The low-carbon city pilot (LCCP) policy is an essential strategy for China to combat climate change, attain the carbon neutrality target, and achieve comprehensive green transformation, which will inevitably have an impact on many areas of the economic system. The digital economy has given a new...

This paper examines the association between bank liquidity creation and technological innovation. Using a comprehensive measure of bank output, I find that bank liquidity creation stymies technological innovation, measured by patent-based criteria. This is robust to using the...

The United States still has a heavily paper-based retail payment system when compared with many other developed economies, but the shift to electronic payments has been bigger and more decisive than commonly perceived. For the first time ever, check use declined in the mid-1990s, and among...

A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and productivity growth of small and large banks in the U.S. between 1990 and 2003. Using a representative sample of commercial banks, the study finds empirical evidence that both small...

We model the failed bank resolution process as a repeated game between a utility-maximizing government resolution authority (RA) and a profit-maximizing banking industry. Limits to resolution technology and political/economic pressure create incentives for the RA to bail out failed complex...

This paper provides new evidence on how access to finance impacts technological innovation and establishes the role of labor practices in shaping the finance-innovation nexus. We exploit antebellum America, a unique setting where staggered adoption of free banking laws across states encouraged...

Technology has changed how discrimination manifests itself in financial services. Replacing human discretion with algorithms in decision-making roles reduces taste-based discrimination, and new modeling techniques have expanded access to financial services to households who were previously...

Central bank digital currencies (CBDCs) promise to provide cash-like safety and convenience for peer-to-peer payments. To do so, they must be resilient and accessible. They should also safeguard the user's privacy, while allowing for effective law enforcement. Different technical designs satisfy...