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SUMMARY:DOES FINTECH SUBSTITUTE FOR BANKS? EVIDENCE FROM THE PAYCHECK PROT
 ECTION PROGRAM - Isil Erel\, David A. Rismiller Chair in Finance\, Academi
 c Director of the Risk Institute\, Fisher College of Business of the Ohio 
 State University.
DTSTART:20201117T130000Z
DTEND:20201117T140000Z
UID:TALK153565@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:New technology promises to expand the supply of financial serv
 ices to borrowers poorly served by the banking system. Does it succeed? We
  study the response of FinTech to financial services demand created by the
  introduction of the Paycheck Protection Program (PPP). We find that FinTe
 ch is disproportionately used in ZIP codes with fewer bank branches\, lowe
 r incomes\, and a larger minority share of the population\, as well as in 
 industries with little ex ante small business lending. FinTech's role in P
 PP provision is also greater in counties where the economic effects of the
  COVID-19 pandemic were more severe. Using the predicted responsiveness of
  traditional banks to the program in areas where they have branches as an 
 instrument\, we also show that only a small fraction of borrowers substitu
 ted to FinTech lenders when local traditional banks were not available.
LOCATION:Webinar (via Zoom online)
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