HIGHLIGHTS
SUMMARY
Tang suggests that marketplace borrowers move from traditional banks to online marketplaces when banks restrict lending, and that marketplace lenders attract borrowers with observably poor credit quality. Within the unsecured consumer loans market segment, Cornaggia et_al find that high risk marketplace loans substitute bank credit whereas low risk loans complement bank lending. Section III briefly discusses differences between banks and marketplace loans, explains why peers lend on these platforms and in addition, whether peer-to-peer lending is able to overcome frictions that banks cannot. Dependent Variable: ESTAB 1 MP_LOANS ETHNICITY DEGREE LATITUDE LONGITUDE . . .
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