| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28063 |
| 来源ID | Working Paper 28063 |
| FinTech Adoption and Household Risk-Taking | |
| Claire Yurong Hong; Xiaomeng Lu; Jun Pan | |
| 发表日期 | 2020-11-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the speed and intensity with which they adopt the new technology. Our hypothesis is that individuals with high FinTech adoption, through repeated usages of the Alipay app, would build familiarity and trust, reducing the psychological barriers against investing in risky assets. Measuring risk-taking by individuals’ mutual-fund investments on the FinTech platform, we find that higher FinTech adoption results in higher participation and more risk-taking. Using the distance to Hangzhou as an instrument variable to capture the exogenous variation in FinTech adoption yields results of similar economic and statistical significance. Focusing on the welfare-improving aspect of FinTech inclusion, we find that individuals with high risk tolerance, hence more risk-taking capacity, and those living in under-banked cities stand to benefit more from the advent of FinTech. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28063 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585736 |
| 推荐引用方式 GB/T 7714 | Claire Yurong Hong,Xiaomeng Lu,Jun Pan. FinTech Adoption and Household Risk-Taking. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28063.pdf（1537KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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