Abstract: The central theme of this paper is that financial innovation has become a major force effecting the United States and other developed economies. The common features of the process include product innovation, securitization, liberalization of domestic financial market practices, globalization of markets, and increased competition among financial institutions. The paper offers a review of the product and process changes that have occurred in international financial markets, an analysis of the factors leading to these changes, and an examination of the implications for both financial market participants and macroeconomic policy makers.

Abstract: Financial statements for the period 1977–1983 are reconstructed for a sample of 50 large manufacturing firms using replacement cost (or current cost) data provided by ASR 190 and FASB 33, and market (or fair) values of long-term debt and preferred stock. As expected, these data confirm that historical cost accounting overstates profitability during a period of rising prices. These data also indicate that historical cost–based financial ratios often grossly misrepresent the relative financial strengths of firms. Financial analysis conducted on the assumption that the biases induced by historical cost accounting are similar across firms is likely to lead to false conclusions regarding financial strengths and weaknesses.

Abstract: Gains from sales of securities and lower loan loss previsions helped bring higher profits to large Fifth District commercial banks in 1986. At the same time, small- and medium-sized bank profits fell slightly in the District from the previous year. As in the past few years, Fifth District banks outperformed banks in the rest of the United States. For the benefit of those readers curious about the problems connected with measuring bank performance, the authors discuss the most common bank profitability measures and the consequences of relying on accounting rather than market data.

Abstract: The impact of developments in information technology upon the range of products which can be profitably marketed by financial services firms is here considered. Underlying the analysis is a conception of financial institutions such as banks as marketing inter‐mediaries, providing information and distributive services along with the financial products. Two routes are compared which are used by financial institutions to provide an expanded range of financial services: joint ventures and the financial supermarket. The strengths and weaknesses of both are examined.

Abstract: Personal interviews and written correspondence were used to obtain information from 39 officers of companies involved in the maufacture and distribution of rehabilitation-related products, regarding their perceptions of the potential effects of various economic factors and governmental policies. An attempt was made to identify disincentives to industry participation in the field of rehabilitation technology and to discover incentives that might promote increased commercial activity. Findings are reported for the following issues: financing rehabilitation product acquisition; product identification, selection, and evaluation; market data; federal regulations; patent policy; liability insurance; professional training; and federal funding for development and manufacturing activities. Survey results suggest that industry will supply products for disabled people when market demand is present. Company leaders apparently do not consider identification or evaluation of new products to be disincentives to involvement in the rehabilitation market, nor do they consider government regulations and patent policy to be major disincentives. The primary disincentives relate to small market size, the meager financial resources available to disabled customers, and the difficulties encountered in disseminating product information. (JDD) *********************************************************************** AeproducLIons suppilea by LDAb are tne pest that can be made from the original document. ***********************************************************************

Abstract: In most developing countries financial markets are still highly fragmented and dualistic (Nunnenkamp 1985, p. 20). This is considered as a hindering factor to economic development. The rationale behind this is the view shared by most economists that a higher level of financial integration c.p. lowers intermediation costs, encourages competition and improves the allocation of loanable funds throughout the economy.

Abstract: (1987). The integration of Europe's financial markets and the role of the ECU. The International Spectator: Vol. 22, No. 3, pp. 119-129.