We investigate the welfare effects of third-degree price discrimination by a two-sided
platform that enables interaction between buyers and sellers. Sellers are heterogeneous …

Lenders can exploit households' payment data to infer their creditworthiness. When
households value privacy, they then face a tradeoff between protecting such privacy and …

ABSTRACT “Buy Now, Pay Later”(BNPL) is a key innovation in consumer payments. It
bundles the sale of a product with a subsidized loan, effectively offering lower prices to low …

We study how information technology (IT) affects lender competition, entrepreneurs'
investment, and welfare in a spatial model. The effects of an IT improvement depend on …

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 …

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 …

We provide an economic model of an e-commerce retail platform (eg, Amazon) that offers a
fulfillment service (eg,“Fulfilled By Amazon”) to merchants that sell on its platform. We …

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 …

HONG KONG INSTITUTE FOR MONETARY AND FINANCIAL RESEARCH Page 1 HONG
KONG INSTITUTE FOR MONETARY AND FINANCIAL RESEARCH Leonardo Gambacorta …

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