금융혁신의 이론에 관한 문헌적 고찰 = A Literature Review on the Theory of Financial Innovation

다국어 초록 (Multilingual Abstract)

Recently, international financial market and financial innovation have been persistently developed in terms of quality and quantity due to changes in environments of international finance. Most researchers have tried to classify financial innovations evolved historically and identify the factors of those. As a result, some theories were introduced to the discussions of financial economics. That includes constraint-induced hypothesis, regulatory-dialectic hypothesis, and the bundling and/or unbundling process based on market completeness. The analyses of process and causes of financial innovation have shown the differences of view according to the perspective of researchers, and each theory not only failed to describe completely but was rather closer to generalize the dynamics of financial innovation. Based on different literatures, this paper reviewed the characteristics and limitations of theory of financial innovation.