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Financial InnovationToo Much or Too Little?$
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Michael Haliassos

Print publication date: 2013

Print ISBN-13: 9780262018296

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018296.001.0001

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Inventors in Finance: An Impressionistic History of the People Who Have Made Risk Management Work

Inventors in Finance: An Impressionistic History of the People Who Have Made Risk Management Work

Chapter:
(p.3) 1 Inventors in Finance: An Impressionistic History of the People Who Have Made Risk Management Work
Source:
Financial Innovation
Author(s):

Michael Haliassos

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262018296.003.0001

Some of the most important events in the history of finance are those that involved innovations that democratized finance, made its tools of incentivizing and risk management accessible for broader and broader segments of human society. This paper reviews a number of such financial innovations over the centuries in historical context. The history illustrates that financial innovation, like any innovation, brings with it the risk of accidents. Such events lead us to understand the importance of financial regulation, so that financial innovation can proceed with minimal disruption

Keywords:   History of Finance, Incentives, Risk management, Financial regulation

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