Building the Innovation Union: Lessons from the 2008 Financial Crisis

36 Pages Posted: 9 Jul 2012

See all articles by Alice Orcutt Nakamura

Alice Orcutt Nakamura

University of Alberta - School of Business

Leonard I. Nakamura

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Masao Nakamura

University of British Columbia (UBC) - Sauder School of Business

Date Written: June 28, 2012

Abstract

The Innovation Union initiative of the European Union focuses on product and process innovation for tangible goods. The authors argue that it is essential to extend the scope of the initiative to include innovation for financial sector products, processes, and regulatory approaches. They make this argument using examples of financial sector innovations in the United States following the Great Depression and on the basis of an examination of the 2008 financial crisis.

Keywords: Innovation Union, European Union, Financial Products, Financial Processes, Regulation

Suggested Citation

Nakamura, Alice Orcutt and Nakamura, Leonard I. and Nakamura, Masao, Building the Innovation Union: Lessons from the 2008 Financial Crisis (June 28, 2012). FRB of Philadelphia Working Paper No. 12-17, Available at SSRN: https://ssrn.com/abstract=2094630 or http://dx.doi.org/10.2139/ssrn.2094630

Alice Orcutt Nakamura (Contact Author)

University of Alberta - School of Business ( email )

2-32C Business Building
Edmonton, Alberta T6G 2R6
Canada

Leonard I. Nakamura

Federal Reserve Banks - Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States
215-574-3804 (Phone)
215-574-4364 (Fax)

Masao Nakamura

University of British Columbia (UBC) - Sauder School of Business ( email )

2053 Main Mall
Vancouver, BC V6T 1Z2
Canada
604-822-8434 (Phone)
604-822-8477 (Fax)

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