Financial innovation in the United States -- background, current and prospects
AbstractThe purpose of this paper is to describe recent financial innovation in the United States, outline its principal implications with regard to (1) the structure and behavior of financial markets and (2) the conduct of monetary policy, and speculate on the likely character of further innovation in the near-term future. In the United States as elsewhere, financial innovation has been a continuous but uneven process, where the rate of innovation has varied substantially from one period to the next depending on a variety of circumstances.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 85-02.
Date of creation: 1985
Date of revision:
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