Monetary policy transmission via nonbank lending: Evidence from peer-to-peer loans

IF 4.2 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-08-20 DOI:10.1016/j.jfs.2025.101455

Esteban Argudo

引用次数: 0

Abstract

I use data on unsecured consumer loans from Lending Club to study how peer-to-peer lending markets respond to monetary policy shocks. I find that both loan supply and demand decrease following unexpected increases in the federal funds rate. The contraction in supply is smallest for risky borrowers, while the decline in demand is largest for these borrowers. In contrast, both demand and supply increase following surprise LSAP contractions, with the increases being largest for risky borrowers. These findings suggest that peer-to-peer lending dampens the effectiveness of monetary policy transmission in unsecured consumer credit markets while increasing risk-taking.

查看原文本刊更多论文

非银行贷款的货币政策传导：来自p2p贷款的证据

我使用Lending Club的无担保消费贷款数据来研究点对点贷款市场对货币政策冲击的反应。我发现，在联邦基金利率意外上调后，贷款供给和需求都会减少。对高风险借款人而言，供应收缩最小，而对这些借款人而言，需求降幅最大。相比之下，在LSAP意外收缩后，需求和供应都增加了，风险借款人的增幅最大。这些发现表明，在无担保消费信贷市场中，p2p贷款抑制了货币政策传导的有效性，同时增加了风险承担。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.