Radical Financial Innovation

29 Pages Posted: 30 Apr 2004

See all articles by Robert J. Shiller

Robert J. Shiller

Yale University - Cowles Foundation; National Bureau of Economic Research (NBER); Yale University - International Center for Finance

Date Written: April 2004

Abstract

Radical financial innovation is the development of new institutions and methods that permit risk management to be extended far beyond its former realm, covering important new classes of risks. This paper compares past such innovation with potential future innovation, looking at the process that produced past success and the possibilities for future financial innovation.

Keywords: Risk management, institutions, incomplete markets, livelihood insurance, behavioral finance, livelihood risks, home equity insurance, country risks

JEL Classification: G10

Suggested Citation

Shiller, Robert J., Radical Financial Innovation (April 2004). Cowles Foundation Discussion Paper No. 1461. Available at SSRN: https://ssrn.com/abstract=537402

Robert J. Shiller (Contact Author)

Yale University - Cowles Foundation ( email )

Box 208281
New Haven, CT 06520-8281
United States
203-432-3708 (Phone)
203-432-6167 (Fax)

HOME PAGE: http://www.econ.yale.edu/~shiller/

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States
203-432-3708 (Phone)

Yale University - International Center for Finance ( email )

Box 208200
New Haven, CT 06520
United States
203-432-3708 (Phone)
203-432-6167 (Fax)

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