Financial Innovation: The Last Twenty Years and the Next

Merton Miller

Journal of Financial and Quantitative Analysis, 1986, vol. 21, issue 4, 459-471

Abstract: The word revolution is entirely appropriate for describing the changes in financial institutions and instruments that have occurred in the past twenty years. The major impulses to successful financial innovations have come from regulations and taxes. The outlook for the future is for a slowing down of the rate of financial innovation, but much growth and improvement are still in prospect.

Date: 1986
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