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狗万app講座:The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy

 狗万appSBF論壇2019年第15講

 

講座題目:The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy

時間:5月23日 (週四)12:20-13:30

地點:博學樓209

主講人:Ilaf Elard

主講人簡介:

Ilaf Elard is an Assistant Professor of Finance at Shanghai University of International Business and Economics. Previously, he was Visiting Assistant Professor of Economics at Brown University and part-time consultant at the Bank of England. His research focuses on economic instability and financial crises, as well as the economic impact of new financial technologies (FinTech) such as cryptocurrencies and online peer-to-peer lending. He holds a Ph.D. in Economics from Oxford. 

文章摘要:

We examine how financial technology affects household hardship in terms of personal bankruptcy. We exploit an exogenous source of variation in marketplace lending, a court verdict rendering above-usury loans issued by banks to Connecticut and New York residents null and void if the loans are sold outright to non-banks. We document a persistent rise in personal bankruptcies following the verdict and a decline in marketplace lending, particularly among low-income households. Marketplace loan defaults and other consumer credit by banks and finance companies remain unaffected, suggesting that increases in personal bankruptcy arise principally from reversing access to new lending technology.

我們研究了金融科技如何影響家庭在困難時期的破產行爲。我們利用P2P借貸市場(marketplace lending)面臨的外生衝擊來研究該問題 。衝擊爲2015年在康涅狄格州和紐約州法院頒佈法令,以銀行向居民發放貸款的利率爲標準 ,將非銀行機構向居民發放的高於高利貸的貸款視爲無效 。我們觀察到該法令頒佈後個人破產的持續增長以及P2P貸款的下降(特別是在低收入家庭中)。市場貸款違約和其他銀行和金融機構的消費者信貸保持不受影響,這表明個人破產的增加主要來自抑制了對新貸款技術的獲取 。