Fintech and big tech credit: Drivers of the growth of digital lending
基于79个国家2013-2018年数据，研究发现金融科技和大型科技公司信贷在人均GDP较高、银行业加价较高、监管较宽松的国家规模更大，且与现有信贷形式互补而非替代。
Fintech and big tech companies are making rapid inroads into credit markets. We hand construct a global database of fintech and big tech lending volumes for 79 countries over 2013–2018. Using a panel regression analysis, we find these new forms of digital lending are larger in countries with higher GDP per capita (albeit at a declining rate), where banking sector mark-ups are higher, and where banking regulation is less stringent. We also find that these alternative forms of credit are more developed where the ease of doing business is greater, investor protection disclosure and the efficiency of the judicial system are more advanced, and where bond and equity markets are more developed. Overall, fintech and big tech credit seem to complement other forms of credit, rather than substitute for them.