Financial Innovation in the Twenty-First Century: Evidence from US Patents
利用美国金融专利数据，研究了金融创新的演变，发现其经济重要性日益增加，主题转向家庭投资者和借款人，信息技术等非金融企业推动了专利激增，且创新地点受监管和高科技区域影响。
We explore the evolution of financial innovation using US finance patents. Patented financial innovations are substantial and increasingly economically important. Their subject matter has changed, consistent with the industry’s shift toward household investors and borrowers. Information technology (IT) and other nonfinancial firms drove the surge in financial patenting. The location of innovation shifted, with banks moving activity away from states with tight financial regulation and high-tech regions attracting innovation by payments, IT, and nonfinancial firms. Analyses of returns suggest that the social value of these innovations is higher than their private value. We present a simple model to explain these trends.