摘要：In this paper we examine the impact of financial innovations on real economy. Based on data for US banks’ off-balance sheet activities from 1995 to 2013, we investigate aggregate risk sharing in two different channels: Personal consumption smoothening and personal income insurance. The results show that the use of financial innovations contributes to a reduction in the exposure of personal income and consumption to state-specific economic shocks, and the results suggest a positive role played by financial innovations in real economy.
