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FinTech as a Financial Liberator / Greg Buchak, Jiayin Hu, Shang-Jin Wei.
- Format:
- Book
- Author/Creator:
- Buchak, Greg.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w29448.
- NBER working paper series no. w29448
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- A binding interest rate cap on household savings is a common form of financial repression in developing economies and typically benefits banks. Using proprietary data from a leading Chinese FinTech company, we study Fintech's role in ending financial repression in China through the introduction of a money market fund with deposit-like features available through an already widely-adopted household payment platform. Cities and banks whose depositor base is more exposed to FinTech see greater deposit outflows. Importantly, exposed banks respond to FinTech competition by offering competing products with market interest rates. FinTech thus facilitates a bottom-up interest rate liberalization.
- Notes:
- Print version record
- November 2021.
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