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1、BISBIS Working PapersNo 1157Fintech vs bank credit: How do they react to monetary policy?by Giulio Cornelli, Fiorella De Fiore, Leonardo Gambacorta and Cristina ManeaMonetary and Economic DepartmentDecember 2023JEL classification: D22, G31, R30Keywords: fintech credit, monetary policy, PVAR, collate

2、ral channelBIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views e

3、xpressed in them are those of their authors and not necessarily the views of the BIS.This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2023. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.ISSN 1020-09

4、59 (print)ISSN 1682-7678 (online)Fintech vs bank credit: how do they react to monetary policy?Giulio Cornelli7 Fiorella De Fiorez Leonardo Gambacorta and Cristina Manea*AbstractFintech credit, which includes peer-to-peer and marketplace lending as well as lending facilitated by major technology firm

5、s, is witnessing rapid growth worldwide. However, its responsiveness to monetary policy shifts remains largely unexplored. This study employs a novel credit dataset spanning 19 countries from 2005 to 2020 and conducts a PVAR analysis to shed some light on the different reaction of fintech and bank c

6、redit to changes in policy rates. The main result is that fintech credit shows a lower (even non-sigificant) sensitivity to monetary policy shocks in comparison to traditional bank credit. Given the still marginal - although fast growing - macroeconomic significance of fintech credit, its contributi

7、on in explaining the variability of real GDP is less than 2%l against around one quarter for bank credit.JELCodes: D22, G31, R30.Keywords: fintech credit, monetary policy, PVAR, collateral channel.Giulio Cornelli (email: giulio.cornellibis.org ) is with the Bank for International Settlements (BIS) a

8、nd the University of Zurich (UZH). Corresponding author. Fiorella De Fiore (email: fiorella.defiorebis.org) and Leonardo Gambacorta (email: IeOnardo.gambacortabis.org ) are with the BIS and research fellows of CEPR. Cristina Manea (CriStina.maneabis.org) is with the BIS. The authors thank Max Croce,

9、 Marco Jacopo Lombardi and one anonymous referee for helpful comments. The views expressed are those of the authors and do not necessarily represent those of the Bank for International Settlements, UZH and CEPR.1. IntroductionCredit markets are undergoing a profound transformation. While traditional

10、 lenders such as banks and credit unions continue to be the primary source of finance in most economies, with capital markets also playing an important role in some cases, new intermediaries have begun to make their mark. In particular, digital lending models such as peer-to-peer and marketplace len

11、ding have seen significant growth in numerous economies over the past decade (Claessens et al., 2018). Furthermore, in more recent years, several prominent technology-driven companies (often referred as big techs) have ventured into credit markets, providing loans to their clients either directly or

12、 in partnership with financial institutions (Frost et al. 2019). These new types of credit, enabled by online platforms and big data for assessing creditworthiness are commonly termed fitech credit. Fintech credit encompasses various innovative credit forms. This includes digital lending models such

13、 as peer- to-peer (P2P)marketplace lending and invoice trading, all facilitated by online platforms rather than traditional banks or lending institutions. Another notable form is “big tech credit”, which is credit extended either directly or in partnership with financial institutions by large firms

14、primarily engaged in the technology sector. For simplicity in this paper we group these two alternative finance forms together, referring to both collectively as fintech creditf,.Fintech credit is witnessing rapid global expansion, achieving macroeconomic significance in many countries including Chi

15、na, Korea, Malaysia, and Kenya where it reaches up to 5% of total credit (Cornelli et al., 2023). In light of this trendz it becomes essential to investigate how fitech credit responds to monetary policy and to identify the key differences in its monetary transmission mechanism relative to tradition

16、al bank credit. See De Fiore et al (2023) for a model-based analysis of the relative impact of big tech and bank credit on the transmission of monetary policy.Three primary differences between fintech and bank credit could influence their responses to a monetary policy shock.First, rather than relying on physical collateral to address agency issues between lenders and borrowers, the business model of fintech credit is grounded i

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