Interoperability: current state and future prospects
summary
Argues that full interoperability accelerates both value and risk, using the 1997 Asian financial crisis and 2008 systemic collapse as concrete examples where faster flows caused widespread failure; claims linking led to contagion and that jurisdictions with capital controls fared better; recommends widening who designs systems—bring philosophers, economists and regulators as a built-in devil's advocate—and models two steps ahead to avoid “oops” unintended consequences.
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chapters (4)
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