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BOOK 3 · BIBLIOGRAPHY

The Invisible Hand's Last Trade

The circulation of capital and the end of the financial system

The major sources cited in this book are organized by chapter. Key references have been selected for each chapter to assist readers in further exploration. Where the same source is referenced across multiple chapters, full bibliographic information is provided only at its first appearance.

Recurring Primary Sources

Chapter 1The Medici Ledger

Books

  • Raymond de Roover, The Rise and Decline of the Medici Bank, 1397–1494 (Harvard University Press, 1963)
  • Nassim Nicholas Taleb, Skin in the Game: Hidden Asymmetries in Daily Life (Random House, 2018)

Reports and Data

  • 1347 Palermo maritime insurance contract records (historical documents)
  • Medici Bank internal regulations, original text (reconstructed by de Roover)

Articles and Online Sources

  • [Various sources] Coverage of the SVB (Silicon Valley Bank) bank run, 2023

Chapter 2The Credit of Nations

Books

  • Charles Kindleberger, Manias, Panics, and Crashes: A History of Financial Crises (Wiley, 1978; multiple subsequent editions)
  • Joseph Spence, Anecdotes, Observations, and Characters of Books and Men (1820)

Reports and Data

  • Bank of England founding charter (1694)
  • South Sea Company share prices and trading records (1720)

Articles and Online Sources

  • [Various sources] Historical sources on William Paterson and the founding of the Bank of England
  • [Various sources] Records of Isaac Newton's investments in the South Sea Company

Chapter 3An Afternoon at the Credit Committee

Reports and Data

  • Financial Services Commission press releases on the Legoland ABCP crisis (2022)
  • Financial Supervisory Service (FSS), Detailed Enforcement Rules for Savings Bank Supervision
  • FSS investigation reports on the 2011 Busan Savings Bank crisis
  • Mutual Savings Bank Act, Article 12 (Korea National Law Information Center, law.go.kr)
  • Press releases on the Taeyoung Engineering & Construction workout (2023)

Articles and Online Sources

  • [Various sources] Industry materials on savings bank credit review procedures
  • [Various sources] Media coverage of Busan Savings Bank's 120 SPCs (Special Purpose Companies)

Chapter 4The Price of Uncertainty

Books

  • Aristotle, Politics (the anecdote of Thales and the olive press options)
  • Donald MacKenzie, An Engine, Not a Camera: How Financial Models Shape Markets (MIT Press, 2006)

Reports and Data

  • Fischer Black & Myron Scholes, "The Pricing of Options and Corporate Liabilities", Journal of Political Economy, Vol. 81, No. 3 (1973)
  • Robert C. Merton, "Theory of Rational Option Pricing", Bell Journal of Economics and Management Science, Vol. 4, No. 1 (1973)
  • Nobel Prize in Economics, 1997 (Merton, Scholes)
  • Mark Rubinstein, "Implied Binomial Trees", Journal of Finance, Vol. 49, No. 3 (1994)

Articles and Online Sources

  • [Various sources] Academic sources on Donald MacKenzie's concept of "performativity"
  • [Various sources] Materials on the founding of the CBOE (Chicago Board Options Exchange), April 26, 1973
  • [Various sources] Records on Texas Instruments handheld calculators and options pricing
  • SEC, 1959 options market investigation report

Chapter 5When the Formula Stops

Books

  • Michael Lewis, Liar's Poker: Rising Through the Wreckage on Wall Street (W.W. Norton, 1989)
  • Roger Lowenstein, When Genius Failed: The Rise and Fall of Long-Term Capital Management (Random House, 2000)

Reports and Data

  • Brady Commission (Presidential Task Force), Report of the Presidential Task Force on Market Mechanisms (1988)
  • CFTC & SEC, Findings Regarding the Market Events of May 6, 2010 (joint report, 2010)

Articles and Online Sources

  • [Various sources] Coverage and analysis of Black Monday (October 19, 1987)
  • [Various sources] Coverage of the Flash Crash of May 6, 2010
  • Federal Reserve records on the 1998 Russian financial crisis and the LTCM bailout
  • [Various sources] Materials on Hayne Leland & Mark Rubinstein / LOR Associates portfolio insurance
  • [Various sources] Materials on the founding and collapse of LTCM (Long-Term Capital Management) (1994–1998)
  • [Various sources] Records on John Meriwether, Robert Merton, and Myron Scholes

Chapter 6The Documents Nobody Read

Books

  • Michael Lewis, The Big Short: Inside the Doomsday Machine (W.W. Norton, 2010)

Reports and Data

  • BIS, 2005 working paper warning of structured product risks
  • Dodd-Frank Wall Street Reform and Consumer Protection Act (2010)
  • FCIC (Financial Crisis Inquiry Commission), The Financial Crisis Inquiry Report (2011)
  • IMF, Global Financial Crisis loss estimate report (approximately $4.05 trillion)
  • David X. Li, "On Default Correlation: A Copula Function Approach", Journal of Fixed Income, Vol. 9, No. 4 (2000)

Articles and Online Sources

  • Congressional testimony records on credit rating failures by Moody's and S&P
  • [Various sources] Coverage of AIG / AIGFP and Joseph Cassano
  • [Various sources] Coverage of Michael Burry / Scion Capital's subprime bet
  • Satoshi Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System" (October 31, 2008; first mentioned at the end of Chapter 6)
  • Records on the Lehman Brothers bankruptcy (September 15, 2008)
  • SEC investigation records on Angelo Mozilo / Countrywide Financial

Chapter 7Nine Pages

Papers

  • Leslie Lamport, Robert Shostak & Marshall Pease, "The Byzantine Generals Problem", ACM Transactions on Programming Languages and Systems, Vol. 4, No. 3 (1982)
  • Sergio Demian Lerner, "The Well Deserved Fortune of Satoshi Nakamoto" (Patoshi Pattern analysis, 2013)
  • Satoshi Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System" (self-published, October 31, 2008)

Articles and Online Sources

  • Adam Back, "Hashcash" (1997)
  • Vitalik Buterin / Ethereum launch (2015)
  • David Chaum / DigiCash (1989–1998)
  • Wei Dai, "b-money" proposal (1998)
  • Hal Finney — PGP development, RPoW (Reusable Proofs of Work) design, and the first Bitcoin recipient
  • Laszlo Hanyecz, Bitcoin pizza transaction (May 22, 2010)
  • Ralph Merkle, Merkle Tree papers
  • [Various sources] Coverage of the founding and hacking of the Mt. Gox exchange
  • Scott Stornetta & Stuart Haber, timestamping chain papers
  • Nick Szabo, "Bit Gold" concept

Chapter 8DeFi Summer

Articles and Online Sources

  • Aave flash loans
  • Hayden Adams / Uniswap — AMM (Automated Market Maker) design
  • [Various sources] Coverage of the Celsius, Voyager, and FTX bankruptcies
  • [Various sources] Coverage and analysis of The DAO hack (June 2016)
  • [Various sources] Coverage of the Harvest Finance hack
  • [Various sources] Coverage of the Three Arrows Capital bankruptcy
  • Andre Cronje / Yearn Finance
  • Robert Leshner / Compound — liquidity mining
  • [Various sources] Terra / LUNA collapse (May 2022) — coverage on Do Kwon

Chapter 9When Code Judges

Reports and Data

  • BIS, "Regulating AI in the Financial Sector" (2024)
  • EU AI Act (2024)
  • ERC-8004 standard technical documentation

Articles and Online Sources

  • ai16z / ElizaOS
  • Autonolas / Olas
  • BlackRock / Aladdin system
  • Vitalik Buterin blog post — The DAO post-mortem analysis
  • Fetch.ai / ASI Alliance
  • Giza Protocol
  • [Various sources] Materials on Devcon 7, Bangkok (November 2024)
  • Virtuals Protocol

Chapter 10Three Grammars

Primary Documents

  • Larry Fink, 2025 Annual Letter to BlackRock Shareholders and Clients (BlackRock, 2025)

Reports and Data

  • Official materials on BlackRock's assets under management and the Aladdin system
  • SEC approval documents for BlackRock's IBIT (spot Bitcoin ETF)

Articles and Online Sources

  • Coop Himmelb(l)au, design of the ECB headquarters building
  • [Various sources] Coverage of the Aladdin system's development and operations (monitoring approximately $21 trillion in assets)
  • [Various sources] Coverage of BlackRock's tokenization strategy
  • Foster + Partners, design of 50 Hudson Yards
  • Larry Fink — records on First Boston's 1986 mortgage losses

Chapter 11The Digital Currency War

Reports and Data

  • Bank of Korea, materials on Project Hangang CBDC experiments
  • BIS, Project Agora
  • ECB, press releases on the digital euro preparation phase
  • GENIUS Act (2025), U.S. stablecoin regulatory bill
  • mBridge Project — joint report by BIS, Hong Kong Monetary Authority, People's Bank of China, Bank of Thailand, and Central Bank of the UAE
  • Zhou Xiaochuan, "Reform the International Monetary System", BIS Review (2009)

Articles and Online Sources

  • CIPS (Cross-Border Interbank Payment System)
  • [Various sources] Coverage on e-CNY (digital yuan) pilot operations
  • [Various sources] Coverage of South Korean cryptocurrency market statistics
  • [Various sources] Coverage of SWIFT sanctions against Russia (2022)
  • Christine Lagarde's remarks on the digital euro
  • Tether / USDC market capitalization and circulation data

Chapter 12The 600-Year Bill of Exchange

Reports and Data

  • Bank of England, Financial Stability Report (October 2022)
  • BEA (Bureau d'Enquêtes et d'Analyses pour la Sécurité de l'Aviation Civile), Final Report on the Accident on 1st June 2009 to the Airbus A330-200 Registered F-GZCP Operated by Air France Flight AF 447 (July 2012)
  • CFTC & SEC, Findings Regarding the Market Events of May 6, 2010 (Flash Crash joint report)
  • EASA (European Union Aviation Safety Agency) and FAA (Federal Aviation Administration), directives mandating high-altitude stall recovery training

Articles and Online Sources

  • [Various sources] Academic sources on the Automation Paradox
  • CME Stop Logic Functionality
  • [Various sources] Coverage and analysis of the Air France Flight 447 crash (June 1, 2009)
  • [Various sources] Coverage of the China-triggered U.S. market plunge, August 24, 2015
  • [Various sources] Coverage of China's circuit breaker introduction and suspension, January 2016
  • [Various sources] Coverage of the May 6, 2010 Flash Crash — Waddell & Reed E-Mini S&P 500 futures sell orders
  • [Various sources] Coverage of the September 2022 UK gilt crisis — LDI (Liability-Driven Investment) strategy collapse and Bank of England emergency intervention
  • [Various sources] Coverage of Volmageddon (February 5, 2018) — XIV ETN collapse
  • Terra / LUNA death spiral (May 2022) — see Chapter 8

General Reference Materials

Core Books

  • Charles Kindleberger, Manias, Panics, and Crashes: A History of Financial Crises (Wiley, 1978; multiple subsequent editions)
  • Michael Lewis, Liar's Poker (W.W. Norton, 1989)
  • Michael Lewis, The Big Short (W.W. Norton, 2010)
  • Roger Lowenstein, When Genius Failed: The Rise and Fall of Long-Term Capital Management (Random House, 2000)
  • Donald MacKenzie, An Engine, Not a Camera: How Financial Models Shape Markets (MIT Press, 2006)
  • Raymond de Roover, The Rise and Decline of the Medici Bank, 1397–1494 (Harvard University Press, 1963)
  • Nassim Nicholas Taleb, Skin in the Game (Random House, 2018)

Official Reports

  • BEA (Bureau d'Enquêtes et d'Analyses), Final Report on Air France Flight AF 447 (2012)
  • BIS, various annual reports, working papers, and financial stability reviews
  • Brady Commission, Report of the Presidential Task Force on Market Mechanisms (1988)
  • CFTC & SEC, Findings Regarding the Market Events of May 6, 2010
  • FCIC, The Financial Crisis Inquiry Report (2011)

Key South Korean Data

  • Bank of Korea, CBDC experiments and financial stability reports
  • Financial Services Commission, press releases on virtual assets and fintech regulation
  • Financial Supervisory Service (FSS), savings bank supervision materials
  • Korea National Law Information Center (law.go.kr)

International Organization Periodicals

  • BIS, Annual Economic Report (annual)
  • BIS, Quarterly Review (quarterly)
  • IMF, Global Financial Stability Report (semiannual)
  • IMF, World Economic Outlook (annual)

Blockchain and Cryptocurrency Primary Sources

  • Vitalik Buterin, Ethereum Whitepaper (2013)
  • Ethereum Foundation, various EIP/ERC standard documents
  • Satoshi Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System" (2008)