Shadow Banking in a Crisis: Evidence from Fintech During COVID-19
研究了COVID-19期间金融科技和传统银行的贷款行为，发现金融科技公司向新客户和资金受限借款人提供了更多信贷，但违约率翻了三倍，且借款人优先偿还银行贷款。
Abstract We analyze lending by traditional as well as fintech lenders during COVID-19. Comparing samples of fintech and bank loan records across the outbreak, we find that fintech companies are more likely to expand credit access to new and financially constrained borrowers after the start of the pandemic. However, this increased credit provision may not be sustainable; the delinquency rate of fintech loans triples after the outbreak, but there is no significant change in the delinquency of bank loans. Borrowers holding both loan types prioritize the payment of bank loans. These results shed light on the benefits provided by shadow banking in a crisis and hint at the potential fragility of such institutions when delinquency rates spike.