What does peer-to-peer lending evidencesay about the Risk-Taking Channel of monetary policy?
作者：
Yiping Huang（Peking University）Xiang Li（Peking University，Halle Institute for Economic Research，Martin Luther University Halle-Wittenberg）Chu Wang（Peking University）内容分享：

本文利用中国个人投资者的账户数据，研究了货币政策对以P2P为代表的非银行金融机构风险承担行为的影响。研究发现：首先，当货币政策放宽时，以P2P为代表的非银行金融机构出于对高收益的追求，通过向风险较高的借款人放贷而承担更多风险；资金流动性增加对风险承担的影响不明确。此外，高强度的监管可以有效地限制宽松货币政策带来的非银行机构风险承担的增加。本文利用互联网金融中的个人账户数据，首次研究了新兴经济体中货币政策对非银机构风险承担的影响，实现了视角创新，也证实了对非银机构进行强监管的必要性。
Abstract：This paper uses loan application-level data from apeer-to-peer lending platform to study the risk taking channel of monetarypolicy. By employing a direct ex-ante measure of risk-taking and estimating thesimultaneous equations of loan approval and loan amount, we provide evidence ofmonetary policy’s impact on a nonbank financial institution’s risk-taking. Wefind that the search-for- yield is the main driving force of the risk-takingeffect, while we do not observe consistent findings of risk-shifting from theliquidity change. Monetary policy easing is associated with a higherprobability of granting loans to risky borrowers and greater riskiness ofcredit allocation. However, these changes do not necessarily relate to a largerloan amount on average.
Keywords: Monetary policy; Risk-taking;Nonbank financial institution; Peer-to-peer lending;  Search-for-yield; Risk-shifting
参考文献: HuangY, Li X , Wang C . What does peer-to-peer lending evidence say about theRisk-Taking Channel of monetary policy? [J]. Journal ofCorporate Finance, 2020, 66(3):101845.

分享者简介：庞圆圆，女，天津大学管理与经济学部在读博士撰稿人：庞园园 | 编辑：张明欣
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