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学术讲座:The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy

 金融学院SBF论坛2019年第15讲

 

讲座题目:The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy

时间:5月23日 (周四)12:20-13:30

地点:博学楼209

主讲人:Ilaf Elard

主讲人简介:

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.

我们研究了金融科技如何影响家庭在困难时期的破产行为。我们利用P2P借贷市场(marketplace lending)面临的外生冲击来研究该问题。冲击为2015年在康涅狄格州和纽约州法院颁布法令,以银行向居民发放贷款的利率为标准,将非银行机构向居民发放的高于高利贷的贷款视为无效。我们观察到该法令颁布后个人破产的持续增长以及P2P贷款的下降(特别是在低收入家庭中)。市场贷款违约和其他银行和金融机构的消费者信贷保持不受影响,这表明个人破产的增加主要来自抑制了对新贷款技术的获取。