The objective of IJFIB is to establish an effective channel for the discussion and exchange of ideas between researchers, academics, research institutions and professionals involved in research on financial innovation with reference to all types of banks (commercial, investment, mortgage, retail, wholesale and central banks). IJFIB aims to promote developments in the field of financial innovation, with particular reference to the development of incremental improvements to existing financial products/services/processes, and to the creation, diffusion and adoption of radical innovations in banking products/services and processes. The international dimension is emphasised in order to overcome cultural and national barriers and promote the discipline.
IJFIB provides a specialised forum for researchers, academics, research institutions and professionals working in the field of banking and finance, innovation management and technology management, through which to disseminate ideas, to collaborate and cooperate, and to encourage research from a financial innovation perspective.
IJFIB publishes original theoretical and empirical papers, review papers, surveys, case studies and book reviews. In particular, IJFIB publishes original research papers that advance our understanding of financial innovation in banking. Special issues devoted to important topics in financial innovation will occasionally be published.
The Consequences of Financial Innovation: A Counterfactual Research Agenda
Josh Lerner, Peter Tufano
NBER Working Paper No. 16780
Issued in February 2011
NBER Program(s):Corporate Finance, Productivity, Innovation, and Entrepreneurship
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 paper, 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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Document Object Identifier (DOI): 10.3386/w16780