Monetary innovation is very controversial. Nobel laureates have each lauded (Merton 1992, Miller 1986) and excoriated (Stiglitz 2010) these breakthroughs for his or her financial and social impacts. Whereas economists have made preliminary steps to grapple with the implications of monetary innovation empirically and theoretically (e.g Beck et al. 2012, Biais et al. 2010), we all know remarkably little concerning the much more primary query of the place or by whom these new services are developed.
Our latest work with Nick Quick and Yuan Solar (Lerner et al. 2021) seeks to handle this hole utilizing