危机下的影子银行：基于疫情期间金融科技借贷证据（JFQA2021）

题目：Shadow Banking in a Crisis: Evidence from Fintech During COVID-19（危机下的影子银行：基于疫情期间金融科技借贷证据）

摘要：We analyze lending by traditional as well as fintech lenders during COVID-19. Comparing samples of fintech and bank loan records across the outbreak, we find that fintech companies are more likely to expand credit access to new and financially constrained borrowers after the start of the pandemic. However, this increased credit provision may not be sustainable; the delinquency rate of fintech loans triples after the outbreak, but there is no significant change in the delinquency of bank loans. Borrowers holding both loan types prioritize the payment of bank loans. These results shed light on the benefits provided by shadow banking in a crisis and hint at the potential fragility of such institutions when delinquency rates spike.