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Does the Marriage of Finance and Technology Disrupt Financial Stability? Empirical Evidence from the Introduction of FinTech Regulatory Sandboxes

Derrick W.H.FUNGBecky W.Y.LEEJason J.H.YEHKevin F.L.YUEN

Department of Mathematics and Statistics,The Hang Seng University of Hong KongDepartment of Finance,The Chinese University of Hong Kong

摘要:Whether FinTech affects financial stability is a controversial issue.Opponents believe that FinTech could amplify contagion,procyclicality,and volatility in the market and undermine financial stability,while proponents argue that FinTech mitigates financial instability risk by decentralization,diversification,and enhanced transparency.In this paper,with a panel dataset which consists of international banks,we exploit the introduction of FinTech regulatory sandboxes as an exogenous shock and examine the effect of FinTech on financial stability.We find that(1) a shock to FinTech innovations has no net effect on financial stability when we ignore market characteristics,(2)promoting FinTech enhances(undermines) financial stability in markets with low(high) financial inclusion,and(3) FinTech affects financial stability through the channel of banks’ profitability.Our findings have important policy implications for regulators regarding maintenance of financial stability and promotion of FinTech innovations.
会议名称:

2019中国保险与风险管理国际年会

会议时间:

2019-07-17

会议地点:

中国四川成都

  • 专辑:

    经济与管理科学

  • 专题:

    金融

  • 分类号:

    F831

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