Financial Innovation and Long Cycles in the US: The emergence and changing nature of financial instruments in relation to the technology shift
(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)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/1472043
- author
- Ponder, Caroline
- supervisor
- organization
- year
- 2009
- 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}},
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}},
}