Do financial innovations fit into the scheme of the Schumpeterian creative destruction process?

This paper asks the question to know if financial innovations can be thought within the framework of a creative destruction process. In this aim, the Schumpeterian dynamics of the capitalist economy is studied in terms of a monetary economy where banking and financial innovations affect structurally entrepreneurs' activities and play a crucial role on the macroeconomic stability. Contrary to the effects, usually assumed to be positive, of innovations of the Schumpeterian entrepreneurs on the growth, liberalized financial markets generate accumulated imbalances through the development of a speculative financialization which can be studied in terms of the second wave of Schumpeterian business cycles. The process of creative destruction of innovations may turn to be a destructive creation. Then, redefining of regulatory mechanisms in a Minskian perspective seems to be necessary in view of macroeconomic disequilibria.