Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70687
Authors: 
Frame, W. Scott
White, Lawrence J.
Year of Publication: 
2009
Series/Report no.: 
Working Paper, Federal Reserve Bank of Atlanta 2009-10
Abstract: 
This paper discusses the technological change and financial innovation that commercial banking has experienced during the past twenty-five years. The paper first describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. We then survey the literature relating to several specific financial innovations, which we define as new products or services, production processes, or organizational forms. We find that the past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations and the attendant welfare implications, we still know little about how and why financial innovations are initially developed.
Subjects: 
technological change
financial innovation
banking
JEL: 
G21
O31
O33
Document Type: 
Working Paper

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