Future of Financial Systems in the Digital Age

Markus Heckel is Senior Research Fellow at the German Institute for Japanese Studies (DIJ) since November 2018 and holder of a Ph.D. in economics from the University of Duisburg-Essen. From 2012 to 2018, he worked in the Faculty of Economics and Business Administration at Goethe University Frankfurt. His main research interests include macroeconomics, monetary policy, and the political economy of central banks. His recent publications include Unconventional Monetary Policy Through Open Market Operations: A Principal Component Analysis (co-authored with Kiyohiko G. Nishimura) and Employees Who Do Not Know Their Labour Contract Term and the Implications for Working Conditions: Evidence from Japanese and Spanish Microdata (Japan and the World Economy, 2019, co-authored with Yuji Genda and Ryo Kambayashi). Franz Waldenberger is Director, German Institute for Japanese Studies. He is on leave from Munich University, where he holds a professorship forJapanese Economy. His research focuses on the Japanese economy, corporate governance, and international management. He is Editor in Chief of the international peer-reviewed journal Contemporary Japan. His recent publications include The Digital Transformation. Implications for the Social Sciences and Humanities, DIJ, 2020 (co-edited with Harald Kümmerle), and Governance, Risk, and Financial Impact of Mega Disasters: Lessons from Japan, Springer 2019 (co-edited with Akiko Kamesaka).

• Chapter 1 Financial Systems in the Digital Age: Perspectives from Europe and Japan.- Chapter 2 The Future of Japan’s Financial Market.- Chapter 3 Financial Digitalization and Regulatory Challenges for Japan.- Chapter 4 Digital Currencies and the Future of Money.- Chapter 5 Central Bank Digital Currencies in a World with Negative Nominal Interest Rates.- Chapter 6 The Future of Payments in a DLT-based European Economy: A Roadmap.- Chapter 7 Digitalization of Payment Instruments: Cashless Payments and Loyalty Points Systems.- Chapter 8 The Changing Landscape of Retail Banking and the Future of Digital Banking.- Chapter 9 High-Frequency Trading in Japan: A Unique Evolution.