Radical Financial Innovation

Robert Shiller

No 1461, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: Radical financial innovation is the development of new institutions and methods that permit risk management to be extended far beyond its former realm, covering important new classes of risks. This paper compares past such innovation with potential future innovation, looking at the process that produced past success and the possibilities for future financial innovation.

Keywords: Risk management; Institutions; Incomplete markets; Livelihood insurance; Behavioral finance; Livelihood risks; Home equity insurance; Country risks (search for similar items in EconPapers)
JEL-codes: G10 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2004-04
New Economics Papers: this item is included in nep-acc, nep-fin, nep-ino and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in Eytan Sheshinski, Robert J. Strom, and William J. Baumol, eds., Entrepreneurship, Innovation and the Growth Mechanism of the Free Market Economies, Princeton University Press, 2006, pp. 306-323

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Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:1461

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