Empirical studies of financial innovation
Subtitle: lots of talk, little action?
By: W. Scott Frame and Lawrence J. White.
Contributors: White, Lawrence J.; Federal Reserve Bank of Atlanta.
Series: Working paper series / Federal Reserve Bank of Atlanta ;; 2002-12; Working paper series (Federal Reserve Bank of Atlanta : Online) ;; 2002-12.
Publisher: Federal Reserve Bank of Atlanta
Published: 2002
Place of publication: [Atlanta, Ga.]
Language: eng
Format: Electronic resource
Subjects: Banks and banking -- Effect of technological innovations on -- Measurement.
Description: "This paper reviews the extant empirical studies of financial innovation.  Adopting broad criteria, the authors found just two dozen studies, over half of which (fourteen) had been conducted since 2000.  Since some financial innovations are examined by more than one study, only fourteen distinct phenomena have been covered.  Especially striking is the fact that only two studies are directed at the hypotheses advanced in many broad descriptive articles concerning the environmental conditions (e.g., regulation, taxes, unstable macroeconomic conditions, and ripe technologies) spurring financial innovation.  The authors offer some tentative conjectures as to why empirical studies of financial innovation are comparatively rare.  Among their suggested culprits is an absence of accessible data.  The authors urge financial regulators to undertake more surveys of financial innovation and to make the survey data more available to researchers"--Federal Reserve Bank of Atlanta web site.
Notes: Includes bibliographical references.
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