Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/144836
Authors: 
de Roure, Calebe
Pelizzon, Loriana
Tasca, Paolo
Year of Publication: 
2016
Series/Report no.: 
Discussion Paper, Deutsche Bundesbank 30/2016
Abstract: 
Why do retail consumers look for P2P financial intermediation? Are internetbased peer-to-peer (P2P) loans a substitute for or a complement to bank loans? In this study we answer these questions by comparing P2P lending with the nonconstruction consumer credit market in Germany. We show that P2P lending is servicing a slice of the consumer credit market neglected by banks, namely highrisk and small-sized loans. Nevertheless, when accounting for the risk differential, interest rates are very similar. Our conclusion is that P2P lending is substituting the banking sector for high-risk consumer loans since banks are unwilling or unable to supply this slice of the market. Our study serves to show where the institutionalization of credit provision has left a slice of the market unsupplied.
Subjects: 
P2P lending
financial intermediation
consumer credit
JEL: 
D40
G21
G23
L86
ISBN: 
978-3-95729-286-5
Document Type: 
Working Paper

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