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Tracing financial innovations diffusion and substitution trajectories : Recent evidence on exchange traded funds in Japan and South Korea

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  • Tracing financial innovations diffusion and substitution trajectories
  • Marszk, Adam; Lechman, Ewa
  • Gdansk University of Technology


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Title Tracing financial innovations diffusion and substitution trajectories
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Sub Title

Recent evidence on exchange traded funds in Japan and South Korea

Material Type Reports
Author(English)

Marszk, Adam; Lechman, Ewa

Publisher

Gdansk, Poland : Gdansk University of Technology

Date 2016-06
Series Title; No Working paper series a / 2/2016 (32)
Pages 42
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding IDEAS
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Abstract

Similar to economic growth, the process of technology diffusion may well be approximated by easily Exchange Traded Funds (ETFs) are recognized financial innovations pervasively impacting and transforming financial markets (Deville 2008, Gastineau 2010, Agapova 2011, Hill et al. 2015). Easy to use they have gained rapidly growing popularity among investors (Gastineau 2010, Lechman and Marszk 2015). Asian countries are those where rapid spread of financial innovations is observed (Marszk 2014); hence our analysis covers Japan and South Korea, which allows comparing diffusion and substitution trajectories of innovative financial products between advanced and emerging economy. It also traces substitution effects between ETFs and index derivatives. Moreover, we claim that ETFs influence financial systems in various ways, and may impact their stability, due to e.g. liquidity risk (Kosev and Williams 2011, Foucher and Gray 2014), and this also constitutes a field of our research. (The rest omitted)