| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15502 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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