This paper investigates the extent to which the regional credit market structures, characterized by the presence and lending capacity of traditional banks, shape the growth of online lending marketplaces using peer-to-peer (P2P) lending data. Using an instrumental variables (IV) approach, our study suggests that areas underserved by traditional banks witness more significant growth in P2P lending. This impact is more pronounced in regions with a lower presence of small bank outreach. Furthermore, we find that an increase in P2P lending is associated with a reduced risk of borrower default. Our findings also show that the expansion of online lending marketplaces positively impacts borrowers’ financial well-being by improving their credit scores.

中文翻译：

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缩小信贷缺口：区域银行结构对扩大 P2P 借贷的影响


本文研究了以传统银行的存在和贷款能力为特征的区域信贷市场结构在多大程度上利用点对点（P2P）贷款数据塑造了在线贷款市场的增长。使用工具变量（IV）方法，我们的研究表明，传统银行服务不足的地区的 P2P 借贷增长更为显着。这种影响在小银行业务较少的地区更为明显。此外，我们发现 P2P 借贷的增加与借款人违约风险的降低有关。我们的研究结果还表明，在线借贷市场的扩张通过提高借款人的信用评分对借款人的财务状况产生积极影响。