{"title":"传统和非常规货币政策对贷款违约风险的影响——来自英国p2p借贷平台的证据","authors":"Anh Nguyet Vu","doi":"10.1002/ijfe.2921","DOIUrl":null,"url":null,"abstract":"This study investigates the effect of both conventional and unconventional monetary policies on loan default of UK personal and business peer-to-peer (P2P) loans. I employ loan book data of Zopa, Lending Works, and MarketFinance, which are three of the most popular UK P2P lending platforms. Survival analysis reveals consistent evidence for the existence of the risk-taking channel of monetary policy. Monetary easing, be it conventional or unconventional, reduces loan survival in the P2P lending market. This finding delivers useful information for policymakers to rebalance the countervailing effects of expansionary monetary policies on financial stability during the era of alternative financing.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"93 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of conventional and unconventional monetary policies on loan default risk—Evidence from UK peer-to-peer lending platforms\",\"authors\":\"Anh Nguyet Vu\",\"doi\":\"10.1002/ijfe.2921\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study investigates the effect of both conventional and unconventional monetary policies on loan default of UK personal and business peer-to-peer (P2P) loans. I employ loan book data of Zopa, Lending Works, and MarketFinance, which are three of the most popular UK P2P lending platforms. Survival analysis reveals consistent evidence for the existence of the risk-taking channel of monetary policy. Monetary easing, be it conventional or unconventional, reduces loan survival in the P2P lending market. This finding delivers useful information for policymakers to rebalance the countervailing effects of expansionary monetary policies on financial stability during the era of alternative financing.\",\"PeriodicalId\":501193,\"journal\":{\"name\":\"International Journal of Finance and Economics\",\"volume\":\"93 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-11-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Journal of Finance and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1002/ijfe.2921\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Finance and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1002/ijfe.2921","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The impact of conventional and unconventional monetary policies on loan default risk—Evidence from UK peer-to-peer lending platforms
This study investigates the effect of both conventional and unconventional monetary policies on loan default of UK personal and business peer-to-peer (P2P) loans. I employ loan book data of Zopa, Lending Works, and MarketFinance, which are three of the most popular UK P2P lending platforms. Survival analysis reveals consistent evidence for the existence of the risk-taking channel of monetary policy. Monetary easing, be it conventional or unconventional, reduces loan survival in the P2P lending market. This finding delivers useful information for policymakers to rebalance the countervailing effects of expansionary monetary policies on financial stability during the era of alternative financing.
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