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The 1970s saw an explosion of financial innovations, both in instruments and strategies, which altered radically financial structures and financial decision-making worldwide. These transformations reversed four decades characterized by the absence of significant innovations in the banking industry, as well as by the pervasive regulation of financial systems by the state. The paper focuses on the rise of liability management (or 'Marketization' of banking), the most important process innovation of that period. Based on the development of wholesale interbank markets, liability management found its origins in the emergence and explosive growth of the Eurodollar market.
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