Financial innovation: emergence, motivations, and impact

Abel Agoba, Ayse Demir and Joshua Yindenaba Abor

Chapter 8 in The Elgar Companion to Financial Economics, 2025, pp 155-176 from Edward Elgar Publishing

Abstract: Significant changes have occurred in the domestic and international financial markets within the last 20 years. The financial services business has undergone a revolution due to the emergence of numerous financial firms, the creation of various new financial products, and the growing use of computers and communications technologies. Like any revolution, the reasons for and effects of these changes are highly intriguing. The global financial crises of 2007–2008 spurred discussions on the safety of these innovations for financial systems and economies, while the COVID-19 pandemic increased demand for adoptions and more innovations in the financial systems. These events coincided with a push for technology to support economic activities within the constraints imposed by the pandemic. The history, many manifestations, causes, consequences, hazards, barriers, and regulations of financial innovation are all covered in this chapter. It also examines the relationship between financial innovation, financial stability, currency crises, and banking crises and derivatives.

Keywords: Financial innovation; Financial services; Financial stability (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035341399
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