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Recent International Financial Innovations: Implications for Financial Management

Recent International Financial Innovations: Implications for Financial Management New York University and National Bureau of Economic Research I. Introduction It is now clear that financial innovation has become a major force affecting the United States, Japan, and other developed economies and a force that will continue to spread worldwide. Financial innovation is a broad topic that leads to a variety of important issues. At the microeconomic level, a basic theme has been to model the factors leading to financial innovation and the criteria for successful new products. At the macroeconomic level, the central theme has concerned the economic implications of financial innovation, such as the risk that innovation portends for financial services firms, the integrity of financial markets, and ultimately the safety and soundness of the financial system. Both of these themes were reviewed in a report published by the Bank for International Settlements (1986) and in a recent paper by Levich (1988). The purpose of this paper is to focus on another set of concerns - the impact of financial innovations on corporate financial management. Our specific aim is to outline the systemic changes that are affecting financial markets, and in turn, to suggest how these changes may affect financial management policies or practices. Financial http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of International Financial Management & Accounting Wiley

Recent International Financial Innovations: Implications for Financial Management

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References (7)

Publisher
Wiley
Copyright
Copyright © 1989 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0954-1314
eISSN
1467-646X
DOI
10.1111/j.1467-646X.1989.tb00001.x
Publisher site
See Article on Publisher Site

Abstract

New York University and National Bureau of Economic Research I. Introduction It is now clear that financial innovation has become a major force affecting the United States, Japan, and other developed economies and a force that will continue to spread worldwide. Financial innovation is a broad topic that leads to a variety of important issues. At the microeconomic level, a basic theme has been to model the factors leading to financial innovation and the criteria for successful new products. At the macroeconomic level, the central theme has concerned the economic implications of financial innovation, such as the risk that innovation portends for financial services firms, the integrity of financial markets, and ultimately the safety and soundness of the financial system. Both of these themes were reviewed in a report published by the Bank for International Settlements (1986) and in a recent paper by Levich (1988). The purpose of this paper is to focus on another set of concerns - the impact of financial innovations on corporate financial management. Our specific aim is to outline the systemic changes that are affecting financial markets, and in turn, to suggest how these changes may affect financial management policies or practices. Financial

Journal

Journal of International Financial Management & Accounting – Wiley

Published: Mar 1, 1989

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