Peer-to-Peer Lenders Versus Banks: Substitutes or Complements?

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 e...

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Bibliographic Details
Published in:The Review of financial studies 2019-05, Vol.32 (5), p.1900-1938
Main Author: Tang, Huan
Format: Article
Language:English
Subjects:
Banking
Bond markets
Complements
Consumer credit
Credit
Electronic publishing
Frame analysis
Internet
Loans
Peers
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