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- Financial Innovations and the Dynamics of Emerging Capital Markets
- Financial innovation is often blamed for what is perceived as an increase in systemic risk - the Asian and Latin American crises being the latest cases in point. Yet financial innovation in the form of different types of derivatives products or financial engineering technologies generally provide low-cost and highly efficient...
- White papers 2001-03-26
- Surveying the Economic Horizon: A Conversation with Robert Shiller
- The noted economist explains and explores the downturn's root causes — and possible ways forward. In this McKinsey video, economist Robert Shiller discusses four aspects of the current crisis: regulating for financial innovation, reducing trust in models, redesigning institutions, and the time line for turnaround....
- Articles 2009-05-15
Additional Resources
- Financial Innovation, Market Participation and Asset Prices
- This paper investigates the pricing effects of financial innovation in an economy with endogenous participation and heterogeneous income risks. The introduction of non-redundant assets endogenously modifies the participation set, reduces the covariance between dividends and participants' consumption and thus leads to lower risk premia. In multisector economies, financial innovation spreads...
- White papers 2003-07-01
- Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity?
- The stabilization of economic activity in the mid 1980s has received considerable attention. Research has focused primarily on the role played by milder economic shocks, improved inventory management, and better monetary policy. This paper explores another potential explanation: financial innovation. Examples of such innovation include developments in lending practices and...
- White papers 2005-11-01
- CSFI: financial designers. (Centre for the Study of Financial Innovation)
- The Centre for the Study of Financial Innovation CSFI is spearheading efforts to involve Europe in the international debate over the role of the Bretton Woods institutions and other international financial institutions. CSFI held a meeting with Masood Ahmed, World Bank vice president for poverty reduction and economic management, to...
- Research articles 1998-09-01
- Change on the cards. (Centre for the Study of Financial Innovation)
- The British banking system is beset with financial regulations so that its priorities still remain obscure. The Centre for the Study of Financial Innovation conducted a study among senior bankers and regulators to come up with ideas for improvements in the system. There was strong support for the integration of...
- Research articles 1994-05-01
- Can Financial Innovation Turn Sour
- Over the past several years, financial innovation has become a constant theme. Variously known as swaps, derivatives, structured notes or asset backed securities, special purpose securities have been created to manage risks, provide liquidity, and change the term structure of balance sheets - almost any purpose that creative financial people...
- White papers
- Financial Innovation and Risk Management: An Introduction to Credit Derivatives
- In recent years, discussions of financial innovation and risk management invariably turn to credit derivatives. Although these instruments are drawing increasing attention and growing in importance, credit derivatives remain an obscure subject for many participants in financial markets. This introduction, which is drawn in large measure from recent presentations, is...
- White papers 2004-12-08
- Bernanke on Financial Innovation vs. Regulation
- Ryan Avent submits: Ben Bernanke gave a speech today on the need to be careful in crafting financial regulations. An appropriate balance must be struck, he said, between consumer protections and the freedom to innovate. I don't think anyone wants to go back to the 1970s. Financial innovation has...
- External links 2009-04-18
- Information Markets: What Business Can Learn from Financial Innovation. (Book Shelf).(Brief Article) (book review)
- Information Markets: What Business Can Learn from Financial Innovation. By William J. Wilhelm Jr. and Joseph D. Downing. Harvard Business School Press, 219 pages. $29.95. What authors William Wilhelm and Joseph Downing aim to do in this interesting book is present the commercial/investment banking...
- Research articles 2002-03-01
- Financial Innovation, Strategic Real Options and Endogenous Competition: Theory and an Application to Internet Banking
- Innovations in financial services continuously influence the scope of financial intermediation and the nature of competition between intermediaries. This paper examines the optimal exercise of strategic real options to invest in such an innovation, Internet banking technology, within a two-stage game, parameterized by the distribution of bank size and uncertainty...
- White papers 2002-04-03
- Financial Innovation for an Aging World
- Over the last half-century, around the world, many nations have seen plummeting fertility rates and mounting life expectancies. These two factors are the engine behind unprecedented global aging. This paper explores how the demographic transition may influence financial markets and, in turn, how financial market innovation might help resolve concerns...
- White papers 2006-08-01
- Why Self-Regulation of the Financial System Won't Work
- I want to finish this up this Blog War by broadening the discussion beyond the regulation of hedge funds to how attitudes toward regulation in general have changed in recent years, and how that helped set the stage for the current crisis. In the process, I also want to take...
- Blog posts 2009-04-17
- The financial crisis of 1825 and the restructuring of the British financial system.
- Today's financial press reports regularly on evidence of systemic risks, financial fragility, banking failures, stock market collapses, and exchange rate attacks throughout the global financial network of the 1990s. To a financial historian, these reports simply reprise similar concerns and risks in numerous episodes of financial...
- Research articles 1998-05-01
- Taxation and Corporate Financial Policy
- This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form....
- White papers 2001-03-26
- Financial Integration: An Overview
- Global financial integration has substantially increased in recent decades. Initially, it manifested itself in growing capital flows between developed countries. This paper discusses how in response to the removal of capital controls, financial innovation and technological progress, financial integration has subsequently spread to emerging market countries. Gross and net capital...
- White papers 2005-06-06
- Developer's Expertise and Dynamics of Financial Innovation: Theory and Evidence
- This paper studies product innovation and imitation in the market of corporate underwriting with a dynamic model where client switching costs and the banker's expertise in deal structuring characterizes the life cycle of a security. While the clientele loyalty allows positive rent extraction, the superior expertise can account for the...
- White papers 2004-10-01
- Structuring, Pricing, and Processing Complex Financial Products With MLFi
- This paper gives an overview of complex financial products present which present two significant business challenges and their solution with Lexi MLFi.Banks serving institutional and corporate clients often compete on their ability to provide high value-added solutions. The design of such solutions drives financial innovation and frequently translates into complex...
- White papers 2004-04-16
- Happy Days for Blackstone and the Financial Oligarchy
- Trader Mark submits: Good times are back for our financial leaders; the private equity shops now can unload onto the public the companies they took over and usually loaded with debt, and investment banks can make the big fees for the transaction. If you missed last week's explanation of how...
- External links 2009-10-12
- Financial Innovation and the Management and Regulation of Financial Institutions
- New security designs, improvements in computer telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and uses a series of examples to illustrate the breadth...
- White papers 1997-03-10
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