在英国毕业论文中提到的研究方法,你不能不知道的五大研究方法

of 2007-2009 (Adam &Guettler, 2015; Batiz-Lazo, 2011). Various experts have stated that the indiscriminate and unregulated use of various new types of financial instruments like mortgage backed securities, securitisation, credit derivatives and swaps resulted in the development of systemic risk across the western banking systems and played an important role in the triggering of the banking and financial crisis (Adam &Guettler, 2015; Asante et al., 2017). Other experts have on the other hand commented that the crisis occurred on account of a range of reasons, including excess liquidity, poor regulation, the ambition and greed of bank managers and the inadequate working of credit rating agencies (Adam &Guettler, 2015; Asante et al., 2017). Armstrong et al., (2012) stated that the premise of innovation being a positive contributor to finance, economic improvement and wellbeing has thus been disputed and the net balancing of benefits and risks on account of financial innovation, the economy and the society has been queried. It is also important to keep in mind that financial innovation has been criticised by experts, policy makers, the public and the media (Armstronget al., 2012; Asante et al., 2017). Interest has thus arisen on the preservation of benefits and the limitation of risks of financial innovation (Asante et al., 2017; Adam &Guettler, 2015). It is thus important to examine the evolution of innovative financial instruments, their benefits and risks and the ways in which they can be managed.

Asante et al., (2017) stated that financial innovation comprised the creation, utilisation and popularisation of various types of new financial instruments, technologies, markets and institutions. Fostel and Geanakoplos (2016) added to this description and stated that financial innovation could be considered to be a process involving the development, formulation, spread and usage of new, both radical and incremental, products, processes, platforms and technologies, which resulted in changes in the conducting of financial operations. Gubler (2011) stated that innovation, which involved the creation of commercially beneficial, new products, processes and services was inherent to the process of human development. Various individuals and entities have,over the years searched for new forms to react to various environmental opportunities and challenges and have in the process brought about numerous revolutions (Gubler, 2011; Fostel&Geanakoplos, 2016). Such innovative activity has affected, amongst other things, the area of finance and improved economic wellbeing and prosperity (Nejad&Estelami, 2012; Fostel&Geanakoplos, 2016). Financial innovation can be considered to be related to the modernisation of financial systems or practices and includes new, altered and transformed financial instruments (Nejad&Estelami, 2012; Beck et al., 2016). The examination of history revealed the continuous development of financial innovation in various places and timeframes (Nejad&Estelami, 2012; Beck et al., 2016). Such innovations occurred, for example in Sumer, Egypt, Italy, China and Europe. A bill of exchange was developed by Chinese merchants in the 9th century (Fostel&Geanakoplos, 2016; (Nejad&Estelami, 2012).

Recent years have witnessed the development and spread of a wave of financial innovation across the developing countries, which in turn have resulted in the generation of important alterations in the financial environment (Beck et al., 2016; Asante et al., 2017). Whilst such a process of innovation has varied from state to state, it has also been characterised by (1) the creation of new and innovative financial products and markets, (2) securitisation and the replacement of bank loans with financial instruments that are marketable and where interest is influenced by market considerations, (3) the impact of deregulation on the liberalisation of practices in national markets, (4) globalisation, involving th