Of Plumbing and Promises; Financial Infrastructure  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 402 no. 8773 (Feb. 2012), page S13-S15.
Topik: Financial Crisis; Shareholders; Regulators; Financial Innovations; Economic Conditions

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.70 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Failure in the financial crisis had many fathers. There were failures of regulators, bankers, shareholders, borrowers and economists. But two in particular were closely tied to the way financial innovations work. One was a failure of plumbing--the infrastructure of the markets and the back offices of financial firms. The other was a failure of the imagination. Infrastructure often lags when an innovation takes off. Remember how markets move over time from being customised to becoming more standardised. When products are standardised and demand is high, finance's manufacturing, sales and distribution channels can pump out a vast supply. The frightening growth of over-the-counter derivatives markets attests to that (see chart 6).

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