Richmond Fed paper examines relationship between deregulation and innovation
Paper uses a dynamic equilibrium model to look at ATM and debit card industry
Whether deregulation enhances or undermines performance in a financial services industry depends on how much it "facilitates technological progress" relative to other "disturbances" it causes, according to a working paper published by the Federal Reserve Bank of Richmond.
In Innovation, deregulation and the life cycle of a financial service industry, Fumiko Hayashi, Bin Grace Li, and Zhu Wang construct a dynamic equilibrium model to examine how the introduction of a new debit card function in
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