New Finance: In Search for Analytical Framework

By Jan Monkiewicz Since the beginning of the century, modern financial systems have been experiencing a period of dynamic change. These changes have caused the uniform fabric on which the systems were based for a long time to become eroded and a multitude of alternative solutions to appear in their place. The existing systems are becoming increasingly heterogeneous and increasingly less transparent. In addition to the traditional financial system based on highly regulated financial intermediaries with a legal monopoly,...