It is a stylised fact in the fields of economic growth theory and economic history that innovation is the engine of economic growth. Like the technological innovations, innovations in the financial sector are expected to change all aspects of economic activity, bringing about a greater...

The theory and practice of central banking reflect a symbiotic relationship that has gradually evolved along with the financial system. An important milestone has been a heightened focus on financial stability and a greater appreciation of the importance of macro-prudential policy in central...