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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
DOI: 10.2307/2330693
Stable URL: http://www.jstor.org/stable/2330693
Page Count: 13
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Financial Innovation: The Last Twenty Years and the Next
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Abstract

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.

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