Innovations in Alternative Finance in Historical Perspective

David Chambers (), Rasheed Saleuddin and Craig McMahon ()
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David Chambers: Cambridge University
Craig McMahon: Villanova University

A chapter in The Palgrave Handbook of Technological Finance, 2021, pp 33-58 from Springer

Abstract: Abstract Technological advances often allow innovations in finance to emerge or develop more quickly. History offers numerous examples of such innovations. In this chapter, we focus on four historical case studies in microfinance, junior market initial public offerings, consumer lending and private currency. We show that while the private sector can generally be counted on to address previously unmet needs, financial innovations attract the attention of the state. As something of a warning to present-day practitioners, all four cases illustrate how an initially laissez-faire regulatory regime preceded restrictive regulation, in some cases to the point of completely eliminating the emerging industry.

Keywords: Financial history; Regulation; Microfinance; Initial public offerings; Consumer lending and private currency (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65117-6_2

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DOI: 10.1007/978-3-030-65117-6_2

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