Arbeitspapier
The Impact of Peer-to-Peer Lending on Small Business Loans
We investigate the impact of peer-to-peer lending on the small business loans originated by US depository institutions that are subject to the Community Reinvestment Act. We present a model where a borrower can choose between a traditional bank and a crowdlending platform and show that the entry of crowdlending can induce a switching effect as well as a credit expansion effect. Using the staggered entry of LendingClub across states between 2009 and 2017, we find that the platform entry reduced the small business loans originated by banks, in particular, in the low- or moderate-income tracts as well as in the distressed middle-income tracts with a high poverty rate. A conservative estimate suggests that the crowdlending entry may have reduced the aggregate lending volume to small businesses.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 8268
- Klassifikation
-
Wirtschaft
Crowd-Based Firms‡
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation
- Thema
-
crowdfunding
marketplace lending
fintech
Community Reinvestment Act
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kim, Jin-Hyuk
Stähler, Frank
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kim, Jin-Hyuk
- Stähler, Frank
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2020
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