| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14740 |
| DP14740 The Value of “New” and “Old” Intermediation in Online Debt Crowdfunding | |
| Fabio Braggion; Alberto Manconi; Nicola Pavanini; Haikun Zhu | |
| 发表日期 | 2022-04-26 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Whereas many online marketplaces are fundamentally peer-to-peer, credit ones sell diversified loan portfolios characterized by maturity mismatch, a traditional feature of financial intermediation. To understand why, we develop a structural model of online debt crowdfunding and estimate it on a novel database from a large Chinese platform. Abandoning the peer-to-peer paradigm raises lender surplus, platform profits, and credit provision, but exposes investors to liquidity risk. A counterfactual where the platform resembles a bank by bearing liquidity risk generates larger lender surplus and credit provision when liquidity is low. More generally, our results shed light on how financial intermediation creates value. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Marketplace credit Chinese financial system Structural estimation |
| URL | https://cepr.org/publications/dp14740-1 |
| 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/546262 |
| 推荐引用方式 GB/T 7714 | Fabio Braggion,Alberto Manconi,Nicola Pavanini,等. DP14740 The Value of “New” and “Old” Intermediation in Online Debt Crowdfunding. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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