In praise of the ATM

A while back, I asked about concrete examples of financial innovation that had made a real difference--a positive one!--to our lives.  Paul Volcker has come up with the best answer I have yet heard, but it is not quite what you may have thought:

Volcker .. mocked the argument that "financial innovation," a code word for risky securities, brought any great benefits to society. For most people, he said, the advent of the ATM machine was more crucial than any asset-backed bond.

I feel much better with him having some say in this administration's financial policies.  I would love to be a fly on the wall when he and Larry Summers get to hash it out in front of the President.

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[Daniel]

Fernando Alvarez and Francesco Lippi have a paper on "Financial Innovation and the Transaction Demand for Cash" (2007). They refer exactly to this very important innovation.

http://chicago.academia.edu/FernandoAlvarez/Papers/22047/Paper

[Jeremy]

It's a good question. The tricky thing is sorting out the bad ideas from the good ideas that have been subsequently exploited. Like credit cards - good idea in theory, actually pretty bad in practice.

[Slightly Optimistic]

They sometimes agree. Paul Volcker's group of thirty includes Larry Summers and Paul Geithner, and it has published a paper for April's G20 in London.

Financial innovation is always going to take place. However the paper frequently mentions the need for more "transparency".

Whether the G20 will agree to this request is another matter. National politics has a crucial role in restricting disclosure. In fact the paper goes further: "this [financial] crisis has been rooted in developments within the United States".

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[James]

Wasn't there a story recently that Volcker felt he was being shut out within the adminstration by Summers?

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I get annoyed when people say ATM machine. Read: Automated Teller Machine machine. But Paul Volcker is still cool.

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FX and interest rate hedging within reach not only for large companies, but also for SMEs willing to go down the international route are a very positive innovation, in my view. Securitizations, at certain conditions, can be good in order to enhance liquidity and diversify risk. CAT bonds were an innovation and, I think, a pretty good one. Generally, in my view those innovations that offer useful operational tools to the real economy are positive, those innovations that are merely designed to get some extra bps (synthetic CDOs: what's the point?) are basically useless and potentially dangerous.

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[Bproc107]

For all intents and purposes, Paul Volcker's comments are his and his alone, and should not be construed to reflect those of the current administration.

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