Micro and Macroeconomic Effects of Financial Innovation

The book is a collection of papers on micro and macro economic effects of financial innovation and contains updates and new inputs on this problem, ranging from the analysis of the international economic downturn that is still going on to the choices made with respect to the economic policies that preceded and followed it. Inappropriate risk management, poor control by the authorities in charge, as well as the uncurbed spending of some developed countries, which resulted into long-term deficits of the commercial balance, are seen as the main causes for a crisis that affected the financial and real sector globally, expanding from the Anglo-Saxon countries to the entire international economic system. There is general agreement about the assumption that serious reforms are needed to escape the crisis, regulating the behaviours of the “controlling” and “controlled” parties alike. The subject is obviously prone to further consideration, which the progression of such events will continue to stimulate and which will surely be the object of new scientific meetings during the next few months.