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Year: 2022 Publisher: National Bureau of Economic Research
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Book
Year: 2022 Publisher: National Bureau of Economic Research
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Book
Year: 2022 Publisher: Cambridge, Mass. National Bureau of Economic Research
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We exploit anonymized administrative data provided by a major fintech platform to investigate whether using alternative data to assess borrowers' creditworthiness results in broader credit access. Comparing actual outcomes of the fintech platform's model to counterfactual outcomes based on a "traditional model" used for regulatory reporting purposes, we find that the latter would result in a 70% higher probability of being rejected and higher interest rates for those approved. The borrowers most positively affected are the "invisible primes"--borrowers with low credit scores and short credit histories, but also a low propensity to default. We show that funding loans to these borrowers leads to better economic outcomes for the borrowers and higher returns for the fintech platform.
Book
Year: 2022 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Firms offering "buy now, pay later" (BNPL) point-of-sale installment loans with minimal underwriting and low interest have captured a growing fraction of the market for short-term unsecured consumer credit. We provide a detailed look into the US BNPL market by constructing a large panel of BNPL users from transaction-level data. We document characteristics of users and usage patterns, and use BNPL roll-out to provide new insights into consumer responses to unsecured credit access. BNPL access increases both total spending levels and the retail share in total spending, with magnitudes too large for standard intertemporal and static substitution effects to explain. These findings hold for consumers with and without inferred liquidity constraints. Our findings are more consistent with a "liquidity flypaper effect" where additional retail liquidity through BNPL "sticks where it hits", than a standard lifecycle model with liquidity constraints.
Book
ISBN: 9791280136893 9791280136879 Year: 2022 Publisher: Torino : Accademia University Press,
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In quale misura gli eventi del 1956 hanno costituito una cesura nella storia del XX secolo? Il volume si propone di riflettere – anche criticamente – sull’idea del 1956 come “anno spartiacque”, tenendo assieme ricostruzione storica e dibattito storiografico, e ponendo al centro il nesso tra le vicende nazionali e gli avvenimenti di portata internazionale che in quell’anno si sono susseguiti, dalle crisi interne al blocco sovietico allo scacco subìto in Egitto dal colonialismo anglo-francese. Dal XX Congresso del Pcus ai “fatti d’Ungheria”, dal ’56 polacco alla crisi di Suez, sono ripercorse – con particolare attenzione alle culture politiche – le conseguenze italiane ed europee di eventi e processi di portata globale.
Literature (General) --- 1956 --- blocco sovietico --- colonialismo anglo-francese --- Europa --- crisi di Suez --- bloc soviétique --- colonialisme anglo-français --- Europe --- crise de Suez --- Soviet bloc --- Anglo-French colonialism --- Suez crisis
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