The Expansion of Peer-to-Peer Lending - Université Paris-Panthéon-Assas Accéder directement au contenu
Article Dans Une Revue Review of Network Economics Année : 2021

The Expansion of Peer-to-Peer Lending

Résumé

We use data from the two leading US platforms, Prosper and Lending Club, to explore the drivers of the growing consumer demand for peer-to-peer (P2P) credit. Despite the online nature of new entrants, we rely on the spatial autoregressive model because spatial effects play an important role. Our findings suggest that the initial growth of P2P lending was spurred by the global financial crisis, but its growth after 2011 occurred in counties that were underserved by bank branches. The growth of P2P lending is slower in counties with high bank concentration and this factor is the most robust, stable over time and economically important in our study. Counties with lower population density, lower share of educated and young people experience lower growth of P2P lending, consistent with the hypothesis that learning costs deter the entry of new entrants.
Fichier non déposé

Dates et versions

hal-04120408 , version 1 (07-06-2023)

Identifiants

Citer

Olena Havrylchyk, Carlotta Mariotto, Talal Rahim, Marianne Verdier. The Expansion of Peer-to-Peer Lending. Review of Network Economics, 2021, 19 (3), pp.145-187. ⟨10.1515/rne-2020-0033⟩. ⟨hal-04120408⟩
26 Consultations
0 Téléchargements

Altmetric

Partager

Gmail Facebook X LinkedIn More