英国毕业论文(dissertation)写作多少字

utomobile similarly has brought about significant mobility and economic growth, along with deaths from accidents and significant pollution problems (Gubler, 2010; Mention &Torkkeli, 2014). Innovation in financial services also has its inherent advantages and disadvantages (Henderson & Pearson, 2009). Whilst it has led to several types of benefits, many experts feel that it has contributed significantly to the recent financial crisis (Henderson & Pearson, 2009). Some positive financial innovations, which have occurred in recent years and have provided strong economic benefits, include the development and expansion in use of credit and debit cards, the proliferation of automated teller machines, money market and indexed mutual funds, exchange traded funds, credit scoring, basic forms of securitisation, venture capital funds and current and interest rate swaps (Jenkinson et al., 2008; Asante et al., 2017). The negative characterisation of financial innovation has on the other hand been strongly shaped by the severe financial crisis of 2007-2009 (Asante et al., 2017; Vachris, 2017).

Llewellyn (2009) stated that various innovative financial instruments like credit default swaps, collateralised debt obligations and mortgage backed securities were misused and played a significant role in the aggravation of the financial crisis. Lumpkin (2010) stated that financial innovation has been driven by various factors, including high market interest rates, technological change, developments in communication and data processing, changes in regulations and laws, perceptions about high profit opportunities and low barriers to the deployment of technology.

Financial innovation has also brought about several consequences for modern individuals (Michalopouloset al., 2009). There has been substantial increase in the numbers and types of financial instruments for consumers, who have benefited from them, as also from the development of new financial services (Michalopouloset al., 2009; Beck et al., 2016). Changes in mortgage financing mechanisms have benefited customers and business firms have experienced expanded options in financial services (Michalopouloset al., 2009; Beck et al., 2016). Rose et al., (2009) stated that financial innovation has been an important driver of change. It has enabled markets to develop specific mortgage contracts and transfer risks through the pooling, repackaging and sale of mortgages as mortgage backed securities (Rose et al., 2009; Fostel&Geanakoplos, 2016). It has helped consumers by reducing mortgage costs, which have reduced by approximately 2 to 3% over the course of the last two decades(Rose et al., 2009). Whilst mortgages were provided with only one or two different mortgage products in the past, borrowers can now select from different types of instruments and payback structures (Fostel&Geanakoplos, 2016; Mullineux, 2010). The development of financial innovation, especially the generation of innovative financial instruments has resulted in a significant enhancement in the number of players in the mortgage market, including underwriters, rating agencies and brokers, which in turn has resulted in greater specialisation and volume of lending (Mullineux, 2010; Fostel&Geanakoplos, 2016).

3.2. Evolution of Innovative Financial Instruments

Owen et al., (2009) stated that the occurrence of financial innovation and the development of innovative financial instruments has been an inherent element of the financial and economic environment in historical times, as also the past few centuries. Financial markets in recent times have produced numerous new types of products, including different types of derivatives, tax deductible equity variants, funds traded on exchanges and alternative products for risk transfer (Owen et al., 2009; Mention &Torkkeli, 2012). Wyman (2012) made the point that the development of innovative financial instruments is a continuous and ongoing process, which arises from the tende