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Schumpeterian innovations, financial innovations and instability : an institutional perspective

Listed author(s):
  • Faruk Ülgen

    ()

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2 - UGA - Université Grenoble Alpes)

This paper seeks to assess the nature of financial innovations as regards the economic stability throughout an institutional framework within the Schumpeterian tradition. While in the Schumpeterian evolutionary process entrepreneurial innovations are assumed to lead the entire economy towards economic development, financial innovations do not obviously generate the same positive outcome for economic evolution. To point to the ambiguous nature of financial innovations the paper suggests a monetary interpretation of Schumpeterian capitalist dynamics and sheds light on the role of the institutional environment to ensure viable economic development. It then argues that in highly liberalized environment, unconstrained financial dynamics may lead to system-wide crises and make public regulatory schemes necessary for the sake of systemic stability.

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Paper provided by HAL in its series Post-Print with number halshs-01233016.

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Date of creation: 2015
Publication status: Published in Cuadernos de economía, Elsevier, 2015, 38 (106), pp.493-501. 〈http://www.sciencedirect.com/science/article/pii/S0210026614000648〉. 〈10.1016/j.cesjef.2014.09.003〉
Handle: RePEc:hal:journl:halshs-01233016
DOI: 10.1016/j.cesjef.2014.09.003
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01233016
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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