Information Technology and Financial Services Competition: Table 1
分析技术进步的两个维度（信息获取与信息处理）如何影响金融服务竞争，发现信息获取降低利率和筛选收益，而信息处理能力提升则提高利率和银行利润，结论适用于保险和证券市场。
We analyze how two dimensions of technological progress affect competition in financial services. While better technology may result in improved information processing, it might also lead to low-cost or even free access to information through, for example, informational spillovers. In the context of credit screening, we show that better access to information decreases interest rates and the returns from screening. However, an improved ability to process information increases interest rates and bank profits. Hence predictions regarding financial claims' pricing hinge on the overall effect ascribed to technological progress. Our results generalize to other financial markets where informational asymmetries drive profitability, such as insurance and securities markets. Copyright 2003, Oxford University Press.