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What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy? / Yiping Huang, Xiang Li, Chu Wang
VerfasserHuang, Yiping ; Li, Xiang
ErschienenHalle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, 24. Juni 2019
Umfang1 Online-Ressource (III, 56 Seiten, 0,92 MB) : Diagramme
SpracheEnglisch
SerieIWH-Diskussionspapiere ; 2019, no. 14 (June 2019)
URNurn:nbn:de:gbv:3:2-108242 
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What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy? [0.92 mb]
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This paper uses loan application-level data from a Chinese peer-to-peer lending platform to study the risk-taking channel of monetary policy. By employing a direct ex-ante measure of risk-taking and estimating the simultaneous equations of loan approval and loan amount we are the first to provide quantitative evidence of the impact of monetary policy on the risk-taking of nonbank financial institution. We find that the search-for-yield is the main workhorse of the risk-taking effect while we do not observe consistent findings of risk-shifting from the liquidity change. Monetary policy easing is associated with a higher probability of granting loans to risky borrowers and a greater riskiness of credit allocation but these changes do not necessarily relate to a larger loan amount on average.