Contrary to common perceptions, we find that fintech shadow banks do not possess technological advantages over traditional banks, which have had significantly more patent output and technology-based talent (digital capital) acquisitions over the past decade. Consequently, although fintech shadow...

This study investigates the determinants of household participation in credit markets in Malawi using merged comprehensive data from the Integrated Household Survey. We find that larger family sizes increase the probability of households accessing credit from village banks, and that higher...

By comparing uncollateralized business loans made by a big tech lending program with conventional bank loans, we find that big tech loans tend to be smaller and have higher interest rates and that borrowers of big tech loans tend to repay far before maturity and borrow more frequently. These...