Household Credit and Regulatory Arbitrage: Evidence from Online Marketplace Lending

• 成果类型: Article
• 署名作者: Braggion, Fabio; Manconi, Alberto; Zhu, Haikun
• 署名单位: Tilburg University; Bocconi University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.4592
• 发表日期: 2023
• 页码: 6271-6292
• 关键词: online marketplace credit; Household leverage; Macroprudential regulation; loan-to-value caps; Chinese financial system

摘要

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.