This paper reviews the extant empirical studies of financial innovation. Adopting broad criteria, the authors found just two dozen studies, over half of which (fourteen) had been conducted since 2000. Since some financial innovations are examined by more than one study, only fourteen distinct...

Financial innovation has been described as the "life blood of efficient and responsive capital markets." Yet, there have been few quantitative investigations of financial innovation and the diffusion of these new technologies. Of the latter, there have been only three prior quantitative studies,...

Overview of the proceedings of a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission

This paper analyzes the 1987 change in Canadian legislation permitting commercial banks to engage in investment banking, and makes comparisons to the US, where similar regulatory change is under way. The study focuses on the impact of such regulatory change on issue costs for corporations...