Smart Money: How High-Stakes Financial Innovation Is Reshaping Our WorldÑFor the Better
by Andrew Palmer · 13 Apr 2015 · 280pp · 79,029 words
e-mail special.markets@perseusbooks.com. Designed by Cynthia Young Library of Congress Cataloging-in-Publication Data Palmer, Andrew, 1970– Smart money : how high-stakes financial innovation is reshaping our world-for the better / Andrew Palmer. pages cm Includes bibliographical references and index. ISBN 978-0-465-06472-4 (hardback) — ISBN 978
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institution, simple and complex.2 The second misconception concerns the benefits of financial creativity. Few areas of human activity now have a worse image than “financial innovation.” The financial crisis of 2007–2008 brought a host of arcane financial processes and products to wider attention. Paul Volcker, one former chairman of the
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Federal Reserve whose postcrisis reputation remains intact, has implied that no financial innovation of the past twenty-five years matches up to the automatic teller machine in terms of usefulness. Paul Krugman, a Nobel Prize–winning economist-cum
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a financial basis.”4 This book is divided into two parts. The first is designed to give the reader a broader framework for thinking about financial innovation than just the 2007–2008 crisis and its aftermath. The natural response to the idea of financial ingenuity is to say, “No, thanks.” But as
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financial breakthroughs. The invention of money, the use of derivative contracts, and the creation of stock exchanges were smart responses to fundamental, real-world problems. Financial innovation helped foster trade, smooth risks, create companies, and build infrastructure. The modern world needed finance to come into being. Without question, the industry did a
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they can say is: ‘But you could be charging more. Why don’t you?’” If the first part of the book makes you doubt that financial innovation is all bad, the second should convince you of its capacity to do good. Despite the crisis—and in some cases because of it—finance
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. PART I: LESSONS BADLY LEARNED 1. Handmaid to History Financial Sector Thinks It’s About Ready to Ruin World Again —The Onion The history of financial innovation is also the story of human advance. The early forms of finance met some very basic needs—trade, safekeeping, credit. As societies and technologies have
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outcome. Large numbers reduce the odds of an unusual average outcome. Example of a Galton Board. Source: Marcin Floryan In thinking about the course of financial innovation, mathematical insights like the law of large numbers have a large part to play. This particular idea was formalized by Jacob Bernoulli, a Swiss mathematician
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-ownership rate among US households rose from 43.6 percent in 1940 to 64 percent in 1980.23 *** THIS RAPID TOUR THROUGH the history of financial innovation has one last stop: the age of derivatives. Derivatives are financial instruments whose value is derived from the performance of another, underlying, asset. We have
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of financial breakthroughs? One is that those who think the recent global crisis meant the end of history are dead wrong. The big drivers of financial innovation—needs, theoretical insights, and technology—are still powering the industry. Indeed, as we shall see in the second part, they are providing greater momentum than
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financial distress. Finance may propel us forward, but it is also liable to cause a lot of trouble.2 This book’s contention is that financial innovation is an essential component of attempts to address the world’s big problems. How can that argument be squared with the industry’s destructive tendencies
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finance as the source of all evil, are now keen to encourage securitization rather than rely too much on the banking system. The problem with financial innovation is not that products have original sin, but that the financial system is programmed to change these products in ways that make them more dangerous
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than any other industry, finance evolves through rapid, constant experimentation. The physical constraints on the flow of new products are light. The raw materials of financial innovation are cheap: a fertile mind and a piece of paper will often suffice to dream up new ideas. Demand for fresh ideas has always been
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a study by Nicola Gennaioli of Pompeu Fabra University, Andrei Shleifer of Harvard University, and Robert Vishny of the University of Chicago, called “Neglected Risks, Financial Innovation and Financial Fragility.” It suffers the usual curses of the economic paper: a crushingly formulaic structure and an enormous amount of algebra. In its very
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soon after the 2007–2008 banking crisis, the events of May 2010 also made HFT part of the wider debate about the social value of financial innovation. In the “anti” camp are those who allege that markets are being deliberately manipulated by traders with a speed advantage. A 2012 Credit Suisse research
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are actually part of a rather more glacial process. Reaching a judgment on the costs and benefits of high-frequency trading, or indeed of any financial innovation, cannot be made in a historical vacuum. Lamenting the flaws of modern finance makes very little sense without asking whether things were so much better
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the old days. In a 2011 paper, Josh Lerner and Peter Tufano argued that it is virtually impossible to quantify the social impact of a financial innovation because finance involves so many “externalities”—costs or benefits visited upon third parties. For example, it would be almost impossible to measure the aggregate costs
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. “I don’t know, but I know I still want them.” The themes we have touched on in this chapter explain how it is that financial innovations can sour. As markets develop, they attract less specialized investors. These investors rely less on their own analysis, more on heuristics and the analysis of
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tightly or nudging speeds up another notch. This is a stylized process, of course: not every market follows this path. But it suggests that demonizing financial innovations is the wrong lesson to draw from recent failures. Ingenuity is fine; it is the established bits of finance that cause the trouble. In fact
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established, and that a lack of innovation ought to worry people more than its presence. In the next part, we look at the shape of financial innovation today—the entrepreneurs who are now driving finance forward and some of the issues they are trying to solve. PART II: A FORCE FOR GOOD
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body called the Big Lottery Fund will make payments to investors. Young though they are, SIBs are a great response to the question of whether financial innovation can ever be useful. They are one possible answer to the squeeze on government spending in rich countries. They are a way of channeling money
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the continuum of financial returns should you go to attract more of this capital? The Peterborough SIB is typical of a first crack at a financial innovation. It asks investors to take on a lot of risk in order to test the product. If the recidivism rate improves by 7 percent, say
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, then they would start to outweigh the savings that government makes from lower crime rates. So in a pattern that is typical of early-stage financial innovation, each SIB is a slightly different variant on the last, as participants experiment with different balances between social and financial outcomes. The New York City
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the computerization of trading, enabled the rapid pricing of options and paved the way for huge growth in derivatives markets.7 At a time when financial innovation and derivatives have become dirty words, Merton has become practiced at answering the criticisms thrown their way. “When you get asked, ‘What is it like
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Tufano is a former Harvard Business School academic who is now the dean of the Said Business School in Oxford. As well as writing about financial innovation, he is also a practitioner. Tufano’s particular concern has been how to encourage the poor to increase their savings. The low-income consumer is
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19.7 percent of America’s labor force in 2002 was engaged in some form of guarding activity.1 That doesn’t scream social utility. Financial innovation has made enormous contributions to society in the past, and it is primed to do so again. Indeed, the crisis of 2007–2008 has made
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time someone says that finance is good for nothing but enriching bankers, think of them. Acknowledgments This book was born from a special report on financial innovation that was published in the Economist in 2012, as well as from my reporting for the newspaper both before and since. I would like to
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(“Paul Volcker: Think More Boldly,” Wall Street Journal, December 14, 2009). Krugman’s columns in the New York Times have frequently questioned the utility of financial innovation; see, for example, “Destructive Creativity,” January 18, 2010. 4. “The Great Career Debate: Google Versus Goldman,” October 31, 2013, http://www.inc.com/kimberly-weisul
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Policy in France, 1746–1793,” Journal of Economic History (March 1992). 15. For more on the role of technology in propelling financial innovation, see Stelios Michalopoulos, Luc Laeven, and Ross Levine, “Financial Innovation and Endogenous Growth” (NBER Working Paper 51356, September 2009). 16. Richard Sylla, “A Historical Primer on the Business of Credit Ratings
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Odlyzko, “Collective Hallucinations and Inefficient Markets: The British Railway Mania of the 1840s,” SSRN Electronic Journal (2010). 18. Peter Tufano, “Business Failure, Judicial Intervention and Financial Innovation: Restructuring US Railroads in the Nineteenth Century,” Business History Review (1997). 19. Robert Shiller, “The Invention of Inflation-Indexed Bonds in America” (NBER Working Paper
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10183, December 2003). For a more comprehensive history, see Franklin Allen and Douglas Gale, Financial Innovation and Risk Sharing (Cambridge, MA: MIT Press, 1994). 20. Sometimes, they are more important. As policy makers try to find a way to avoid bailing
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equity cushion is automatically plumped up. Financial engineering is one answer to a crisis partly caused by financial engineering. 21. Saumitra Jha, “Sharing the Future: Financial Innovation and Innovators in Solving the Political Economy Challenges of Development” (Stanford Graduate School of Business Research Paper 2093, 2011). 22. Alan Morrison and William Wilhelm
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India Trade and the Rise of the Amsterdam Capital Market, 1595–1612,” Journal of Economic History (2004). 4. Peter Tufano, “Financial Innovation and First-Mover Advantages,” Journal of Financial Economics (1989); Peter Tufano, “Financial Innovation,” Handbook of the Economics of Finance (2003). 5. “The Dojima Rice Market and the Origins of Futures Trading” (Harvard
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2010). 6. Minos Zombanakis, “The Life and Good Times of Libor,” Financial World (June 2012). 7. Nicola Gennaioli, Andrei Shleifer, and Robert Vishny, “Neglected Risks, Financial Innovation and Financial Fragility,” Journal of Financial Economics (2012). 8. “Financial Globalisation: Retreat or Reset?” (McKinsey Global Institute, February 2013). 9. Marcin Kasperczyk and Philipp Schnabl
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of George U. Sauter, the Vanguard Group (Securities and Exchange Commission, Market Structure Roundtable, June 2010). 24. Josh Lerner and Peter Tufano, “The Consequences of Financial Innovation: A Counterfactual Research Agenda” (NBER Working Paper 16780, February 2011). 25. The firm’s colorful story is told in a 1999 book called The Predictors
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liberalization and, 34 first securities markets in, 14 maritime trade partnerships in, 7–8 J. C. Flowers, 69, 81 Japan, banking crisis in, 75 Japan, financial innovation in, 27, 29, 39–40 Jha, Saumitra, 27 Jiménez-Martín, Sergi, 73 Job creation, young small firms and, 147–148 Joint-stock firms, 23 JPMorgan
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, 36–37 Mortgage securitization, 47 Multisystemic therapy, 96 Munnell, Alicia, 129 Naked credit-default swaps, 143 Nature Biotechnology, on drug-development megafunds, 118 “Neglected Risks, Financial Innovation and Financial Fragility” (Gennaioli, Shleifer, and Vishny), 42 Network effects, 181 New York, skyscraper craze in, 74–75 New York City, prisoner-rehabilitation program in
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber · 5 Apr 2007 · 289pp · 113,211 words
Page ii ffirs.qxd 3/1/07 3:33 PM Page iii A DEMON OF OUR OWN DESIGN ~ ~ Markets, Hedge Funds, and the Perils of Financial Innovation RICHARD BOOKSTABER John Wiley & Sons, Inc. ffirs.qxd 3/1/07 3:33 PM Page iv Copyright © 2007 by Richard Bookstaber. All rights reserved. Published
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.com. Library of Congress Cataloging-in-Publication Data: Bookstaber, Richard M., 1950– A demon of our own design : markets, hedge funds, and the perils of financial innovation / Richard Bookstaber. p. cm. Includes bibliographical references and index. ISBN: 978-0-471-22727-4 (cloth) 1. Hedge funds. 2. Risk management. I. Title. HG4530
Fixed: Why Personal Finance is Broken and How to Make it Work for Everyone
by John Y. Campbell and Tarun Ramadorai · 25 Jul 2025
will also be easier to teach. Another important challenge to the effectiveness of financial education is obsolescence in the face of rapidly changing financial products. Financial innovation, much like innovation in smartphone technology—two types of innovation that go hand in hand today—involves enormous investments in digital marketing to better target
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industry, which enjoys strong patent protection for new molecules, it is comparatively easy for competitors to copy financial innovations, perhaps with minor variations to evade any patents that do exist. This means that any financial innovator who incurs the marketing expenses needed to explain a new product bears the risk that they are spending
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money to educate people who will end up as somebody else’s customers.19 As a result of these problems, constructive financial innovation—beneficial changes to the suite of products offered to customers—is surprisingly slow in retail finance even when it is rapid in other parts of
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the deal,” whether they know it or not.21 The subsidization of financially sophisticated customers raises a further barrier to constructive financial innovation that improves products rather than simply copying them. A financial innovator who offers a new, easier-to-manage product must explain it to potential customers. Sophisticated customers will prefer the existing
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. From Bad to Worse: Bundling and Confusion The financial system not only exploits consumer mistakes; it designs products to exacerbate them—a distorted version of financial innovation. One common method for doing this is to bundle simple financial products into a complex package that makes it hard to calculate costs and benefits
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market power to financial firms who raise prices both through markups and through wasteful rent seeking. People’s preferences for familiar financial products choke off financial innovation, and errors in managing complex products benefit sophisticated customers at the expense of naive customers who are typically poorer and less educated. People’s trust
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the days when Paul Volcker, former chair of the US Federal Reserve, could skeptically assert that automated teller machines (ATMs) were the apex of modern financial innovation.38 The challenge is to realize the benefits of fintech without letting it run out of control. Technology is like a turbocharger that should only
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best high-school finance course is likely to fade in people’s memories by the time they come to make major financial decisions as adults; financial innovation can render obsolete simple rules of thumb taught in high school; and unregulated complex financial products can be (and often are) aggressively marketed, overwhelming the
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protect their own interests along with those of consumers. The danger is that such broad-brush regulation of firms’ conduct will choke off even constructive financial innovation as firms play it safe to ensure compliance. The “consumer duty” introduced recently by the UK FCA, while laudable in its ambition to strengthen consumer
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explain (but cannot alter) algorithmic portfolio management solutions. 38. “Paul Volcker: Think more boldly,” Wall Street Journal, December 14, 2009. Volcker said: “The most important financial innovation that I have seen the past 20 years is the automatic teller machine. That really helps people and prevents visits to the bank and is
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of Political Economy 106 (1998): 1113–1155. This is one of the most cited papers in all of modern economics. For a contrasting view, that financial innovation can compensate for weak legal protection of investors, see Philip T. Hoffman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal, Dark Matter Credit: The Development of
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; U-shaped pattern in, 270n6 financial information flow: disclosures to consumers, 205–209; disclosures to other businesses, 209–211 financial infrastructure, government providing, 200–203 financial innovation: patent protection and, 59–60; sophisticated customers and, 62 financial institutions, defined, 7 financial literacy: lack of, 24–25; test of, 32–36, 34–35
Money in the Metaverse: Digital Assets, Online Identities, Spatial Computing and Why Virtual Worlds Mean Real Business
by David G. W. Birch and Victoria Richardson · 28 Apr 2024 · 249pp · 74,201 words
training. It will be a world in which the only limit will be our imagination. My favourite poet, Philip James Bailey, would be pleased. Preface Financial innovation has, historically, had a geographic focus centred on markets. Look at how the great mediaeval Champagne fairs – which were instigated to exchange the resources of
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new financial techniques is in the future better exploited in Kenya, say, or in the Far East – or, perhaps, in the online world? What if financial innovation slips its mundane anchors and begins to float free on the tides of cyberspace? As the examples of Genoa and Amsterdam teach us, we need
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is this place? If it’s not New York or London or Amsterdam (or Hong Kong or Sao Paolo or …), where will trading go and financial innovation follow? Louis Rosenberg is the CEO of Unanimous AI. His doctoral work at Stanford University resulted in an immersive augmented-reality system being built for
Our Dollar, Your Problem: An Insider’s View of Seven Turbulent Decades of Global Finance, and the Road Ahead
by Kenneth Rogoff · 27 Feb 2025 · 330pp · 127,791 words
and Exchange Commission and its head Gary Gensler. Why can’t the SEC be more supportive or at least leave cryptocurrencies alone so that great financial innovation can continue apace? they would ask. On the other hand, it was worrisome to read that SBF and his colleagues at FTX were making tens
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, and Suarez had spent the last few years and a not inconsiderable amount of city resources to promote Miami as a center of technological and financial innovation. Bloomberg said that he was worried about what Suarez was doing. “He’s investing city headcount in how do we create value out of cryptocurrency
Value of Everything: An Antidote to Chaos The
by Mariana Mazzucato · 25 Apr 2018 · 457pp · 125,329 words
hubs in London and New York City, and were contributing an increasing share of GDP. It was hardly surprising that the public went along with ‘financial innovation'. People spent. From London to Hong Kong the retail and leisure sectors of the world's financial centres were doing a roaring trade. From the
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to the decline of R&D spending in the 1970s, including inflation, cuts to government spending, antitrust scrutiny, the decline of informal oligopoly corporations, assorted financial innovations, and the rise of the myopic shareholder motivated only by quarterly returns. Ultimately, these changes increased risk aversion while depressing the drive for innovation, making
Impact: Reshaping Capitalism to Drive Real Change
by Ronald Cohen · 1 Jul 2020 · 276pp · 59,165 words
from the panel. Three years later, after the launch of the Peterborough SIB, I was keen for Social Finance to expand into the USA, where financial innovation takes root faster than anywhere else in the world. I called Tracy and invited her to join David Blood and myself in co-founding Social
The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory
by Kariappa Bheemaiah · 26 Feb 2017 · 492pp · 118,882 words
financial sector has been in a state of flux. On one side, governments and regulators now demand a greater level of transparency with respect to financial innovation, taxation, and cross-border transactions. On the other hand, technological progress is defragmenting the financial sector, causing incumbents to be challenged by tech firms. While
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research and perspective with the FT , BBC, CNBC, WSJ , Sky News , and other media. Garrick has been invited to present his research on monetary and financial innovation to government organizations, including central banks and war colleges, as well as private firms such as Visa, Black Rock, and UBS. Garrick has 20 years
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continued, the risk attached to loans grew in volume, to the point that it was now necessary to address the situation. It is here that financial innovation came to the rescue. As the power of banks decreased due to the issuance of debt by non-financial institutions, the banks installed a new
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they originated. As a result, the traditional originate-to-hold model grew into an “originate-to-distribute” model based on their corporate lending business. Further financial innovation in the form of CDOs and CDSs caused these models to evolve into a “originate, repackage and sell” model (Ansart & Monvoisin, 2015). Financialization based on
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as it keeps pace with main street entrepreneurial innovations. For instance, proponents of big banks state that large banks encourage the widespread adoption of new financial innovations, as they have a large customer base. Large institutions are thus better positioned to spread the costs of investment in a technology over more users
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be less or more depending on the context for, as we will see, context matters. Blockchain is at the forefront of today’s technological and financial innovation with pulpits prophesizing its creation being equivalent to the invention of the Internet. This is amusing to hear, as the history of the technology behind
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no surprise that banks and Wall Street also began to follow suit and in 2014, the R3CEV LLC. was founded with the aim of creating financial innovation with the Blockchain. The R3 Consortium is a partnership with over 50 of the world's leading financial institutions (including all the TBTF banks) who
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ARPANet break down points decentralized communication emails fiat currency functions Jiggery Pokery accounts malware protocols Satoshi skeleton keys smart contract TCP/IP protocol technological and financial innovation trade finance Blockchain-based regulatory framework (BRF) BlockVerify C Capitalism ALM hypotheses and SBTC Blockchain and CoCo canonical model cashlessenvironment See(Multiple currencies) categories classification
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