TY  - JOUR
AU  - Levich,Richard M.
TI  - Financial Innovations in International Financial Markets
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2277
PY  - 1988
Y2  - December 1988
UR  - http://www.nber.org/papers/w2277
L1  - http://www.nber.org/papers/w2277.pdf
N1  - Author contact info:
Richard M. Levich
Stern School of Business
New York University
44 West 4th Street
New York, NY 10012
Tel: 212/998-0422
Fax: 212/995-4256
E-Mail: RLEVICH@STERN.NYU.EDU
AB  - The central theme of this paper is that financial innovation has become a major force effecting the United States and other developed economies. The common features of the process include product innovation, securitization, liberalization of domestic financial market practices, globalization of markets, and increased competition among financial institutions. The paper offers a review of the product and process changes that have occurred in international financial markets, an analysis of the factors leading to these changes, and an examination of the implications for both financial market participants and macroeconomic policy makers.
ER  -