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BigTech and the Changing Structure of Financial Intermediation
Frost, Jon - 2019
We consider the drivers and implications of the growth of "BigTech" in finance - ie the financial services offerings of technology companies with established presence in the market for digital services. BigTech firms often start with payments. Thereafter, some expand into the provision of...
Persistent link: https://www.econbiz.de/10012888946
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The FinTech Opportunity
Philippon, Thomas - 2017
This paper assesses the potential impact of FinTech on the finance industry. I document first that financial services remain surprisingly expensive, which explains the emergence of new entrants. I then argue that the current regulatory approach is subject to significant political economy and...
Persistent link: https://www.econbiz.de/10012950260
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Understanding the Challenges for Infrastructure Finance
Ehlers, Torsten - 2014
What is holding back infrastructure investment, even though real long-term interest rates are low and the potential … supply of long-term finance is ample? The answer matters to policy makers, because infrastructure is a key determinant of the … growth potential of an economy. This paper identifies some key obstacles for better and greater infrastructure finance and …
Persistent link: https://www.econbiz.de/10013047535
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On Fintech and Financial Inclusion
Philippon, Thomas - 2020
The cost of financial intermediation has declined in recent years thanks to technology and increased competition in some parts of the finance industry. I document this fact and I analyze two features of new financial technologies that have stirred controversy: returns to scale and the use of big...
Persistent link: https://www.econbiz.de/10012840125
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The Economic Forces Driving Fintech Adoption Across Countries
Frost, Jon - 2020
Fintech is being adopted across markets worldwide - but not evenly. Why not? This paper reviews the evidence. In some economies, especially in the developing world, adoption is being driven by an unmet demand for financial services. Fintech promises to deliver greater financial inclusion. In...
Persistent link: https://www.econbiz.de/10012841853
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How Do Machine Learning and Non-Traditional Data Affect Credit Scoring? New Evidence from a Chinese Fintech Firm
Gambacorta, Leonardo - 2020
This paper compares the predictive power of credit scoring models based on machine learning techniques with that of traditional loss and default models. Using proprietary transaction-level data from a leading fintech company in China for the period between May and September 2017, we test the...
Persistent link: https://www.econbiz.de/10012845707
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China's Shadow Banking : Bank's Shadow and Traditional Shadow Banking
Sun, Guofeng - 2019
Banks' shadow, or money creation by banks beyond traditional loans, plays an important role in China's money-creation process, posing a number of challenges to monetary policy operations and financial risk management. This paper analyzes the money-creation mechanisms of China's shadow banking...
Persistent link: https://www.econbiz.de/10012859643
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Stress-Testing Macro Stress Testing : Does it Live Up to Expectations?
Borio, Claudio E. V. - 2014
We critically review the state of the art in macro stress testing, assessing its strengths and weaknesses. We argue that, given current technology, macro stress tests are ill-suited as early warning devices, ie as tools for identifying vulnerabilities during seemingly tranquil times and for...
Persistent link: https://www.econbiz.de/10013066619
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Embedded Supervision : How to Build Regulation into Blockchain Finance
Auer, Raphael - 2019
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, ie a regulatory framework that provides for compliance in tokenised markets to be automatically monitored by reading...
Persistent link: https://www.econbiz.de/10012861846
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Dealers’ Insurance, Market Structure, and Liquidity
Carapella, Francesca - 2020
We develop a parsimonious model to study the effect of regulations aimed at reducing counterparty risk on the structure of over-the-counter securities markets. We find that such regulations promote entry of dealers, thus fostering competition and lowering spreads. Greater competition, however,...
Persistent link: https://www.econbiz.de/10012835089