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Three Essays on Innovation in Financial Intermediation
Three Essays on Innovation in Financial Intermediation
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20260209102854
- ISBN
- 9798291567418
- DDC
- 150
- 서명/저자
- Three Essays on Innovation in Financial Intermediation
- 발행사항
- [Sl] : University of Michigan, 2025
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2025
- 형태사항
- 194 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 87-03, Section: B.
- 주기사항
- Advisor: Purnanandam, Amiyatosh.
- 학위논문주기
- Thesis (Ph.D.)--University of Michigan, 2025.
- 초록/해제
- 요약My dissertation examines the impact of recent financial innovations in lending and payments, both in the United States and global markets. Specifically, I study how financial innovation affects economic outcomes of borrowers, financial decision-making of lenders, and the real economy. In Chapter 1, I investigate whether innovation in lending improves borrower outcomes in broader credit markets by studying the spillover effect of unsecured FinTech lending on U.S. mortgage markets. Using quasi-exogenous variation in LendingClub loan activity following its 2015 partnership with the BancAlliance consortium of community banks, I provide causal evidence that an increase in LendingClub's unsecured personal loans led to a significant rise in overall mortgage activity in affected areas. This effect is more pronounced for new home purchases relative to mortgage refinancing, and for borrowers facing greater information frictions, such as middle-income households. Additionally, despite increase in mortgage activity, I find that mortgage interest rates declined, without a corresponding increase in mortgage default rates. Overall, my findings uncover a new benefit of FinTech lending and offer important insights for ongoing policy debates surrounding unsecured personal lending. In Chapter 2, we explore whether innovation in payments technology can have real effects on the economy. We use granular household-level data from India and a novel quasi-exogenous variation in adoption of digital payments to show that an increase in digital payments in an area led to an increase in the economic output of households, specifically their income, business income, and the likelihood to start a business. The primary mechanisms here are the relaxation of credit constraints and reduction in the transaction costs of carrying cash. Consequently, we find that these effects are more pronounced for households situated in less financially developed areas, households that are self-employed, and those who face large financing constraints, such as hawkers and street vendors. In Chapter 3, we investigate whether the recent rise in lending capacity of women, coupled with the advent of artificial intelligence and advanced lending algorithms, alters the lending behavior of the average lender. Specifically, we study the impact of adoption of advanced lending technologies on participation and performance of female lenders using a unique empirical setting from a large Indian digital lending platform. We find that although female lenders are better at processing borrower information generated by the FinTech lending platform, they are more likely to participate in lending models that require lower borrower information processing, even when these models involve higher risk. This lending behaviour is likely driven by unwillingness, not inability, of female lenders to process borrower information. Possible explanations include higher information processing costs faced by female lenders and greater relative overconfidence among male lenders. Together, these chapters contribute to the growing literature on financial innovation in lending and payments. They introduce novel empirical identification instruments, offer new insights into how innovation interacts with household, market, and institutional constraints, and highlight policy-relevant implications for the design of inclusive financial systems.
- 일반주제명
- Behavioral sciences
- 일반주제명
- Finance
- 기타저자
- University of Michigan Business Administration
- 기본자료저록
- Dissertations Abstracts International. 87-03B.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a150
■1001 ▼aDubey, Tamanna Singh.
■24510▼aThree Essays on Innovation in Financial Intermediation
■260 ▼a[Sl]▼bUniversity of Michigan▼c2025
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2025
■300 ▼a194 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 87-03, Section: B.
■500 ▼aAdvisor: Purnanandam, Amiyatosh.
■5021 ▼aThesis (Ph.D.)--University of Michigan, 2025.
■520 ▼aMy dissertation examines the impact of recent financial innovations in lending and payments, both in the United States and global markets. Specifically, I study how financial innovation affects economic outcomes of borrowers, financial decision-making of lenders, and the real economy. In Chapter 1, I investigate whether innovation in lending improves borrower outcomes in broader credit markets by studying the spillover effect of unsecured FinTech lending on U.S. mortgage markets. Using quasi-exogenous variation in LendingClub loan activity following its 2015 partnership with the BancAlliance consortium of community banks, I provide causal evidence that an increase in LendingClub's unsecured personal loans led to a significant rise in overall mortgage activity in affected areas. This effect is more pronounced for new home purchases relative to mortgage refinancing, and for borrowers facing greater information frictions, such as middle-income households. Additionally, despite increase in mortgage activity, I find that mortgage interest rates declined, without a corresponding increase in mortgage default rates. Overall, my findings uncover a new benefit of FinTech lending and offer important insights for ongoing policy debates surrounding unsecured personal lending. In Chapter 2, we explore whether innovation in payments technology can have real effects on the economy. We use granular household-level data from India and a novel quasi-exogenous variation in adoption of digital payments to show that an increase in digital payments in an area led to an increase in the economic output of households, specifically their income, business income, and the likelihood to start a business. The primary mechanisms here are the relaxation of credit constraints and reduction in the transaction costs of carrying cash. Consequently, we find that these effects are more pronounced for households situated in less financially developed areas, households that are self-employed, and those who face large financing constraints, such as hawkers and street vendors. In Chapter 3, we investigate whether the recent rise in lending capacity of women, coupled with the advent of artificial intelligence and advanced lending algorithms, alters the lending behavior of the average lender. Specifically, we study the impact of adoption of advanced lending technologies on participation and performance of female lenders using a unique empirical setting from a large Indian digital lending platform. We find that although female lenders are better at processing borrower information generated by the FinTech lending platform, they are more likely to participate in lending models that require lower borrower information processing, even when these models involve higher risk. This lending behaviour is likely driven by unwillingness, not inability, of female lenders to process borrower information. Possible explanations include higher information processing costs faced by female lenders and greater relative overconfidence among male lenders. Together, these chapters contribute to the growing literature on financial innovation in lending and payments. They introduce novel empirical identification instruments, offer new insights into how innovation interacts with household, market, and institutional constraints, and highlight policy-relevant implications for the design of inclusive financial systems.
■590 ▼aSchool code: 0127.
■650 4▼aBehavioral sciences
■650 4▼aFinance
■653 ▼aFinancial technology
■653 ▼aFinancial intermediation
■653 ▼aEmpirical corporate finance
■690 ▼a0508
■690 ▼a0770
■690 ▼a0602
■71020▼aUniversity of Michigan▼bBusiness Administration.
■7730 ▼tDissertations Abstracts International▼g87-03B.
■790 ▼a0127
■791 ▼aPh.D.
■792 ▼a2025
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17365912▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
