Keeping Tabs on Financial Innovation: Product Identifiers in Consumer Financial Regulation

18 North Carolina Banking Institute Journal 195 (Special Ed. 2013)

36 Pages Posted: 31 Aug 2013 Last revised: 8 Jul 2016

Date Written: August 29, 2013

Abstract

The financial crisis of 2008 gave rise to renewed discussion about whether financial innovations should undergo higher scrutiny for potential harm and, if so, what type? In this Article, the authors propose a new system for monitoring financial innovations through a system of registration, data collection and analysis using unique product identifiers. Creating product identifiers would increase monitoring abilities substantially at relatively low cost by facilitating the linkage of separate databases. The assignment of unique product identifiers would also minimize errors in the identification and classification of different financial products. These identifiers would be available to both the government and the public to harness outside analysis by independent researchers in order to improve the monitoring of financial risk.

Keywords: Financial innovation, product identifiers, numeraire typology

JEL Classification: C81, G21, K23

Suggested Citation

Carpenter, Daniel and McCoy, Patricia Ann, Keeping Tabs on Financial Innovation: Product Identifiers in Consumer Financial Regulation (August 29, 2013). 18 North Carolina Banking Institute Journal 195 (Special Ed. 2013). Available at SSRN: https://ssrn.com/abstract=2318135

Daniel Carpenter (Contact Author)

Harvard University ( email )

1875 Cambridge Street
Cambridge, MA 02138
United States

Patricia Ann McCoy

Boston College Law School ( email )

885 Centre Street
Newton, MA 02459-1163
United States

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