全球智库信息集成服务系统(G2TT): DP12668 Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12668
	DP12668 Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China
	Alberto Manconi; Fabio Braggion; Haikun Zhu
发表日期	2018-01-30
出版年	2018
语种	英语
摘要	We study whether and to what extent peer-to-peer (P2P) credit helps circumvent loan-to-value (LTV) caps, a key macroprudential tool to contain household leverage. We exploit the tightening of mortgage LTV caps in a number of cities in China in 2013 as our testing ground, in a difference-in-differences setting, and we base our tests on a novel, hand-collected database covering all lending transactions at RenrenDai, a leading Chinese P2P credit platform. P2P loans increase at the cities affected by the LTV cap tightening relative to the control cities, consistent with borrowers tapping P2P credit to circumvent the regulation. The granularity of our data allows us to separate credit demand from credit supply effects, with a fixed effects strategy. Our results also indicate that P2P lenders do not adjust their pricing and screening to the influx of new borrowers after 2013, despite the fact that their loans ex post have higher delinquency and default rates. Symmetric effects are associated with a loosening of mortgage LTV caps in 2015. Our test provides empirical evidence on the capacity of P2P credit to undermine LTV caps. More broadly, our analysis informs the debate on the challenges posed by the interaction between FinTech and credit regulation.
主题	Financial Economics
关键词	Peer-to-peer credit Household leverage Macroprudential regulation Loan-to-value caps
URL	https://cepr.org/publications/dp12668
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/541480
推荐引用方式 GB/T 7714	Alberto Manconi,Fabio Braggion,Haikun Zhu. DP12668 Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China. 2018.