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(2019)
Information for Subscribers Journal of Applied Corporate Finance is published in four issues per year. Institutional subscription prices for 2019 are: Print & Online: US$803 (US)
The initial enthusiasm for implementing blockchain in financial markets has been dampened considerably by its collision with economic realities. Though the author warns against avoiding the Panglossian trap of viewing ours as the best of all possible worlds, he reminds us that trusted institutions have evolved and emerged in a competitive environment as a means of economizing on transaction costs. Such costs arise from the nature of transactions, including crucially the information environment in which they take place. Though new technologies such as blockchain have the potential to reduce some of these costs, they often do so without fundamentally changing the underlying economic conditions that give rise to them. And as a result, institutions such as banks and exchanges that technologists scoff at may well prove surprisingly competitive and durable in the face of technological challengers.
Journal of Applied Corporate Finance – Wiley
Published: Dec 1, 2019
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