We investigate the real effects of shadow banking in the case of technological innovation. Using manually collected entrusted loan data, we find that firm-to-firm entrusted loans, once the largest part of the shadow banking sector in China, enhance the borrowers’ innovation output. The effects...

We analyze lending by traditional as well as FinTech lenders during COVID-19. Comparing samples of FinTech and bank loan records across the outbreak, we find that FinTech companies are more likely to expand credit access to new and financially constrained borrowers after the start of the...

Motivated by the build-up of shadow bank leverage prior to the financial crisis of 2007-2008, I develop a nonlinear macroeconomic model featuring excessive leverage accumulation and endogenous financial crises to capture the observed dynamics and to quantify the build-up of financial fragility....

Introduction -- Private lending market: historical evolution and operating mechanism -- The private lending crisis : cause, effect, and risk -- The legal framework of private lending -- Regulating private lending : rationale and practice -- The future of private lending -- Conclusion.