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Japanese fiction. --- Roman japonais.

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J5933 --- Japan: Literature -- modern fiction and prose by individual authors (1868- ) --- Roman japonais --- Traductions françaises.

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Ningenkankei --- Komyunikēshon

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This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking deregulation drove the industry shakeout. Calibrating the model to a novel dataset on ATM network entry, exit, size, and product offerings shows that our theory fits the quantitative pattern of the industry well. The model also allows us to conduct counterfactual analyses to evaluate the respective roles that innovation and deregulation played in the industry evolution.

Banks and Banking --- Industries: Service --- Industries: Financial Services --- Inventions --- Public Finance --- Market Structure, Firm Strategy, and Market Performance: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Industry Studies: Services: General --- National Government Expenditures and Related Policies: General --- Banking --- Inventions & inventors --- Technology --- general issues --- Finance --- Public finance & taxation --- Technological innovation --- Financial services --- Services sector --- Economic sectors --- Public expenditure review --- Expenditure --- Banks and banking --- Technological innovations --- Financial services industry --- Service industries --- Expenditures, Public --- United States --- General issues