PL EN


2011 | 7 | 3 | 13-26
Article title

FINANCIAL INNOVATIONS AND THEIR ROLE IN THE MODERN FINANCIAL SYSTEM - IDENTIFICATION AND SYSTEMATIZATION OF THE PROBLEM (Innowacje finansowe i ich znaczenie we wspólczesnym systemie finansowym - identyfikacja i systematyzacja problemu)

Authors
Content
Title variants
Languages of publication
EN
Abstracts
EN
This paper discusses the role that financial innovations play in the modern financial system, aiming at identifying and systematizing the core problems and definitions related to this issue. The paper first describes the importance of the financial system and financial markets in the economy, explaining their functions and presenting their particular characteristics, focusing on their innovativeness. Then, based on the theoretical studies, the broad definition of the financial innovations is developed, stating that any new developments in any elements of the financial system, including: markets, institutions, instruments and regulations, can be regarded as financial innovations if they are perceived as new by the end-user of innovation. Next, the systematization of the most important types of financial innovations is presented regarding different classification criteria, such as: sources of innovations, motives for innovations, their effects or functions. As financial innovations are not a homogenous group of financial developments, their implications for the financial system can be ambiguous, thus the final assessment of their role can not be generalized and should be made on a case-by-case basis. The information presented in this paper can be regarded as an introduction, encouraging to do further research, as the complexity of the financial innovations makes them an interesting and important subject for this.
Year
Volume
7
Issue
3
Pages
13-26
Physical description
Document type
ARTICLE
Contributors
  • Dr Joanna Blach, Department of Finance, Faculty of Finance and Insurance, University of Economics in Katowice, 40-226 Katowice, ul. Bogucicka 14, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
11PLAAAA09912
YADDA identifier
bwmeta1.element.162135b0-e929-3c5f-8b3e-0db0300b5da8
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