G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15502
DP15502 Inside the Regulatory Sandbox: Effects on Fintech Funding
Giulio Cornelli; Sebastian Doerr; Leonardo Gambacorta; Ouarda Merrouche
发表日期2020-11-29
出版年2020
语种英语
摘要Policymakers around the world are adopting regulatory sandboxes as a tool for spurring innovation in the financial sector while keeping alert to emerging risks. Using unique data for the UK, this paper provides first evidence on the effectiveness of the world's first sandbox in improving fintechs' access to finance. Firms entering the sandbox see a significant increase of 15% in capital raised post-entry, relative to firms that did not enter; and their probability of raising capital increases by 50%. Our results suggest that the sandbox facilitates access to capital through two channels: reduced asymmetric information and reduced regulatory costs or uncertainty. Our results are similar when we exploit the staggered introduction of the sandbox and compare firms in earlier to those in later sandbox cohorts, and when we compare participating firms to a matched set of comparable firms that never enters the sandbox.
主题Financial Economics
关键词Fintech Regulatory sandbox Startups Venture capital
URLhttps://cepr.org/publications/dp15502
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/544503
推荐引用方式
GB/T 7714
Giulio Cornelli,Sebastian Doerr,Leonardo Gambacorta,et al. DP15502 Inside the Regulatory Sandbox: Effects on Fintech Funding. 2020.
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