Abstract and Keywords
This article describes how technological change has spurred financial innovations that have driven changes in commercial banking over the past twenty-five years. It reviews the literature on a large number of new banking technologies and synthesizes these studies in the context of the broader economics literature on innovation. This survey is US-centric, owing to the authors' own experiences, the fact that many financial innovations originate in the US, and that most studies of such innovations rely on US data. It begins with a discussion of the meaning of financial innovation.
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