Innovativeness of Banks as a Driver of Social Welfare

Beata Cialowicz () and Andrzej Malawski
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Andrzej Malawski: Cracow University of Economics

Central European Journal of Economic Modelling and Econometrics, 2017, vol. 9, issue 2, 97-113

Abstract: The general aim of the paper is to indicate the key role played by banks in Schumpeterian innovative evolution. It includes formal modelling of innovative evolution of financial subsystem of an economy which goes beyond routine behavior of banks deprived of innovative, financial strategies. Moreover this paper studies an impact of innovations in financial sphere of modified Debreu monetary economy on its real sector and, specifically, on social welfare. Thus the paper main aims are to prove that pro-innovative banks may intensify innovative evolution and to specify the sufficient conditions to guarantee the preservation of the rules of circular flow for a consumption sector within the innovative changes in banks behavior.

Keywords: financial innovations; Arrow-Debreu model; Schumpeterian approach (search for similar items in EconPapers)
JEL-codes: C6 D11 D50 O10 O30 O31 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:psc:journl:v:9:y:2017:i:2:p:97-113

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