NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Innovation and Current Trends in U.S. Financial Markets

Frederic S. Mishkin

NBER Working Paper No. 3323 (Also Reprint No. r1662)*
Issued in November 1991
NBER Program(s):   ME

This paper discusses recent developments in U.S. financial markets and

provides an economic analysis of why vsrious 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).

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