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This article examines the role of financial innovation on monetary economies of production in the light of the importance of innovative activities to productive enterprises. Specifically, we seek to understand the motivation of financial institutions to develop new financial products and services, in addition to the unfolding of these innovations in the economic system. To this end, we start from the schumpeterian approach about innovation in the real side of the economy, through the theoretical framework of Keynes and Post-Keynesians with regard to the behavior of the financial system in a monetary economy of production. In order to understand that the process of development of financial innovations starts off from the same logic of productive innovations, i.e., the search for profits and market differentiation, with the peculiarity of generating specific implications to the entire economic dynamics. Keywords: Financial innovation, monetary production economy, economic instability. |
