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FINANCIAL INNOVATION: ACHIEVEMENTS AND PROSPECTS

FINANCIAL INNOVATION: ACHIEVEMENTS AND PROSPECTS Footnotes 1 . See, for example, my article, “ Financial Innovation: The Last Twenty Years and the Next ,” Journal of Financial and Quantitative Analysis 21 ( December 1986 ), 459 – 71 ; and James C. Van Horne , “ Of Financial Innovations and Excesses ,” Journal of Finance 40 ( July 1985 ), 621 – 36 . 2 . The then Secretary of the Treasury was George P. Shultz, a former colleague and long‐time friend of Milton Friedman. The Chairman of the Federal Reserve Board was Arthur Burns, another old friend. With Milton Friedman's blessing, both gave a cordial audience to Leo Melamed of the CME and at least a nibil obstat to his proposal for an International Monetary Exchange. (See Leo Melamed, “The International Monetary Market,” in The Merits of Flexible Exchange Rates , ed. Leo Melamed, George Mason University Press, Fairfax, Virginia, 1988, 417–29.) 3 . Under the SEC's original dispensation, only calls could be traded because puts were regarded as potentially destabilizing. Word of the put‐call parity theorem had apparently not yet reached the SEC staff. 4 . Joseph de la Vega, Confusion de Confusiones , Amsterdam, 1688, translated by Hermann Kellenbenz, 1957, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

FINANCIAL INNOVATION: ACHIEVEMENTS AND PROSPECTS

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References (7)

Publisher
Wiley
Copyright
Copyright © 1992 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/j.1745-6622.1992.tb00213.x
Publisher site
See Article on Publisher Site

Abstract

Footnotes 1 . See, for example, my article, “ Financial Innovation: The Last Twenty Years and the Next ,” Journal of Financial and Quantitative Analysis 21 ( December 1986 ), 459 – 71 ; and James C. Van Horne , “ Of Financial Innovations and Excesses ,” Journal of Finance 40 ( July 1985 ), 621 – 36 . 2 . The then Secretary of the Treasury was George P. Shultz, a former colleague and long‐time friend of Milton Friedman. The Chairman of the Federal Reserve Board was Arthur Burns, another old friend. With Milton Friedman's blessing, both gave a cordial audience to Leo Melamed of the CME and at least a nibil obstat to his proposal for an International Monetary Exchange. (See Leo Melamed, “The International Monetary Market,” in The Merits of Flexible Exchange Rates , ed. Leo Melamed, George Mason University Press, Fairfax, Virginia, 1988, 417–29.) 3 . Under the SEC's original dispensation, only calls could be traded because puts were regarded as potentially destabilizing. Word of the put‐call parity theorem had apparently not yet reached the SEC staff. 4 . Joseph de la Vega, Confusion de Confusiones , Amsterdam, 1688, translated by Hermann Kellenbenz, 1957,

Journal

Journal of Applied Corporate Finance – Wiley

Published: Jan 1, 1992

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