How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets

被引：0
|
作者：
Zhou, Fuqin [1 ]
Chang, Aichih [1 ]
Shi, Jim [1 ]
机构：
[1] New Jersey Inst Technol, Martin Tuchman Sch Management, 184-198 Cent Ave, Newark, NJ 07102 USA
来源：
FINANCE RESEARCH LETTERS | 2024年 / 70卷
基金：
美国农业部;
关键词：
FinTech; Economic policy uncertainty (EPU); P2P; LendingClub; Prosper; RETURNS; RISK;
D O I：
10.1016/j.frl.2024.106268
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of state-level Economic Policy Uncertainty (EPU) on FinTech lending marketplace. Leveraging two large-scale Peer-to-Peer (P2P) datasets of LendingClub and Prosper from 2010 to 2019 alongside the news-based EPU index, we unveil a causal relationship between the EPU and both the interest rates and loan amounts. Economically, a one-standard- deviation increase in EPU causes 4.49 and 8.90 basis points change in P2P loan rates, and 1.56% and 1.28% variation in loan amounts, for LendingClub and Prosper, respectively. Furthermore, the national-sourced EPU has a relatively stronger effect on LendingClub, while the state-sourced EPU imposes more impacts on Prosper.
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页数：7
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