Innovation in Financial Services and Payments Conference

May 16-17, 2002

How far has the U.S. progressed in the transition to electronic consumer payments? Does competition between payment networks stimulate innovation? What factors determine the development and diffusion of financial innovations? What role, if any, do intellectual property rights play? These are a few of the questions addressed at the conference, which was organized by Bob Hunt, an economist in the Research Department and Peter Burns, director of the Bank’s Payment Cards Center.

The complete list of speaker biographies is also available.

Addresses

"Perspectives on Research Issues in Consumer Behavior"
Text
Anthony M. Santomero, President, Federal Reserve Bank of Philadelphia
"Innovation and Network Structure"
Outline | Background materials for the talk (offsite)
David Balto, White & Case, LLP
"Empirical Studies of Financial Innovation: Lots of Talk, Little Action?"
Paper | Presentation
W. Scott Frame, Federal Reserve
Lawrence J. White, New York University

Payment Trends in the U.S.

“U.S. Cash and Card Payments over 25 Years”
Paper | attached figures | Presentation
David B. Humphrey, Florida State University
“Post Consolidation Estimates of ACH Scale Economies, Technical Change, and Cost Efficiency”
Paper | Presentation
Paul W. Bauer, Federal Reserve Bank of Cleveland
Patrick Higgins, Federal Reserve Bank of Cleveland
Discussant: Elizabeth Klee, Board of Governors of the Federal Reserve System

Network Effects in Financial Services

“A Theory of Credit Cards”
Paper | Presentation
Sujit Chakravorti, Federal Reserve Bank of Chicago
Ted To, Bureau of Labor Statistics
“Network Externalities and Technology Adoption: Lessons from Electronic Payments”
Paper | Presentation ]
Gautam Gowrisankaran, Federal Reserve Bank of San Francisco
Joanna Stavins, Federal Reserve Bank of Boston
Discussant: James McAndrews, Federal Reserve Bank of New York
Presentation

Adoption of Financial Innovations

“The Diffusion of Financial Innovations: An Examination of the Adoption of Small Business Credit Scoring by Large Banking Organizations”
Paper | Presentation
Jalal Akhavein, Moody's Risk Management Services
W. Scott Frame, Federal Reserve Bank of Atlanta
Lawrence J. White, New York University
"Financial Innovation, Strategic Real Options and Endogenous Competition: Theory and an Application to Internet Banking"
Paper | Presentation
Marsha Courchane, Freddie Mac
David Nickerson, Colorado State University and Freddie Mac
Richard J. Sullivan, Federal Reserve Bank of Kansas City
Discussant: Robert DeYoung, Federal Reserve Bank of Chicago
[Presentation

Information, Information Technology, and Property Rights

“Information Technology and Financial Services Competition”
Paper
Robert Hauswald, University of Maryland
Robert Marquez, University of Maryland
“Patenting Pricing on the Nines? An Overview of Patents on Financial Services and Other Methods of Doing Business”
Paper | Presentation
John R. Thomas, Georgetown University
Discussant: Robert M. Hunt, Federal Reserve Bank of Philadelphia
Paper | Presentation

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