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Based on manuscripts from the once inaccessible former Jesuit library of Zikawei in Shanghai, this book breaks new ground in focusing on the generation that followed Matteo Ricci and other luminaries of the early China mission. Unusual in its coverage of both Jesuits and their Chinese literati converts, The Forgotten Christians of Hangzhou traces the development of the Christian presence in seventeenth century Hangzhou through the work of Jesuit fathers Martino Martini and Prospero Intorcetta, and Confucian scholar Zhang Xingyao, whose struggle to demonstrate the compatibility of Neo-Confucianism with the "Lord of Heaven Teaching from the Far West" forms the focus of D. E. Mungello's penetra...
To explore risks associated with digital money, this Fintech Note simulates the hypothetical large-scale adoption of crypto assets in a model of a small open economy. The model highlights that a foreign-currency denominated stablecoin can amplify currency substitution and capital outflows in response to negative shocks. Monetary policy transmission is also weakened, forcing the central bank to adjust interest rates more aggressively in response to shocks. Capital flow management measures—if they do not constrain crypto flows—further incentivize households to hold foreign stablecoins for circumvention purposes, exacerbating the negative effects of crypto adoption on the macroeconomy. This underscores that widespread crypto adoption can weaken policymakers’ available options for mitigating external shocks and potentially increase cross-country spillovers.
This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals. While much innovation in recent years has more narrowly targeted end-user frictions, the vision in this paper is based on the mandate of the IMF, governed by the central banks and finance ministries of 190 member countries. Cross-border payments present the foundation for the global financial system, and its functioning is overseen by the IMF.
The first text to take a systems engineering approach to artificial intelligence (AI), from architecture principles to the development and deployment of AI capabilities. Most books on artificial intelligence (AI) focus on a single functional building block, such as machine learning or human-machine teaming. Artificial Intelligence takes a more holistic approach, addressing AI from the view of systems engineering. The book centers on the people-process-technology triad that is critical to successful development of AI products and services. Development starts with an AI design, based on the AI system architecture, and culminates with successful deployment of the AI capabilities. Directed towar...
Cross-border payments are expensive, slow, and opaque. These problems reflect multiple frictions, many of which boil down to limited trust among counterparties. Trust plays a central role in exchanging credit-based money. End users need to trust the issuers of money, and issuers must trust users to satisfy financial integrity requirements. Transactions are possible only where trust links exist. Interoperability between different forms of money can thus be conceptualized as the network of trusted links necessary for transactions. Traditionally, across borders, trust links involve exclusive bilateral credit relationships among correspondent banks. However, the fixed costs required to build these links foster an expensive and concentrated system. This paper interprets different payment arrangements in terms of the implied trust structures. It discusses how the tokenization of money alters trust links and allows for a potentially more efficient market structure to exchange money. The paper ends with a suggested global marketplace to trade tokenized money directly across borders.
This working paper inaugurates the "Technology Fundamentals for Digital Finance" series, concentrating on the technical aspects of financial Digital Assets. The series aims to facilitate the use of a clear terminology in a nascent platform-oriented paradigm of financial infrastructures, by laying the groundwork for technical discussions on digital asset standards. The paper introduces a conceptual model named ASAP (Access, Service, Asset, Platform) for Digital Asset Platforms (DAP), leveraging insights from IT industry practices and experiments by central banks. The ASAP model is illustrated through examples and use cases of tokenized assets, to demonstrate the possible usage and merits of modeling Digital Asset Platforms with four layers. Just as the utilization of a seven-layer model (often refered to as TCP/IP) has been fundamental to the interoperability of the internet, it is anticipated that the four-layer ASAP model for Digital Asset Platforms will similarly promote cross-platform interoperability, including across various jurisdictions, paving the way for a more cohesive digital asset ecosystem.
An economic analysis of what distributed ledgers can do, examining key components and discussing applications in both developed and emerging market economies. Distributed ledger technology (DLT) has the potential to transform economic organization and financial structures. In this book, Robert Townsend steps back from the hype and controversy surrounding DLT (and the related, but not synonymous, innovations of blockchain and Bitcoin) to offer an economic analysis of what distributed ledgers can do and a blueprint for the optimal design and regulation of financial systems. Townsend examines the key components of distributed ledgers, discussing, evaluating, and illustrating each in the context...
This book constitutes the refereed proceedings of the Second International Conference on Theory and Practice of Digital Libraries, TPDL 2012 - the successor of the ECDL (European Conference on Research and Advanced Technology for Digital Libraries) - held in Paphos, Cyprus, in September 2012. The 23 full papers, 19 short papers, 15 posters and 8 demonstrations presented in this volume were carefully reviewed and selected from 139 submissions. The papers are organized in topical sections on user behavior, mobiles and place, heritage and sustainability, preservation, linked data, analysing and enriching documents, content and metadata quality, folksonomy and ontology, information retrieval, organising collections, as well as extracting and indexing.
This book presents the most interesting talks given at ISSE 2013 – the forum for the inter-disciplinary discussion of how to adequately secure electronic business processes. The topics include: - Cloud Security, Trust Services, eId & Access Management - Human Factors, Awareness & Privacy, Regulations and Policies - Security Management - Cyber Security, Cybercrime, Critical Infrastructures - Mobile Security & Applications Adequate information security is one of the basic requirements of all electronic business processes. It is crucial for effective solutions that the possibilities offered by security technology can be integrated with the commercial requirements of the applications. The reader may expect state-of-the-art: best papers of the Conference ISSE 2013.