<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552023000200129</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2023v38n98/leal</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Decentralized Finance regulation to foster competition and economic growth]]></article-title>
<article-title xml:lang="es"><![CDATA[Regulación de Finanzas Descentralizadas para fomentar competencia y crecimiento económico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Leal Buenfil]]></surname>
<given-names><![CDATA[Rubén]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernandez Romanowski]]></surname>
<given-names><![CDATA[Alexander]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Monterrey  ]]></institution>
<addr-line><![CDATA[Monterrey Nuevo León]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Rice University McNair Center for Economic Growth ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2023</year>
</pub-date>
<volume>38</volume>
<numero>98</numero>
<fpage>129</fpage>
<lpage>142</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552023000200129&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552023000200129&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552023000200129&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In order to make public policy recommendations to efficiently regulate Decentralized Finance (DeFi), we conducted an exploratory study examining the state of the art, organizing the public debate and analyzing real-world applications of this cutting-edge technology. We found that DeFi has the potential to increase efficiency in financial markets, promote competition, improve access to capital and contribute to economic growth. For all its potential benefits, however, the technology also presents substantial challenges in the form of user accessibility, market stability, fair competition and law enforcement. Growth of the emerging DeFi market depends on successfully addressing the concerns of investors, consumers and authorities without simultaneously regulating the technology into inefficiency and disuse. Taking into account the implications of DeFi for antitrust policies and economic growth, we explore the applicability of a balanced embedded-regulation, which holds promise as a bridge between innovation and regulation. The main limitation of this study is related to the constantly-evolving nature of DeFi technology. Recommendations for its regulation may vary as new evidence becomes available, but this document may pave the way for further research.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Con el objetivo de hacer recomendaciones de política pública para regular eficientemente las Finanzas Descentralizadas (DeFi), realizamos un estudio exploratorio que examina el estado del arte, organiza el debate público y analiza las aplicaciones de esta nueva tecnología. Encontramos que DeFi tiene el potencial de aumentar la eficiencia en los mercados financieros, promover la competencia, mejorar el acceso al capital y contribuir al crecimiento económico. Sin embargo, también presenta desafíos sustanciales como la accesibilidad para el usuario, estabilidad del mercado, competencia justa y Estado de Derecho. El crecimiento del mercado de DeFi depende de abordar con éxito las preocupaciones de inversionistas, consumidores y autoridades, sin sobre regular la tecnología hasta el punto de la ineficiencia y el desuso. Teniendo en cuenta las implicaciones para las políticas de competencia y el crecimiento económico, exploramos la aplicabilidad de una regulación integrada y equilibrada, que promete cerrar la brecha entre innovación y regulación. La principal limitación de este estudio está relacionada con la constante evolución de esta tecnología, sin embargo, este documento puede allanar el camino para futuras investigaciones.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[DeFi]]></kwd>
<kwd lng="en"><![CDATA[Finance]]></kwd>
<kwd lng="en"><![CDATA[Antitrust]]></kwd>
<kwd lng="en"><![CDATA[Blockchain]]></kwd>
<kwd lng="es"><![CDATA[DeFi]]></kwd>
<kwd lng="es"><![CDATA[Finanzas]]></kwd>
<kwd lng="es"><![CDATA[Competencia]]></kwd>
<kwd lng="es"><![CDATA[Blockchain]]></kwd>
</kwd-group>
</article-meta>
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