Over the past few decades, many financial innovations have ensured a more efficient allocation of resources, being thus considered an engine of economic growth, but at the same time, their rapid development complicated the environment in which central bank implements its policies. In this...

In the last decades, financial innovation has been in the fore front of all the major changes which have affected the financial system, both at national and international level. Thus, the research of this subject has become a major field of research, its importance growing since the start of the...