustainable developmentsustainability crisis
Type
Chapter
Information
FinTech
Finance, Technology and Regulation
 , pp. 58 - 72
Publisher: Cambridge University Press
Print publication year: 2023

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