국제금융
Regulatory governance of the digital economy: Lessons from the financial services sector
This working paper examines whether lessons from financial sector regulation can inform the regulatory governance of the digital transformation. Drawing on case studies from the Great Financial Crisis of 2008-2010 and the emergence of digital finance, the study identifies six challenges: information asymmetries between supervisory authorities and market participants; systemic risk recognition; regulatory adaptability; path dependencies arising from the timing of intervention; regulatory effectiveness; and international co-ordination. For each challenge, the paper derives lessons and assesses their relevance for the digital economy. The analysis reveals substantial structural parallels between the two domains, while identifying factors that amplify regulatory challenges in digital contexts - including the speed of technological change, the opacity of algorithmic systems, cross-sectoral business models, and accelerated path dependencies. The paper concludes that effective governance of the digital transformation demands resource commitments commensurate with those required for post-crisis financial sector reform.
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