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Financial innovation today and tomorrow

Summary:
Josh Lerner and Amit Seru in this voxeu research point how much of financial innovation and patents is coming from IT firms and industries outside of finance: Financial innovation is intensely controversial, yet we know little about where or by whom these new products and services are developed. This column looks at over 24,000 financial US patents applied for between 2000 and 2018 to analyse the nature of financial patents. A surge in financial patenting was driven by IT firms and firms in industries outside of finance. Financial regulatory actions seem to have adversely affected innovation by financial firms, while regions with the highest technological opportunities attracted financial innovation by IT and non-financial firms. Full research paper is here.

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Josh Lerner and Amit Seru in this voxeu research point how much of financial innovation and patents is coming from IT firms and industries outside of finance:

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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