MOTIVATIONS AND DETERMINANTS OF INNOVATION IN FINANCIAL MARKETS

Iulia Lupu and Adina Criste

Annals - Economy Series, 2021, vol. 1, 32-38

Abstract: The role played by innovation in the modern economy is a fundamental one, with both positive and negative effects on economies and society. A successful financial innovation should lead to a better financial service, reduce costs and risks, contribute to the efficiency of the financial system and economic development. Over time, there have been several attempts to explain the motivations and determinants of innovation inthefinancial markets. The aim of the article is to identify the motivations and determinants for innovation in the financial markets, as described in the economic literature. The motivators and determinants of financial innovation are different, depending on the category to which they belong to (products, processes, platforms, institutions, etc.), the needs of different actors, changes in the economic, scientific,and social environment. Financial innovation is a continuous and complex process, making it difficult to fully identify and understand its configuration and estimate its consequences. Therefore, financial innovation adds an element of uncertainty to the economic environment, bringing through its presence both positive and negative elements.

Keywords: innovation; financial markets; determining factors (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2021:v:1:p:32-38

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