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Financial Innovation: Theories, Models, and Future
Abstract
Financial innovation offers cheaper and available services to financial system and it increases quality of service and products in a long run. The functions of financial innovation are decrease in the cost of payments and increase in the speed of determination of fraud, mechanism for the pooling of funds, management of uncertainty and controlling of risk, manages agency costs, and enhancement of liquidity. Technology contributes to the design and pricing of new instruments and facilitates the identification, measurement, and monitoring of risks in portfolios containing complex instruments. Innovation research has shown that the increase in countries' innovation performance plays a key role in economic and social development, prosperity, and development. Financial innovation is the most important driving force for the transition to the information economy. Globalization and global competition require innovation. Hence, the future is mobile and should be innovative.
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