We study an economy in which large technology companies, Big Techs (BTs), provide credit to firms operating on their platforms. We focus on two advantages that BTs have with respect to banks: better information on their clients and better enforcement of credit repayment since BTs can exclude a...

Mehr Freiheit und mehr Demokratie waren die großen Versprechen des Internets. Doch inzwischen konzentriert sich die Macht bei einigen wenigen Tech-Giganten. Dabei bietet das Netz selbst eine Lösung, um sein ursprüngliches Freiheitsversprechen zu bewahren: die nichtkommerzielle digitale...

Both borrowers and lenders can be socially responsible (SR). Ethical banks commit to financing only ethical projects, which have social profitability but lower expected revenues than standard projects. Instead, no credible commitment exists for SR borrowers. The matching between SR borrowers and...