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Financial Innovation and Long Cycles in the US: The emergence and changing nature of financial instruments in relation to the technology shift

Ponder, Caroline (2009)
Department of Economic History
Abstract
Financial Innovation: cause or consequence?
The recent financial crisis and subsequent investigation into to its causes leads many to propose that the primary suspect of instability is financial innovation itself. This paper introduces an alternative perspective that relates the perennially changing nature of financial innovation to the location of its emergence along the ‘technology shift’. Financial innovation has the potential to be both useful and/or detrimental to the real economy. According to delineations of the technology shift derived from long term aggregate time-series – during the years1929-2007 the emergence of those innovations largely useful to the real economy primarily happened within the transformation phase of the long... (More)
Financial Innovation: cause or consequence?
The recent financial crisis and subsequent investigation into to its causes leads many to propose that the primary suspect of instability is financial innovation itself. This paper introduces an alternative perspective that relates the perennially changing nature of financial innovation to the location of its emergence along the ‘technology shift’. Financial innovation has the potential to be both useful and/or detrimental to the real economy. According to delineations of the technology shift derived from long term aggregate time-series – during the years1929-2007 the emergence of those innovations largely useful to the real economy primarily happened within the transformation phase of the long cycle. Conversely, those of questionable merit are primarily found throughout three of the four sub-periods under analysis. (Less)
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author
Ponder, Caroline
supervisor
organization
year
type
H1 - Master's Degree (One Year)
subject
keywords
financial innovation; financial crisis; technology shift, Social and economic history, Ekonomisk och social historia
language
English
id
1472043
date added to LUP
2009-09-03 00:00:00
date last changed
2010-08-03 10:52:46
@misc{1472043,
  abstract     = {Financial Innovation: cause or consequence?
The recent financial crisis and subsequent investigation into to its causes leads many to propose that the primary suspect of instability is financial innovation itself. This paper introduces an alternative perspective that relates the perennially changing nature of financial innovation to the location of its emergence along the ‘technology shift’. Financial innovation has the potential to be both useful and/or detrimental to the real economy. According to delineations of the technology shift derived from long term aggregate time-series – during the years1929-2007 the emergence of those innovations largely useful to the real economy primarily happened within the transformation phase of the long cycle. Conversely, those of questionable merit are primarily found throughout three of the four sub-periods under analysis.},
  author       = {Ponder, Caroline},
  keyword      = {financial innovation; financial crisis; technology shift,Social and economic history,Ekonomisk och social historia},
  language     = {eng},
  note         = {Student Paper},
  title        = {Financial Innovation and Long Cycles in the US: The emergence and changing nature of financial instruments in relation to the technology shift},
  year         = {2009},
}