Financial Innovations and the Dynamics of Emerging Capital Markets

Topics:
Commercial Banking
Tags:
Capital Market,
Finance,
Financial,
Financial Accounting,
Financial Innovation,
Financial Services,
Innovation
Source:
Tufts University

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Overview: Financial innovation is often blamed for what is perceived as an increase in systemic risk - the Asian and Latin American crises being the latest cases in point. Yet financial innovation in the form of different types of derivatives products or financial engineering technologies generally provide low-cost and highly efficient methods of mitigating rather than exacerbating risk by 'completing' emerging capital markets. This introductory chapter argues that financial innovations nurture the 'emergence' process of capital markets in developing countries by bringing about a lower national cost of capital that in turn enhances the wealth of nations.

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Format: PDF | Size: 790KB | Date: Mar 2001 | Pages: 16

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