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Chaos and Complexity in the Cumulative Effect of Financial Innovation

机译:金融创新累积效应中的混沌与复杂性

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The centrality of finance in an economy and its importance raises the importance of financial innovation. Financial innovation plays a crucial role in economic development. Based on the understanding of the importance of financial innovation and analysis of the complexity of a financial system and the chaotic features of its evolution, we focus upon how chaotic rules impact on financial innovation in the perspective of chaotic economic theory. We set up a chaotic model of the cumulative effect of financial innovation to study the factors impacting the cumulative effect of financial innovation. These include the impetus for innovation within the financial system itself, the pulling force of economic growth, regulation, and the factors that also slow down financial evolution. All of these influences are dictated by chaotic rules. Moreover we present an empirical example based upon the case of the U.S.between 1985 and 2006. We make a contribution to the financial innovation literature by examining the cumulative effect of financial innovation by using the chaos model.
机译:金融在经济中的中心地位及其重要性提高了金融创新的重要性。金融创新在经济发展中起着至关重要的作用。基于对金融创新重要性的理解以及对金融体系复杂性及其演化的混沌特征的分析,我们从混沌经济学理论的角度,着眼于混沌规则对金融创新的影响。我们建立了金融创新累积效应的混沌模型,以研究影响金融创新累积效应的因素。这些因素包括金融体系内部创新的动力,经济增长的拉动力,监管以及也会减缓金融发展的因素。所有这些影响都是由混乱的规则所决定的。此外,我们以1985年至2006年间的美国案例为基础,提供了一个经验示例。通过使用混沌模型研究金融创新的累积效应,我们为金融创新文献做出了贡献。

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