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Financial Innovation and Current Trends in U.S. Financial Markets

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  • Frederic S. Mishkin

Abstract

This paper discusses recent developments in U.S. financial markets and provides an economic analysis of why various recent financial innovations have occurred. This will not only provide us with s better understanding of existing financial markets in the United States and why they have been undergoing so much change in recent years, but it also may provide us with clues as to where our financial system may be heading.

Suggested Citation

  • Frederic S. Mishkin, 1990. "Financial Innovation and Current Trends in U.S. Financial Markets," NBER Working Papers 3323, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3323
    Note: ME
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    References listed on IDEAS

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    1. Henry Kaufman, 1986. "Debt: the threat to economic and financial stability," Economic Review, Federal Reserve Bank of Kansas City, vol. 71(Dec), pages 3-11.
    2. Henry Kaufman, 1986. "Debt: the threat to economic and financial stability," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 15-26.
    3. Ben S. Bernanke & John Y. Campbell, 1988. "Is There a Corporate Debt Crisis?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 83-140.
    4. Edward J. Kane, 1985. "The Gathering Crisis in Federal Deposit Insurance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262611856, December.
    5. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
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    Cited by:

    1. Florin O. Bilbiie & Roland Straub, 2013. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," The Review of Economics and Statistics, MIT Press, vol. 95(2), pages 377-392, May.
    2. Bilbiie, Florin O. & Straub, Roland, 2012. "Changes in the output Euler equation and asset markets participation," Journal of Economic Dynamics and Control, Elsevier, vol. 36(11), pages 1659-1672.
    3. Alastair Marsden & Russell Poskitt, 2004. "The Pricing of Instalments Receipts: New Zealand Evidence," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 7(03), pages 423-449.
    4. Wenli Li & Pierre-Daniel G. Sarte, 2000. "Investigating fluctuations in U.S. manufacturing : what are the direct effects of informational frictions?," Working Paper 00-01, Federal Reserve Bank of Richmond.
    5. Harold M. Somers, 1991. "Leverage: The Tax Incentives," UCLA Economics Working Papers 625, UCLA Department of Economics.
    6. Warren Tease & Jenny Wilkinson, 1993. "The Provision of Financial Services – Trends, Prospects and Implications," RBA Research Discussion Papers rdp9315, Reserve Bank of Australia.
    7. Li, Wenli & Sarte, Pierre-Daniel G., 2003. "Credit market frictions and their direct effects on U.S. manufacturing fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 28(3), pages 419-443, December.
    8. Bilbiie, Florin O., 2004. "The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think," Working Paper Series 408, European Central Bank.

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