Radical ﬁnancial innovation is the development of new institutions and methods that permit risk management to be extended far beyond its former realm, covering important new classes of risks. This paper compares past such innovation with potential future innovation, looking at the process that produced past success and the possibilities for future ﬁnancial innovation.
Shiller, Robert J., "Radical Financial Innovation" (2004). Cowles Foundation Discussion Papers. 1737.