Financial intermediation has distinct value from transforming financial claims to create
liquidity and mitigate risks. However, research and policy competition analyses often neglect …

We model competition between banks and a bigtech platform that lend to a merchant with
private information and subject to moral hazard. By controlling access to a valuable …

We study fintech entry and how it affects competition, investment, and welfare in a spatial
model. We find that fintechs with inferior monitoring efficiency can successfully enter …

We examine competition and collaboration between banks and fintech firms in a market with
adverse selection. Banks have cheaper funding, while fintechs have better screening …

We analyze the equilibrium in the credit market when a bank and a lending platform
compete to offer credit to borrowers. The platform does not manage deposit accounts, but …

Traditional and shadow banks interacted in similar ways in the 2007 and COVID-19 crises,
when both assets and liabilities flew out of shadow banks and into traditional banks. We …

The last decade has seen a significant boom in large technology companies (BigTechs)
entering the credit market by integrating lending with their core business ecosystems. Using …

Technological change has led to increased, but segmented, information collection. Tech
platforms record the information about trading histories required for making of …