Dr. P.V. Viswanath

pviswanath@pace.edu

Class Notes and Spreadsheets

Notes: Financial Innovation
Primary Materials

• Slides:
  • Risk Sharing
  • Information Asymmetry and Agency Costs
  • Securitization
  • Effects of Financial Innovation on the Macroeconomy
    

Supplementary Materials

• Review Questions
  

Useful Websites

• SWIFT
• Financial Innovation
  This essay surveys the literature on financial innovation from a wide variety
  of disciplines: financial economics, history, law, and industrial organization. It defines
  financial innovation, discuss problems with creating taxonomies of financial innovation,
  and outline the explanations given for the extensive amount of financial innovation we
  observe both today and in history. It also reviews work that studies the identity of
  innovators, the process of diffusion of innovation, the private benefits of innovation and
  the social welfare implications of innovation.
• Centre for the Study of Financial Innovation
• Payments Technologies, Financial Innovation and Laissez-Faire Banking, Cato Journal, Vol. 15, no. 1
• Milken Institute