Peer-to-Peer Lenders Versus Banks: Substitutes or Complements?
研究消费信贷市场中P2P平台与银行的关系，发现P2P贷款对银行边际借款人是替代，但对小额贷款是互补，信贷扩张仅发生在已有银行信贷的借款人中。
This paper studies whether, in the consumer credit market, peer-to-peer (P2P) lending platforms serve as substitutes for banks or instead as complements. I develop a conceptual framework and derive testable predictions to distinguish between these two possibilities. Using a regulatory change as an exogenous shock to bank credit supply, I find that P2P lending is a substitute for bank lending in terms of serving infra-marginal bank borrowers yet complements bank lending with respect to small loans. These results indicate that the credit expansion resulting from P2P lending likely occurs only among borrowers who already have access to bank credit.Received June 1, 2017; editorial decision September 15, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.