Text
Household Credit and Regulatory Arbitrage: Evidence from Online Marketplace Lending
We study the relationship between new intermediaries and regulatory arbitrage, analyzing marketplace credit around a tightening of mortgage loan-to-value (LTV) caps in several cities in China in 2013. Using novel data covering over 20% of Chinese marketplace credit as well as the universe of loans and loan applications at a leading online lending platform, we provide evidence consistent with home buyers borrowing online to bypass the tighter LTV cap. Our findings point to new, lightly regulated financial intermediaries as a driver of household leverage, suggesting that they can open nonnegligible regulatory arbitrage channels.
Barcode | Tipe Koleksi | Nomor Panggil | Lokasi | Status | |
---|---|---|---|---|---|
art148019 | null | Artikel | Gdg9-Lt3 | Tersedia namun tidak untuk dipinjamkan - No Loan |
Tidak tersedia versi lain