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Financial innovation in the United States -- background, current and prospects

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Author Info
Alfred Broaddus
Abstract

The 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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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 85-02.

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Date of creation: 1985
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Handle: RePEc:fip:fedrwp:85-02

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Keywords: Financial institutions ; Banks and banking;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. William A. Barnett & Paul A. Spindt & Edward Offenbacher, 1982. "Divisia monetary aggregates : compilation, data, and historical behavior," Staff Studies 116, Board of Governors of the Federal Reserve System (U.S.).
  2. Edward J. Kane, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," NBER Working Papers 0638, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Ben-Horim, Moshe & Silber, William L., 1977. "Financial innovation : A linear programming approach," Journal of Banking & Finance, Elsevier, vol. 1(3), pages 277-296, November. [Downloadable!] (restricted)
  4. repec:fip:fedreq:y:1979:i:jul:p:15-31:n:v.65no.4 is not listed on IDEAS
  5. repec:fip:fedreq:y:1984:i:mar:p:3-21:n:v.70no.2 is not listed on IDEAS
  6. William Poole, 1970. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Staff Studies 57, Board of Governors of the Federal Reserve System (U.S.).
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  7. Niehans, Jurg, 1982. "Innovation in monetary policy : Challenge and response," Journal of Banking & Finance, Elsevier, vol. 6(1), pages 9-28, March. [Downloadable!] (restricted)
  8. Lyle E. Gramley, 1982. "Financial innovation and monetary policy," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 393-400.
  9. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-67, May. [Downloadable!] (restricted)
  10. Greenbaum, Stuart I & Haywood, C F, 1971. "Secular Change in the Financial Services Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 3(2), pages 571-89, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Caprio, Gerard & Honohan, Patrick, 1990. "Monetary policy instruments for developing countries," Policy Research Working Paper Series 528, The World Bank. [Downloadable!]
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