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Financial innovations should be regarded a s a substantial element in the functioning of modern economies and fi nancial sectors. However, their general impact is to be assessed from the present perspective, essentially depending on their particular behaviour and the role they play in the economy. Most importantly, this text follows both the Post-Keynesian and the Regulation School logic, trying to clarify business cycle volatility with respect to the intensity of innovative activities in the fi nancial sector. The article also discusses some hypothetical causal relationships between the 2007-2008 fi nancial and economic crisis and fi nancial innovation activities, largely accelerated in intensity over the preceding two decades. As it is clearly demonstrated, the “Great Moderation” argument has not been entirely confi rmed and a number of mainstream economists have ultimately been forced to adjust their respective approaches towards the functioning of modern economies.

Financial Innovations and Economic Fluctuation from the Present Perspective