Pedro J. Cuadros-Solas , Elena Cubillas , Carlos Salvador , Nuria Suárez
{"title":"门口的数字颠覆者。金融科技贷款会影响银行的市场力量和稳定性吗？","authors":"Pedro J. Cuadros-Solas , Elena Cubillas , Carlos Salvador , Nuria Suárez","doi":"10.1016/j.intfin.2024.101964","DOIUrl":null,"url":null,"abstract":"<div><p>This paper examines the effect of FinTech lending on the market power and stability of incumbent banks. Using an international sample of 6,225 banks during the period 2013–2019, our results show that the volume of credit provided by FinTech lenders negatively affects bank market power and stability. These results are influenced by the legal framework and institutional quality of each jurisdiction. Furthermore, the impact of FinTech lending on bank stability is partially channeled by the effect of FinTech credit on the market power of incumbent banks. Our main results – lower bank market power and bank stability – are also observed at the country level and after addressing potential endogeneity concerns. Regarding policy implications, more prudential regulation on FinTech activity is needed to address information imbalance issues and potential risks stemming from their activities. Furthermore, reinforcing the legal framework and institutional structure could serve to mitigate the adverse effects of FinTech lending on the traditional commercial banking sector.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101964"},"PeriodicalIF":5.4000,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000301/pdfft?md5=64642ddf775b195c8a12a4fc441b2c87&pid=1-s2.0-S1042443124000301-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Digital disruptors at the gate. Does FinTech lending affect bank market power and stability?\",\"authors\":\"Pedro J. Cuadros-Solas , Elena Cubillas , Carlos Salvador , Nuria Suárez\",\"doi\":\"10.1016/j.intfin.2024.101964\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper examines the effect of FinTech lending on the market power and stability of incumbent banks. Using an international sample of 6,225 banks during the period 2013–2019, our results show that the volume of credit provided by FinTech lenders negatively affects bank market power and stability. These results are influenced by the legal framework and institutional quality of each jurisdiction. Furthermore, the impact of FinTech lending on bank stability is partially channeled by the effect of FinTech credit on the market power of incumbent banks. Our main results – lower bank market power and bank stability – are also observed at the country level and after addressing potential endogeneity concerns. Regarding policy implications, more prudential regulation on FinTech activity is needed to address information imbalance issues and potential risks stemming from their activities. Furthermore, reinforcing the legal framework and institutional structure could serve to mitigate the adverse effects of FinTech lending on the traditional commercial banking sector.</p></div>\",\"PeriodicalId\":48119,\"journal\":{\"name\":\"Journal of International Financial Markets Institutions & Money\",\"volume\":\"92 \",\"pages\":\"Article 101964\"},\"PeriodicalIF\":5.4000,\"publicationDate\":\"2024-02-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1042443124000301/pdfft?md5=64642ddf775b195c8a12a4fc441b2c87&pid=1-s2.0-S1042443124000301-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of International Financial Markets Institutions & Money\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1042443124000301\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of International Financial Markets Institutions & Money","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1042443124000301","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Digital disruptors at the gate. Does FinTech lending affect bank market power and stability?
This paper examines the effect of FinTech lending on the market power and stability of incumbent banks. Using an international sample of 6,225 banks during the period 2013–2019, our results show that the volume of credit provided by FinTech lenders negatively affects bank market power and stability. These results are influenced by the legal framework and institutional quality of each jurisdiction. Furthermore, the impact of FinTech lending on bank stability is partially channeled by the effect of FinTech credit on the market power of incumbent banks. Our main results – lower bank market power and bank stability – are also observed at the country level and after addressing potential endogeneity concerns. Regarding policy implications, more prudential regulation on FinTech activity is needed to address information imbalance issues and potential risks stemming from their activities. Furthermore, reinforcing the legal framework and institutional structure could serve to mitigate the adverse effects of FinTech lending on the traditional commercial banking sector.
期刊介绍：
International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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