Franklin Allen and Douglas Gale assemble some of their key papers along with a five-chapter overview that not only synthesizes their work but provides a histori

Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financia

Prominent economists consider the role of financial innovation in economic crises.

Financial innovation is a regular feature of the global financial system. Financial innovation results in greater economic efficiency over time. In the process

Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems