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1、BISBISWorkingPapersNo1157Fintechvsbankcredit:Howdotheyreacttomonetarypolicy?byGiulioCornelli,FiorellaDeFiore,LeonardoGambacortaandCristinaManeaMonetaryandEconomicDepartmentDecember2023JELclassification:D22,G31zR30Keywords:fintechcredit,monetarypolicy,PVAR,collateralchannelBISWorkingPapersarewrittenb
2、ymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.ThepapersareonSUtyeCtSoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.Thispublicationi
3、savailableontheBISwebsite(www.bis.org).BankforInternationalSettlements2023.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)Fintechvsbankcredit:howdotheyreacttomonetarypolicy?GiulioCorneIIi,FiorellaDeFiore,LeonardoGambacorta
4、andCristinaManea*AbstractFintechcredit,whichincludespeer-to-peerandmarketplacelendingaswellaslendingfacilitatedbymajortechnologyfirms,iswitnessingrapidgrowthworldwide.However,itsresponsivenesstomonetarypolicyshiftsremainslargelyunexplored.Thisstudyemploysanovelcreditdatasetspanning19countriesfrom200
5、5to2020andconductsaPVARanalysistoshedsomelightonthedifferentreactionoffintechandbankcredittochangesinpolicyrates.Themainresultisthatfintechcreditshowsalower(evennon-significant)sensitivitytomonetarypolicyshocksincomparisontotraditionalbankcredit.Giventhestillmarginal-althoughfastgrowing-macroeconomi
6、csignificanceoffintechcredit,itscontributioninexplainingthevariabilityofrealGDPislessthan2%,againstaroundonequarterforbankcredit.JELCodes:D22,G31,R30.Keywords:fintechcredit,monetarypolicy,PVAR,collateralchannel.GiulioCornelli(email:giulio.cornellibis.org)iswiththeBankforInternationalSettlements(BIS)
7、andtheUniversityofZurich(UZH).Correspondingauthor.FiorellaDeFiore(email:fiorella.defiorebis.org)andLeonardoGambacorta(email:Ieonardo.gambacortabis.org)arewiththeBISandresearchfellowsofCEPR.CristinaManea(CriStina.maneabis.org)iswiththeBIS.TheauthorsthankMaxCroce,MarcoJacopoLombardiandoneanonymousrefe
8、reeforhelpfulcomments.TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyrepresentthoseoftheBankforInternationalSettlements,UZHandCEPR.1. IntroductionCreditmarketsareundergoingaprofoundtransformation.Whiletraditionallenderssuchasbanksandcreditunionscontinuetobetheprimarysourceoffinanceinmosteco
9、nomies,withcapitalmarketsalsoplayinganimportantroleinsomecases,newintermediarieshavebeguntomaketheirmark.Inparticular,digitallendingmodelssuchaspeer-to-peerandmarketplacelendinghaveseensignificantgrowthinnumerouseconomiesoverthepastdecade(Claessensetal.,2018).Furthermore,inmorerecentyears,severalpro
10、minenttechnology-drivencompanies(oftenreferredas,bigtechs/z)haveventuredintocreditmarkets,providingloanstotheirclientseitherdirectlyorinpartnershipwithfinancialinstitutions(Frostetal.2019).Thesenewtypesofcredit,enabledbyonlineplatformsandbigdataforassessingcreditworthinessarecommonlytermed,fintechcr
11、edit. Fintech credit encompasses various innovative credit forms. This includes digital lending models such as peer- to-peer (P2P)marketplace lending and invoice trading, all facilitated by online platforms rather than traditional banks or lending institutions. Another notable form is wbig tech cred
12、it1, which is credit extended either directly or in partnership with financial institutions by large firms primarily engaged in the technology sector. For simplicity in this paper we group these two alternative finance forms together, referring to both collectively as wfintech credit.Fintechcreditis
13、witnessingrapidglobalexpansion,achievingmacroeconomicsignificanceinmanycountriesincludingChina,Korea,Malaysia,andKenyawhereitreachesupto5%oftotalcredit(Cornellietal.r2023).Inlightofthistrend,itbecomesessentialtoinvestigatehowfintechcreditrespondstomonetarypolicyandtoidentifythekeydifferencesinitsmon
14、etarytransmissionmechanismrelativetotraditionalbankcredit. See De Fiore et al (2023) for a model-based analysis of the relative impact of big tech and bank credit on the transmission of monetary policy.Threeprimarydifferencesbetweenfintechandbankcreditcouldinfluencetheirresponsestoamonetarypolicysho
15、ck.First,ratherthanrelyingonphysicalcollateraltoaddressagencyissuesbetweenlendersandborrowers,thebusinessmodeloffintechcreditisgroundedindata(Gambacortaetal.,2019).Asaresult,fintechcreditresponsivenesstoassetpricefluctuationstriggeredbyshiftsinmonetarypolicyislower(Gambacortaetal.,2022).Second,finte
16、chplatformsmayoperatewithinregulatoryframeworksdistinctfromthosegoverningtraditionalbanks,enablingthemtoextendcreditundervariedterms.Moreover,thecompetitivedynamicsbetweenfintechplatformsandconventionalbankscanshapecreditofferingsandtheirreactionstomonetarypolicyindifferentways.Astraditionalbankcreditbecomesmoreconstrainedduetomonetarypolicytightening,businessescouldreaddresstheirneedstowardsfintechplatforms(Hasanetal.,2023).Th
