Special Report on
The economics of financial innovations
The economics of financial innovations - Trends
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This paper attempts to provide a broad and long-term perspective on recent changes in the banking system and financial markets and on their major implications for monetary policy in the larger industrial countries. The financial changes or innovations reviewed here cover a broad spectrum. Frequently, the term financial innovation is limited to new or altered financial instruments (i.e. deposit and cash management instruments) issued by banks and other deposit-taking institutions. In this paper the discussion of financial changes includes these types of innovations as well as issues of securities ...
Regulatory innovations in the United States occur after financial crises. The Federal Reserve System grew out of the 1907 bank runs, and the Securities and Exchange Commission and the Commodity Futures Trading Commission were regulatory results of the Great Depression. Recent interventions by the Fed and the Treasury have been only stopgap measures to forestall a meltdown. The costs include the depletion of both public coffers and regulatory credibility. As in previous crises, the financial sector requires a new regulatory framework. Our current financial-crisis regulatory structure is ... Read More
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