Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 12, 2023 erstellt
Description:
Peer-to-peer (P2P) lending emerged as an early innovation of the fintech revolution. As an online platform, it has served as a marketplace to allocate capital from a group of individual lenders to retail borrowers without a traditional intermediary, such as a bank. The initial promise of P2P lending was that it would “democratize” the capital market and that elimination of traditional intermediaries would reduce borrowing costs, increase the availability of credit to borrowers who previously had little access to credit, and provide new investment opportunities to, in particular, retail investors. The online nature of P2P lending has provided academic researchers with rich and fascinating data that has stimulated a large, interdisciplinary literature around fundamental questions concerning borrowing and lending decisions as well as around the evolution of P2P lending as a new fintech product, both in the U.S. and internationally. In this article, we survey this literature