- Copyright Page
- List of Figures
- List of Tables
- List of Abbreviations
- List of Contributors
- Banking: A Decade on from the Global Financial Crisis
- The Roles of Banks in Financial Systems
- Commercial Banking and Shadow Banking: The Accelerating Integration of Banks and Markets and its Implications for Regulation
- Corporate Complexity and Systemic Risk: A Progress Report
- Corporate Governance and Culture in Banking
- Private Information and Risk Management in Banking
- Creation and Regulation of Bank Liquidity
- The Performance of Financial Institutions Modeling, Evidence, and some Policy Implications
- Technological Change and Financial Innovation in Banking: Some Implications for FinTech
- Community Banking Institutions: Commercial Banks, Savings Banks,Cooperative Banks, and Credit Unions
- Islamic banking: A Review of the Empirical Literature and Future Research Directions
- Can We Improve the Impact of Microfinance?: A Survey of the Recent Literature and Potential Avenues for Success
- Small Business Lending: The Roles of Technology and Regulationfrom Pre-crisis to Crisis to Recovery
- Residential Mortgages
- Shadow Banking
- Modern Central Banking
- Lender of Last Resort: A New Role for the Old Instrument
- Bank Bailouts and Bail-Ins
- Bank Runs and Moral Hazard: A Review of Deposit Insurance
- Bank Capital Requirements after the Financial Crisis
- Market Discipline in Regulation: Pre and Post Crisis
- Competition in the Banking Sector
- Behavioral Economics, Financial Literacy, and Consumers’ Financial Decisions
- Systemic Risk in Banking after the Great Financial Crisis
- Hardy Perennials: Banking Crises Around the World
- Bank Failures, The Great Depression, and Other “Contagious” Events
- Banking Globalization: Cross-border Entry, Complexity,and Systemic Risk
- Banking and Real Economic Activity: Foregone Conclusions and Open Challenges
- Banking in the United States
- Banking in Europe: Integration, Reform, and the Road to a Banking Union
- Banking in Japan: A Post-global Financial Crisis Perspective
- Banking in Africa
- Banking in China
- Banking in the Transition Countries of Central, Southern, and Eastern Europe and the Former Soviet Union
- Banking in Latin America: Developments and Prospects
- Banking in Australia and New Zealand—Geographic Proximity, Market Concentration, and Banking Integration
Abstract and Keywords
Financial intermediation has changed dramatically over the past thirty years, due in large part to technological change. The chapter first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literature relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant FinTech innovations that are transforming various aspects of banking. Drawing on the literature on innovations from the 1990s and 2000s informs what we might expect from recent developments.
W. Scott Frame is a financial economist and senior advisor on the financial markets team in the research department of the Federal Reserve Bank of Atlanta. His major fields of study are financial institutions, credit markets, real estate, and public policy. He has been with the Bank since 2001, although he spent two years as the Belk Distinguished Professor of Finance at the University of North Carolina at Charlotte (2012–14). Before joining the Bank, he was a senior financial economist at the US Treasury Department from 1996 to 2000. He also worked at the Federal Reserve Bank of Atlanta as an economic analyst from 1993 to 1995 and as an instructor at the University of Georgia. He was promoted to financial economist and policy advisor in 2007 and assumed his current duties in 2012.
Larry Wall is the research center executive director of the Center for Financial Innovation and Stability (CenFIS) in the research department of the Federal Reserve Bank of Atlanta. He is part of the financial markets team. CenFIS was created to improve knowledge of financial innovation and financial stability and the connection between the two. He joined the financial structure team of the Bank’s research department in 1982 and was promoted to executive director of the CenFIS in 2013. In addition to pursuing his research agenda, he leads CenFIS’s activities, including its newsletter, Notes from the Vault, and conferences. He has served on the editorial boards of various academic journals. He is also on the Academic Advisory Panel for the International Association of Deposit Insurers. He is currently on the boards of Financial Management Association International and the International Banking, Economics and Finance Association. He has also been an adjunct faculty member of Emory University and the Georgia Institute of Technology. A native of Grand Forks, North Dakota, he earned a bachelor’s degree in business administration from the University of North Dakota and a doctoral degree in business administration from the University of North Carolina at Chapel Hill.
Lawrence J. White is Robert Kavesh Professor of Economics at New York University’s Stern School of Business. During 1986–9 he served as a Board Member for the Federal Home Loan Bank Board, in which capacity he also served as Board Member for Freddie Mac. In the period 1982–3, he was on leave to serve as Director of the Economic Policy Office, Antitrust Division, US Department of Justice. He is the General Editor of the Review of Industrial Organization and was Secretary-Treasurer of the Western Economic Association International (2006–9). He received the B.A. from Harvard University (1964), the M.Sc. from the London School of Economics (1965), and the Ph.D from Harvard University (1969).
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