Financial innovation and risk sharing
著者
書誌事項
Financial innovation and risk sharing
The MIT Press, 1994
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注記
Includes bibliographical references and index
内容説明・目次
内容説明
Franklin Allen and Douglas Gale's work has included the study of financial innovation, developing economic models to address the question of whether the market provides institutions and opportunities for individuals to share risks efficiently. In this book the authors assemble some of their key papers along with a five-chapter overview that synthesizes their work and provides a historical and institutional review and also a discussion of alternative approaches. The overview surveys the authors' approach to financial innovation, principally their development of a basic theory of risk sharing in an economy with incomplete markets. The first two chapters summarize the history of innovation and illustrate the types of innovation, innovators, and motives for innovation. Chapters three and four look at industrial organization approaches to innovation and outline the authors' theory. The fifth chapter discusses other approaches and an agenda for future research.
目次
- Part 1 Financial innovation - an overview: history and institutions
- industrial organization approaches to innovation
- an outline of our theory
- other approaches and future research. Part 2 Models of financial innovation and risk sharing: optimal security design
- arbitrage, short sales and financial innovation
- incomplete markets and incentives to set up an options exchange
- the efficient design of public debt, Douglas Gale
- standard securities, Douglas Gale
- the changing nature of debt and equity - a financial perspective, Franklin Allen.
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