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1、FinancialInnovationPeterTufano*Revised:June16,2002PeterTufanoSylvanC.ColemanProfessorofFinancialManagementHarvardBusinessSchoolSoldiersFieldBoston,Massachusetts02163ptufano@hbs.eduAbstract:Thisessaysurveystheliteratureonfinancialinnovationfromawidevarietyofdisciplines:financia
2、leconomics,history,law,andindustrialorganization.Idefinefinancialinnovation,discussproblemswithcreatingtaxonomiesoffinancialinnovation,andoutlinetheexplanationsgivenfortheextensiveamountoffinancialinnovationweobservebothtodayandinhistory.Ialsoreviewworkthatstudiestheidentityof
3、innovators,theprocessofdiffusionofinnovation,theprivatebenefitsofinnovationandthesocialwelfareimplicationsofinnovation.*ThispaperistoappearasachapterinTheHandbookoftheEconomicsofFinance(NorthHolland),editedbyGeorgeConstantinides,MiltHarrisandRenéStulz.IwouldliketothankRenéStul
4、z,JoshLernerandBelenVillalongafortheirveryhelpfulcomments,andScottSinawiforhisableresearchassistance.ThisworkwasfundedbytheDivisionofResearchoftheHarvardBusinessSchool.11.IntroductionInMertonMiller’s(1986)viewonfinancialinnovation,theperiodfromthemid-1960stomid-1980swasaunique
5、oneinAmericanfinancialhistory.Lookingbackward,herhetoricallyasked,“Cananytwenty-yearperiodinrecordedhistoryhavewitnessedevenatenthasmuch(financialinnovation)?”Lookingforward,heaskedthequestion,“Financialinnovation:Isthegreatwavesubsiding?”Answering“No”tothefirstquestionand“Yes
6、”tothesecond,heconcludedthattheperiodwasanextraordinaryoneinthehistoryoffinancialinnovation.However,with20-20hindsight,wecandisagreewithhisassessmentandanswerthetwoquestionssomewhatdifferently.Historyshowsthatfinancialinnovationhasbeenacriticalandpersistentpartoftheeconomiclan
7、dscapeoverthepastfewcenturiesIntheyearssinceMiller’s1986piece,financialmarketshavecontinuedtoproduceamultitudeofnewproducts,includingmanynewformsofderivatives,alternativerisktransferproducts,exchangetradedfunds,andvariantsoftax-deductibleequity.Alongerviewsuggeststhatfinancial
8、innovation—likeinnovationelsewhereinbusiness—isanongoingproce
