Financial Innovation [Hardcover]

Financial Innovation Philip Molyneux and Nidal Shamroukh Over the past twenty years there has been a massive increase in the development of new financial instruments, many of which have been off-balance-sheet activities. These instruments have become increasingly complex, placing higher demand on both the purchasers and the creators of such instruments. The risks involved and the penalties paid by those who have not adequately understood these products are well known. This book discusses in detail, through a blend of theory and empirical research, the processes of innovation and the diffusion of new financial instruments. It relates the theoretical approaches to innovation to current practice,producing and testing models for innovation and the diffusion of new financial products. Finance/EconomicsPreface

1. Technical and financial innovation; an introduction

2. Growth of financial innovations

3. Theoretical approaches towards financial innovation

4. Models of innovation; the industrial economics literature

5. Models of innovation: adoption and diffusion

6. Financial innovation: an industrial economics perspective

7. Modelling the diffusion of financial innovations: methodological approach

8. Modelling the diffusion of financial innovations: some empirical evidence

9. Conclusions and summaryPhilip Molyneux is Professor of Banking and Finance in the School of Accounting, Banking and Economics at the University of Wales, Banner and Professor of Financial Services and Financial Conglomerates at the Erasmus University, Rotterdam, The Netherlands. His main research interests relate to the structure, efficiency and performance of banking markets and financial systems, areas in which he has written widely. He has acted as a consultant to many internatiols+