Financial Innovation and Current Trends in U.S. Financial Markets
NBER Working Paper No. 3323 (Also Reprint No. r1662)
This paper discusses recent developments in U.S. financial markets and provides an economic analysis of why various recent financial innovations have occurred. This will not only provide us with s better understanding of existing financial markets in the United States and why they have been undergoing so much change in recent years, but it also may provide us with clues as to where our financial system may be heading.
Published: U.S.-Japan Economic Forum, Vol. 1, pp. 63-77, (1990).