This paper studies how creditors behave under costly collateral enforcement. I exploit quasi-experimental variation in foreclosure costs generated from Maine's 2014 Greenleaf judgement. I estimate that that the foreclosure rate dropped by over 23%. Furthermore, I find that borrowers did not...

This paper offers a novel perspective on the implications of increasingly autonomous and “black box” algorithms, within the ramification of algorithmic trading, for the integrity of capital markets. Artificial intelligence (AI) and particularly its subfield of machine learning (ML) methods...

As in many other sectors of EU economies, 'artificial intelligence' (AI) has entered the scene of the financial services industry as a game-changer. Trading on capital markets is undoubtedly one of the most promising AI application domains. A growing number of financial market players have in...

This paper evaluates the impact of information technology (IT) on the operations of banks and the structure of the banking industry, including implications for stability. On the one hand, banks can focus on relationship banking and use IT developments to tailor services to individual needs and...

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...

Uniswap is a decentralized exchange (DEX) and was first launched on November 2, 2018 on the Ethereum mainnet [1] and is part of an Ecosystem of products in Decentralized Finance (DeFi). It replaces a traditional order book type of trading common on centralized exchanges (CEX) with a...

In this paper we compute economic complexity following Tacchella et al. (2012) for Italian provinces (NUTS 3) in the period 1998-2017 and test the impact of provincial financial structure on the former. We implement several dynamic panel models and tackle endogeneity issues and the persistence...

This paper studies the high and persistent U.S. cost of financial intermediation (CFI) documented by Philippon (2015) and its inverted U-shape behavior since the mid-1960s. We build a novel model of endogenous growth and bank intermediation and introduce imperfect bank competition, bank IT...

We study the effects of technological change on financial intermediation, distinguishing between innovations in information (data collection and processing) and communication (relationships and distribution). Both follow historic trends towards an increased use of hard information and less...