I will argue, however, that macro factors are important for explaining the emergence of the crisis, as they have created the preconditions for micro factors to unfold. Structural factors, global imbalances and risk premia Generally, the macro root causes of the financial crisis can be associated with two measurable developments: low risk premia and the accumulation of global imbalances.
The crypto ecosystem So far, I have been talking about digital tokens launched with the ambition of becoming a form of currency. Now, many digital tokens are being created without any such ambition. Every month, dozens of new crypto products are launched through initial coin offerings (ICOs).