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Financial Innovation, Diffusion, and Instability

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  • William Redmond

Abstract

Financial innovations are associated with market crises. Hyman Minsky singles out financial innovations as particularly prone to instability so as to necessitate governmental intervention. Processes of innovation and diffusion in new products and in new financial instruments have commonalities as well as differences. This paper focuses on the differences with a view to better understand why financial innovations are more likely to generate significant negative repercussions. Differences that distinguish financial innovations include the role of intermediaries, variability in quality, and the extent of externalities. This paper further discusses the implications of these differences.

Suggested Citation

  • William Redmond, 2013. "Financial Innovation, Diffusion, and Instability," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 525-532.
    • Handle: RePEc:mes:jeciss:v:47:y:2013:i:2:p:525-532
    DOI: 10.2753/JEI0021-3624470226
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    Cited by:

    1. Okamoto, Noriaki, 2014. "Fair value accounting from a distributed cognition perspective," Accounting forum, Elsevier, vol. 38(3), pages 170-183.
    2. Unsal, Omer, 2023. "Corporate crimes and innovation: Evidence from US financial firms," Economic Modelling, Elsevier, vol. 120(C).
    3. Joanna Błach, 2020. "Barriers to Financial Innovation—Corporate Finance Perspective," JRFM, MDPI, vol. 13(11), pages 1-23, November.
    4. Ahmad Alaassar & Anne-Laure Mention & Tor Helge Aas, 2023. "Facilitating innovation in FinTech: a review and research agenda," Review of Managerial Science, Springer, vol. 17(1), pages 33-66, January.

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