• Jonathan McMillan

    Jonathan McMillan is a pseudonym. Behind it stand two authors, both experienced in the world of economics and finance. One author works for a large global bank and needs to stay anonymous. The other author is Jürg Müller, who has first chosen an academic path and now works as an economics editor at Neue Zürcher Zeitung. Disappointed by how their peers in banking and academia dealt with the financial crisis, they decided to set forth on a writing “The End of Banking”.

The rise of shadow banking: money in the digital age

The End of Banking explains why a financial system without banking is both desirable and possible in the digital age.

  • The first part of the book presents the functions and the mechanics of traditional banking. It discusses how a delicate balance of government guarantees and banking regulation kept the flaws of banking under control in the industrial age.
  • The second part explains how the digital revolution unsettled this balance. The rise of shadow banking is explained, and it is shown how an unsustainable boom in the shadow banking sector led to a banking panic: the financial crisis of 2007-08.
  • The third part shows that the digital revolution has played a dual role. Information technology not only undermined the effectiveness of current banking regulation, but it also rendered banking redundant. An innovative blueprint for a modern financial system is presented and the implications of the end of banking are discussed.

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