This working paper is written by Vincent Yao (Georgia State University).Using automobile credit data, we study individual lenders' responses to monetary policy shocks and how they are a ected by local market power. We nd that all lenders, except new FinTech rms, respond to an increase in the...

Basic information on the organization, operation, and growth of the financial system helps the students and early career researchers to gain better insights and understanding of the subject. The purpose of this paper is to compile the concepts, terminologies, and definitions – used in the...

We show that nonbanks (funds, shadow banks, fintech) reduce the effectiveness of tighter monetary policy on credit supply and the resulting real effects, and increase risk-taking. For identification, we exploit exhaustive US loan-level data since 1990s and Gertler-Karadi monetary policy shocks....

We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s, borrowerlender relationships and Gertler-Karadi monetary...

We develop a theory of trust in lending, distinguishing between trust and reputation, and use it to analyze the competitive interactions between banks and non-bank lenders (fintech firms). Trust enables lenders to have assured access to financing, whereas a loss of investor trust makes this...

The report presents new insights and data on stablecoins, an innovative and rapidly evolving sector of the cryptocurrency ecosystem. Stablecoins, as the name suggests, are cryptocurrencies that are designed to minimize price volatility. The findings in this research study are based on the...

The present study is structured in two Chapters – the first containing three Sections and the second two – as follows:(a) Chapter One focuses on the European Central Bank (ECB) within the European System of Central Banks (ESCB):• the first two Sections (A and B) briefly discuss the...

We show that nonbanks (funds, shadow banks, fintech) reduce the effectiveness of tighter monetary policy on credit supply and the resulting real effects, and increase risk-taking. For identification, we exploit exhaustive US loan-level data since 1990s and Gertler-Karadi monetary policy shocks....

The report presents new insights and data on stablecoins, an innovative and rapidly evolving sector of the cryptocurrency ecosystem. Stablecoins, as the name suggests, are cryptocurrencies that are designed to minimize price volatility. The findings in this research study build on an earlier...