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The Consequences of Financial Innovation: A Counterfactual Research Agenda

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  • Josh Lerner

    ()
    (The National Bureau of Economic Research, Cambridge, Massachusetts 02138
    Harvard Business School, Harvard University, Boston, Massachusetts 02163)

  • Peter Tufano

    ()
    (The National Bureau of Economic Research, Cambridge, Massachusetts 02138
    Saïd Business School, University of Oxford, Oxford, OX1 1HP, United Kingdom)

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    Abstract

    Financial innovation has been both praised as the engine of growth of society and castigated for being the source of the weakness of the economy. In this article, we review the literature on financial innovation and highlight the similarities and differences between financial innovation and other forms of innovation. We also propose a research agenda to systematically address the social welfare implications of financial innovation. To complement existing empirical and theoretical methods, we propose that scholars examine case studies of systemic (widely adopted) innovations, explicitly considering counterfactual histories had the innovations never been invented or adopted.

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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev.financial.050808.114326
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    Bibliographic Info

    Article provided by Annual Reviews in its journal Annual Review of Financial Economics.

    Volume (Year): 3 (2011)
    Issue (Month): 1 (December)
    Pages: 41-85

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    Handle: RePEc:anr:refeco:v:3:y:2011:p:41-85

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    Related research

    Keywords: new products; new services; financial institutions;

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    Cited by:
    1. Itai Agur & Maria Demertzis, 2011. ""Leaning Against the Wind" and the Timing of Monetary Pollicy," DNB Working Papers 303, Netherlands Central Bank, Research Department.
    2. £ukasz Goczek, 2011. "Federal policy responses to the 2007-2009 credit crunch in the US," Equilibrium, Uniwersytet Mikolaja Kopernika, vol. 6, pages 27-42.
    3. W. Scott Frame & Lawrence J. White, 2014. "Technological Change, Financial Innovation, and Diffusion in Banking," Working Papers 14-02, New York University, Leonard N. Stern School of Business, Department of Economics.

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