On the growth of financial services.

AuthorRees, Matthew
PositionGlobal Market/Economic Trends - Brief article

"In 1960, financial services accounted for about 3.5 percent of U.S. gross domestic product. By 2006, that percentage had more than doubled." "Securitized products are one important area of product and market innovation. Of the $3.6 trillion in net borrowing in U.S. credit markets in 2006, $820 billion, or nearly one-fourth, was securitized. As of year-end 2006, roughly 30 percent of the outstanding balances of corporate bonds and household credit resided in asset-backed securities."

"In addition, use of derivative products has soared; the...

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