Expand shadow banking

concepts/derivative.md

@@ -1,7 +1,9 @@
 # Derivative
-A derivative is a type of financial contract whose value is dependent on an underlying asset, group of assets, or benchmark.
+A derivative is a type of financial contract whose value is dependent on an *underlying* asset, basket of assets, or a benchmark of other assets.
 
-Underlying assets for derivatives are most often stocks, bonds, commodities, currencies, interest rates, and market indexes. The value of the contract itself depend on changes in the prices of the underlying asset.
+Underlying for derivatives are most often [stocks](stock.md), [bonds](bond.md), [commodites](commodity.md), [currencies](currency.md), debt and market indexes. The value of the contract itself depend on changes in the prices of the underlying asset. 
+
+A derivative is a type of [financial asset](financial-asset.md). Derivatives have no [use value](use-value.md). Their [fundamental value](fundamental-value.md) and demand is generated from their the demand of the underlying.
 
 ## Examples
 * Futures

concepts/enclosure.md

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+## Enclosure

concepts/financial-asset.md

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+# Financial Asset
+A financial asset is a non-physical asset whose value is derived from a contractual claims on [income cashflows](income-cashflows.md), an underlying [currency](currency.md) or [commodity](commodity.md), or risk transfer between counterparties.
+
+Financial assets definitionally have no [use value](use-value.md).  However a financial asset with must have either income or an underlying that generates its [fundamental-value](fundamental-value.md). 
+
+See also [ficticious commodity](ficticious-commodity.md).
+
+## Examples
+* [Stock](stock.md)
+* [Bond](bond.md)
+* [Credit default swap](cds.md)

concepts/fundamental-value.md

@@ -1,2 +1,4 @@
 # Fundamental Value
 Fundamental value is the [present-value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.
+
+See also [financial asset](financial-asset.md).

concepts/productive-asset.md

@@ -1,9 +1,13 @@
 # Productive Asset
+Productive assets are [assets](assets.md) which have [income-cashflows](income-cashflows.md) attached to them. Examples include stocks, real estate, and bonds.
 
-Productive assets are [assets](assets.md) which have [income-cashflows](income-cashflows.md)  attached to them. Examples include stocks, real estate, and bonds.
+[Commodities](commodity.md) are non-productive assets.
 
-Commodities are non-productive assets.
+[Art](art.md) is a non-productive asset.
 
-Art is a non-productive assets.
+[Crypto tokens](cryptoasset.md) are non-productive assets.
 
-Crypto tokens are non-productive assets.
+## References
+* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+* ‘Why Bitcoin Is Worse than a Madoff-Style Ponzi Scheme | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/83a14261-598d-4601-87fc-5dde528b33d0.

concepts/shadow-bank.md

@@ -2,3 +2,10 @@
 A shadow banking system refers to a network of unregulated financial intermediaries that facilitate the creation of credit across the global financial system outside of the normal [banking](bank.md) system.
 
 See also [regulatory-arbitrage](regulatory-arbitrage.md).
+
+## References
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+* Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+* Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+* Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.