"Urban proximity can reduce the costs of shipping goods and speed the flow of ideas. Improvements in communication technology might erode these advantages and allow people and firms to decentralize. However, improvements in transportation and communication technology can also increase the...

This paper discusses the technological change and financial innovation that has been experienced by commercial banking over the past 25 years. The paper first describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare....

This paper discusses the technological change and financial innovation that commercial banking has experienced during the past twenty-five years. The paper first describes the role of the financial system in economies and how technological change and financial innovation can improve social...

The commercial banking business has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in economies and how technological change and financial innovation can affect social welfare. We then survey the...