Effects of Structural Changes in Investment Markets on the Real Economy

In recent years, the range of investment products offered by the finance industry has grown immensely. Traditional products such as bank deposits, equity and pension funds have been joined by new products, e.g. exchange-traded funds or certificates. Commodities have become an asset class as well, and are offered in various forms (such as commodity funds). The aim of this research project is to analyse the effects of these innovative products on the real economy and the banking industry.