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Fintech y la banca central en la encrucijada

Author

Listed:
  • Pablo Furche

    (Banco Central de Chile)

  • Carlos Madeira

    (Banco Central de Chile)

  • Mario Marcel

    (Banco Central de Chile)

  • Carlos A. Medel

    (Banco Central de Chile)

Abstract

This document outlines part of the recent evolution in FinTech —technologically-enabled innovation in financial services. In particular, it looks at how it can impact the provision of financial services in developing economies and the role of central banks as regulators or backstops for financial stability. A significant part of the population in lower-income countries still lacks access to formal services from financial institutions, and FinTech can fill in these gaps and have a positive impact. Nonetheless, financial innovation can affect the transmission of monetary policy by changing the role of money aggregates and the banking system, and it may pose risks for financial stability. FinTech may also compete with traditional financial providers in areas such as payment systems, trading, custody, asset management, and loan intermediation. Regulations and policy making will need to adapt themselves to overcome the challenges posed by modern technologies, and to ensure that they do not become a bottleneck to possible innovations. a specialized judicial body set up to resolve disputes between private individuals and public bodies arising out of the public tendering process. After reviewing some proposals for optimizing Tribunal-related legislation that have been discussed at working meetings and in evaluations of the current public procurement system, they offer some further solutions that could help to enhance its performance.

Suggested Citation

  • Pablo Furche & Carlos Madeira & Mario Marcel & Carlos A. Medel, 2017. "Fintech y la banca central en la encrucijada," Estudios Públicos, Centro de Estudios Públicos, vol. 0(148), pages 39-78.
    • Handle: RePEc:cpt:journl:v::y:2017:i:148:p:39-78
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    References listed on IDEAS

    as
    1. Ben Fung & Hanna Halaburda, 2016. "Central Bank Digital Currencies: A Framework for Assessing Why and How," Discussion Papers 16-22, Bank of Canada.
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    More about this item

    Keywords

    FinTech; financial inclusion; financial innovation; central bank;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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