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Financial Innovation and the Boundaries of Banking

Robert Z. Aliber
Managerial and Decision Economics
Vol. 8, No. 1 (Mar., 1987), pp. 67-73
Published by: Wiley
Stable URL: http://www.jstor.org/stable/2560526
Page Count: 7
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Financial Innovation and the Boundaries of Banking
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Abstract

The paper analyzes the interaction of the process of international innovation and the structure of the international banking sector. The advent of new instruments of financing resulted in the growth of disintermediation. This created pressure for the liberalization of banking with the resulting international competition. The banking sector in the USA is fragmented, and offers a widely differing range of services. Innovation has resulted in a change in structure, a reshuffling of participants and a consolidation of financial centers.

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