借款人违约对 P2P 网络借贷平台稳定性影响的计算模型

IF 2.5 Q2 ECONOMICS
Evangelos Katsamakas, J. Manuel Sanchez-Cartas
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引用次数: 0

摘要

点对点(P2P)借贷因其经济意义和实现融资民主化的潜力而备受学术界关注。然而,P2P 借贷平台面临着许多挑战和失败,我们需要更清楚地了解这些问题。我们建立了一个计算模型,研究借款人违约如何影响 P2P 平台借贷。我们的研究表明,借款人违约会扰乱 P2P 网络的形成过程,破坏平台的稳定性。此外,我们还发现,违约会加剧资金获取的不平等,并为使用 P2P 平台广泛使用的策展规则提供了理论依据,而 P2P 保险则会助长连带违约。我们还探讨了 P2P 借贷平台的一个新趋势,即大公司(机构投资者)在其中扮演着越来越重要的角色。我们发现,大公司的存在创造了一个更密集的网络(更多贷款),但也产生了一种权衡,即让平台更能抵御连带违约,还是让平台更依赖于特定的参与者。总之,我们解释了借款人违约如何影响平台的稳定性,以及是什么使平台变得脆弱并威胁其生存。我们讨论了对平台稳定性和 P2P 网络借贷平台经济效应的研究和管理见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

A computational model of the effects of borrower default on the stability of P2P lending platforms

A computational model of the effects of borrower default on the stability of P2P lending platforms

Peer-to-peer (P2P) lending has attracted scholarly attention because of its economic significance and potential to democratize access to finance. However, P2P lending platforms face many challenges and failures that we need to understand more clearly. We build a computational model to study how borrower default affects P2P platform lending. We show that borrower default disrupts the P2P network formation process and undermines platform stability. Moreover, we find that defaults increase the inequality in accessing funding and provide a rationale for using curation rules, widely used in P2P platforms, in contrast to P2P insurance, which fosters cascading defaults. We also address a new trend in P2P lending platforms in which large companies (institutional investors) play an increasingly important role. We find that the presence of large companies creates a denser network (more loans) but generates a trade-off between making the platform more resilient to cascading defaults and more dependent on specific players. Overall, we explain how borrower defaults affect platform stability and what makes a platform vulnerable, threatening its survival. We discuss research and managerial insights into platform stability and the economic effect of P2P lending platforms.

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来源期刊
CiteScore
6.00
自引率
2.90%
发文量
24
期刊介绍: The mission of Eurasian Economic Review is to publish peer-reviewed empirical research papers that test, extend, or build theory and contribute to practice. All empirical methods - including, but not limited to, qualitative, quantitative, field, laboratory, and any combination of methods - are welcome. Empirical, theoretical and methodological articles from all fields of finance and applied macroeconomics are featured in the journal. Theoretical and/or review articles that integrate existing bodies of research and that provide new insights into the field are highly encouraged. The journal has a broad scope, addressing such issues as: financial systems and regulation, corporate and start-up finance, macro and sustainable finance, finance and innovation, consumer finance, public policies on financial markets within local, regional, national and international contexts, money and banking, and the interface of labor and financial economics. The macroeconomics coverage includes topics from monetary economics, labor economics, international economics and development economics. Eurasian Economic Review is published quarterly. To be published in Eurasian Economic Review, a manuscript must make strong empirical and/or theoretical contributions and highlight the significance of those contributions to our field. Consequently, preference is given to submissions that test, extend, or build strong theoretical frameworks while empirically examining issues with high importance for theory and practice. Eurasian Economic Review is not tied to any national context. Although it focuses on Europe and Asia, all papers from related fields on any region or country are highly encouraged. Single country studies, cross-country or regional studies can be submitted.
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