In the wake of the global financial crisis and the onset of the Euro zone sovereign debt crisis, existing mechanisms of global economic governance have faced strong theoretical, political, and normative challenges from a wide range of actors operating across multiple spheres in the global...

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...

This paper examines the effectiveness of monetary policy in changing financial environments fostered by financial innovations. Financial innovation can make monetary analysis more complex, and modify the monetary policy transmission mechanism. This makes the monetary policy effective only in the...