Do Local Capital Market Conditions Affect Consumers’ Borrowing Decisions?
利用在线P2P借贷平台数据，研究发现居住在银行融资便利地区的借款人会要求更低利率，尤其对信用差和申请小额贷款的借款人影响更大，揭示了消费者在不同融资来源间的替代行为。
This paper uses detailed data from an online peer-to-peer lending intermediary to test whether local access to finance affects consumers’ willingness to pay for loans. After controlling for local economic conditions and borrower credit quality, we find that borrowers who reside in areas with good access to bank finance request loans with lower interest rates. This effect is stronger for borrowers with poor credit and those seeking small loans, suggesting that local access to finance is more important for marginal borrowers. Overall, our findings shed light on how consumers substitute between alternative sources of finance. This paper was accepted by Wei Jiang, finance.