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Working Paper
Empirical studies of financial innovation: lots of talk, little action?
This paper reviews the extant empirical studies of financial innovation. Adopting broad criteria, the authors found just two dozen studies, over half of which (fourteen) had been conducted since 2000. Since some financial innovations are examined by more than one study, only fourteen distinct phenomena have been covered. Especially striking is the fact that only two studies are directed at the hypotheses advanced in many broad descriptive articles concerning the environmental conditions (e.g., regulation, taxes, unstable macroeconomic conditions, and ripe technologies) spurring financial ...
Journal Article
Japan passes again on fundamental financial reform
Journal Article
Recent activity resulting from the Gramm-Leach-Bliley Act
Journal Article
The impact on community banks
Speech
Financial innovation: benefits and challenges, presentation to the Community Development Policy Summit, Cleveland, Ohio, June 22, 2007
Within this increasingly complex mortgage market, policymakers must preserve the benefits of financial innovation while protecting consumers from unfair and abusive practices.
Journal Article
Financial modernization, the FHLB and agricultural banks