You are not currently logged in.
Access JSTOR through your library or other institution:
If You Use a Screen ReaderThis content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Financial Innovation: The Last Twenty Years and the Next
Merton H. Miller
The Journal of Financial and Quantitative Analysis
Vol. 21, No. 4 (Dec., 1986), pp. 459-471
Published by: Cambridge University Press on behalf of the University of Washington School of Business Administration
Stable URL: http://www.jstor.org/stable/2330693
Page Count: 13
You can always find the topics here!Topics: Taxes, Technological innovation, Zero coupon bonds, Economic regulation, Cash, Futures markets, Futures contracts, Securities sales, Foreign exchange, Commodity futures
Were these topics helpful?See somethings inaccurate? Let us know!
Select the topics that are inaccurate.
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Preview not available
The word revolution is entirely appropriate for describing the changes in financial institutions and instruments that have occurred in the past twenty years. The major impulses to successful financial innovations have come from regulations and taxes. The outlook for the future is for a slowing down of the rate of financial innovation, but much growth and improvement are still in prospect.
The Journal of Financial and Quantitative Analysis © 1986 University of Washington School of Business Administration