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Innovations in Alternative Finance in Historical Perspective

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • David Chambers

    (Cambridge University
    Center for Economic and Policy Research (CEPR))

  • Rasheed Saleuddin

    (Cambridge University)

  • Craig McMahon

    (Villanova University)

Abstract

Technological advances often allow innovations in finance to emerge or develop more quickly. History offers numerous examples of such innovations. In this chapter, we focus on four historical case studies in microfinance, junior market initial public offerings, consumer lending and private currency. We show that while the private sector can generally be counted on to address previously unmet needs, financial innovations attract the attention of the state. As something of a warning to present-day practitioners, all four cases illustrate how an initially laissez-faire regulatory regime preceded restrictive regulation, in some cases to the point of completely eliminating the emerging industry.

Suggested Citation

  • David Chambers & Rasheed Saleuddin & Craig McMahon, 2021. "Innovations in Alternative Finance in Historical Perspective," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 33-58, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_2
    DOI: 10.1007/978-3-030-65117-6_2
    as

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