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Handbook of the Economics of Finance by Rene M. Stulz, M. Harris, George M. Constantinides

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Chapter 6

Financial Innovation

Peter Tufano*    Harvard Business School, Boston* I would like to thank René Stulz, Josh Lerner, Robert McLaughlin and Belén Villalonga for their very helpful comments, and Scott Sinawi for his able research assistance This work was funded by the Division of Research of the Harvard Business School.

Abstract

Although financial innovation has been an important part of the financial landscape throughout modern economic history, it has received relatively little attention in academia. This essay surveys the existing literature on financial innovation from the disciplines of financial economics, history, law, and industrial organization. I begin by defining financial innovation and discussing problems with creating taxonomies ...

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