The emergence of a decentralized peer-to-peer platform that matches lending and borrowing without collateral requirements has called the bank lending and balance-sheet channels for monetary transmission into question. Via a standard New Keynesian macroeconomic model expanded with two-sided...

Using the 2015 and 2017 waves of the China Household Finance Survey (CHFS), we measured financial literacy and study its relationship to households' demand for digital finance. We found that a majority of households in the People's Republic of China possess limited financial literacy. The low...

In this current era of the fourth industrial revolution, both the negative and positive effects of financial inclusion raise the question of whether digital finance can be a solution for financial stability through attaining sustainable economic growth or not. Hence, considering the aftermath of...

A sustainable financing strategy for SMEs should aim to enhance a low-cost collateral-free supply of loans to SMEs with good track records of repayments to banks. This paper suggests two alternative financing mechanisms to overcome certain borrowing constraints of SMEs. First, it suggests an...

Using panel data of cities in the People’s Republic of China from 2011 to 2019, this paper analyzes the impact of digital finance on low-carbon transition derived from a super-efficiency slacks-based measure data envelopment analysis. We find that digital finance promotes low-carbon...