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Focusing on financial impact and innovation - Admission/Application Essay Example

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In the past decades, financial innovation has been in the front position of every major change that has influenced the financial system, both at international and national level (Haliassos, 2013). Even as financial innovation is usually praised as a constructive force for growth…
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Focusing on financial impact and innovation
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Focusing on financial impact and innovation

Download file to see previous pages... At different levels, financial innovations can be considered as performing a responsibility similar to that of the “universal purpose technologies” outlined by Al-Hakim & Jin, (2014). These breakthroughs produce returns for the innovators; also they are capable of affecting the whole economic system and can result in far-reaching changes. For example, these innovations might have extensive implications for family units, allowing new choices for consumption and investment, and decreasing the costs of deploying and raising funds (Wagner, 2008).
In the same manner, financial innovations enable organizations to raise capital in huge amounts and at a reduced cost than they could be unable to raise. This last idea is considered in a model of economic growth by Haliassos (2013), who claim that growth is determined by both profit-maximizing entrepreneurs who commercialize latest technologies, as well as by the financial entrepreneurs who come up with new techniques of screening and funding the technologists.
Furthermore, it seems that financial innovation is ever-present. Rothkopf, (2009) asserts that apart from being limited to the previous few years, financial innovation has been a portion of the economic landscape for many years. Wagner, (2008) assert that key financial innovations that cover the past 400 decades varies from the interest innovation to 3 Eurobonds creation.
In addition to financial innovation being a historical phenomenon, it is as well an extensive one. But at the same time, alleges of the financial innovations beneficial impacts should be approached with care. One reason is, in spite of the recognized economic significance of financial innovation, the origin of such innovation continues to be defectively understood, especially empirically (Haliassos, 2013).
Another reason for caution has been the current crisis in the worldwide financial system that has traumatized ...Download file to see next pagesRead More
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