Section 1: Economics and Finance -- Chapter 1: The Political Economy of Financial Development: A Review -- Chapter 2: Grievance Redressal in the Indian Financial Regulatory Space - The Unified Approach -- Chapter 3: Role of Intermediaries in Providing Financial Access: Current and Future...

This note examines the implications of digital innovation for market structure and attendant policies, including financial and competition regulation. There have been several surveys of regulatory responses. This note takes a step back, to look at what the economic theory of banking and...

We study how signaling affects equilibrium outcomes and welfare in markets with adverse selection. Using data from an online credit market, we estimate a model of borrowers and lenders where low reserve interest rates can signal low default risk. Comparing a market with and without signaling...

Economic frictions such as information asymmetries and economic forces such as economies of scale and scope give rise to financial intermediaries. These frictions and forces also shape market structure. While technological advances are not new to finance, digital innovation has brought major...

Front Cover -- Fintech and the Remaking of Financial Institutions -- Copyright Page -- Contents -- Acknowledgments -- 1 Introduction -- M-Pesa: Providing Some of the World's Poorest With Financial Access -- Venmo: Effortlessly Split Dinner Tabs, Buy Concert Tickets With Friends -- Bitcoin,...