學(xué)術(shù)講座：The Real Effects of Financial Technology: Marketplace Lending and Personal Bankruptcy

 金融學(xué)院SBF論壇2019年第15講

 

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

時(shí)間：5月23日 （周四）12：20-13：30

地點(diǎn)：博學(xué)樓209

主講人：Ilaf Elard

主講人簡(jiǎn)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(shí)期的破產(chǎn)行為。我們利用P2P借貸市場(chǎng)（marketplace lending）面臨的外生沖擊來研究該問題。沖擊為2015年在康涅狄格州和紐約州法院頒布法令，以銀行向居民發(fā)放貸款的利率為標(biāo)準(zhǔn)，將非銀行機(jī)構(gòu)向居民發(fā)放的高于高利貸的貸款視為無效。我們觀察到該法令頒布后個(gè)人破產(chǎn)的持續(xù)增長(zhǎng)以及P2P貸款的下降（特別是在低收入家庭中）。市場(chǎng)貸款違約和其他銀行和金融機(jī)構(gòu)的消費(fèi)者信貸保持不受影響，這表明個(gè)人破產(chǎn)的增加主要來自抑制了對(duì)新貸款技術(shù)的獲取。