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Good and Bad Discussions of Financial Innovation

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A BONE FOR THE FINANCIAL ENGINEERS
"It looks like it's time for everyone's favorite whipping boy, "financial innovation," to come in for another round of mockery in the blogosphere," the blog Economics of Contempt notes. But perhaps not every financial innovation over the past 30 years deserves mockery.

"In the interest of having a serious discussion of financial innovation though, here are some of the beneficial financial innovations of the last 30 years," the author writes:
  • Zero-coupon bonds
  • Project finance
  • Treasury STRIPS
  • Medium-term notes
  • Puttable bonds

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