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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.


Payment Trends in the U.S.

  • “U.S. Cash and Card Payments over 25 Years”
    Paper PDF | attached figures PDF | Presentation PowerPoint
    David B. Humphrey, Florida State University
  • “Post Consolidation Estimates of ACH Scale Economies, Technical Change, and Cost Efficiency”
    Paper PDF | Presentation PowerPoint
    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

Adoption of Financial Innovations

  • “The Diffusion of Financial Innovations: An Examination of the Adoption of Small Business Credit Scoring by Large Banking Organizations”
    Paper PDF | Presentation PDF
    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 PDF | Presentation PDF
    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 PDF

Information, Information Technology, and Property Rights

  • “Information Technology and Financial Services Competition”
    Paper PDF
    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 PDF | Presentation PowerPoint
    John R. Thomas, Georgetown University
  • Discussant: Robert M. Hunt, Federal Reserve Bank of Philadelphia
    Paper PDF | Presentation PowerPoint

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