Financial Infrastructure and Public Policy: A Functional Perspective

Posted: 25 Aug 1998  

Zvi Bodie

Boston University - Department of Finance & Economics

Robert C. Merton

Massachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER); Harvard Business School - Finance Unit

Abstract

This paper considers the changes in financial infrastructure and regulation necessary to support welfare-improving financial innovation. Topics discussed include the development of a system of risk accounting, the regulation of OTC derivatives, reform of deposit insurance, pension reform and privatization, and the use of financial technology in implementing macro-stabilization policies.

JEL Classification: G1, G38

Suggested Citation

Bodie, Zvi and Merton, Robert C., Financial Infrastructure and Public Policy: A Functional Perspective. Available at SSRN: https://ssrn.com/abstract=6639

Zvi Bodie (Contact Author)

Boston University - Department of Finance & Economics ( email )

United States

HOME PAGE: http://www.zvibodie.com

Robert C. Merton

Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )

77 Massachusetts Avenue
E62-634
Cambridge, MA 02139-4307
United States
617 715 4866 (Phone)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Harvard Business School - Finance Unit ( email )

Boston, MA 02163
United States
617-495-6678 (Phone)

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