 | Two-Sided Market, R&D and Payments System Evolution Author/Editor: Bin Grace Li, James McAndrews, Zhu Wang. Release Date:March, 2019 It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address more...
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| Innovation, Deregulation, and the Life Cycle of a Financial Service Industry Author/Editor: Fumiko Hayashi, Bin Li, Zhu Wang. Release Date:August, 2015 This paper examines innovation, deregulation, and firm dynamics over the life cycle of theU.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model tostudy how a major more...
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 | How Effective are Macroprudential Policies in China? Author/Editor: Bin Wang, Tao Sun. Release Date:March, 2013 This paper investigates macroprudential policies and their role in containing systemic risk in China. It shows that China faces systemic risk in both the time (procyclicality) and cross-sectional more...
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