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            <title xml:lang="en">The Expansion of Peer-to-Peer Lending</title>
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                <forename type="first">Olena</forename>
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            <idno type="halRefHtml">&lt;i&gt;Review of Network Economics&lt;/i&gt;, 2021, 19 (3), pp.145-187. &lt;a target="_blank" href="https://dx.doi.org/10.1515/rne-2020-0033"&gt;&amp;#x27E8;10.1515/rne-2020-0033&amp;#x27E9;&lt;/a&gt;</idno>
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            <note type="commentary">We thank the participants at the conference GRETA-credit (2016), 5th EBA Policy Research Workshop (2016), IIOC (2017), Journée d’etudes sur le Crowdfunding (2017), ICT (2017), International Advisory Board Workshop (2017), PET (2017), the Toronto FinTech annual conference (2017), SKEMA Fintech and Digital Finance Conference (2019). We also thank seminar participants at the ACPR, CRED (University of Paris 2), EconomiX (University of Paris West Nanterre La Défense), CES (University of Paris 1 Panthéon-Sorbonne), as well as Sergei Davydenko, Alberta Di Giuli, Thomas Lambert, Michael R. King, Ananya Sen, and Denis Schweizer for helpful comments. This paper was awarded the Best Paper award at the Toronto FinTech annual conference.</note>
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                <term xml:lang="en">credit market</term>
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                <term xml:lang="en">financial crisis</term>
                <term xml:lang="en">barriers to entry</term>
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                <term xml:lang="en">peer-to-peer lending</term>
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              <p>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.</p>
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