经济学院2017年第十九次学术研讨会

主讲人：李彬博士，IMF研究部高级经济学家

题 目：Innovation, Deregulation, and the Life Cycle of a Financial Service Industry

时 间：2017年5月22日（周一）上午10：00-11：30

地 点：经济学院106教室

经济学院

2017年5月8日

摘要：

This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking deregulation drove the industry shakeout. Calibrating the model to a novel dataset on ATM network entry, exit, size, and product offerings shows that our theory fits the quantitative pattern of the industry well. The model also allows us to conduct counterfactual analyses to evaluate the respective roles that innovation and deregulation played in the industry evolution.