Empirical Studies of Financial Innovation: Lots of Talk, Little Action?
回顾了金融创新的实证研究，发现相关研究数量极少（仅39篇），且大多集中于1998年后，其中仅两项检验了关于创新驱动因素的理论假设。作者推测数据缺失是主因，并呼吁监管机构开展更多调查并公开数据。
This paper reviews the extant empirical studies of financial innovation. Adopting broad criteria and spanning a long time horizon, we found surprisingly few studies (39), with most (23) having been conducted since 1998. Especially striking is that only two studies test hypotheses advanced in many descriptive articles as to the economic/environmental conditions that encourage financial innovation. We offer conjectures as to why empirical studies of financial innovation are comparatively rare, including as a culprit the absence of accessible data. We urge financial regulators to undertake more surveys of financial innovation and to make the resulting data available to researchers.