| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28980 |
| 来源ID | Working Paper 28980 |
| Financial Innovation in the 21st Century: Evidence from U.S. Patents | |
| Josh Lerner; Amit Seru; Nick Short; Yuan Sun | |
| 发表日期 | 2021-07-05 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We develop a unique dataset of 24 thousand U.S. finance patents granted over last two decades to explore the evolution and production of financial innovation. We use machine learning to identify the financial patents and extensively audit the results to ensure their reasonableness. We find that patented financial innovation is substantial and economically important, with the number of annual grants expanding from a few dozen in the 1990s to over 2000 in the 2010s. The subject matter of financial patents has changed, consistent with the industry’s shift in revenue and value-added towards household investors and borrowers. The surge in financial patenting was driven by information technology firms and others outside of financial sector, which collectively accounted for 69% of the awards. The location of innovation has shifted, with banks moving this activity from regions with tight financial regulation to more permissive ones. High-tech regions have attracted financial innovation by payments, IT, and other non-financial firms. Turning to the source of these ideas, while academic knowledge remained associated with more valuable patents, citations in finance patents to academic papers, especially in those by banks, fell sharply. |
| 主题 | Financial Economics ; Financial Institutions ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w28980 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586654 |
| 推荐引用方式 GB/T 7714 | Josh Lerner,Amit Seru,Nick Short,et al. Financial Innovation in the 21st Century: Evidence from U.S. Patents. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28980.pdf（2958KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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