Ioannou Stefanos, Wójcik Dariusz, Urban Michael
J Post Keynes Econ. 2024 Apr 1;47(3):542-565. doi: 10.1080/01603477.2024.2315055. eCollection 2024.
We study the development of FinTech, defined as a set of innovations and an economic sector that apply recently developed digital technologies to financial services, with particular focus on payment and lending platforms, and digital asset management and online trading apps. We use mixed methods, including a theoretical exercise on the main balance sheet interactions involved in FinTech banking, and empirical insights from fieldwork in Latin America and the United States. Our analysis corroborates previous literature identifying several systemic risks in FinTech payment and lending platforms. These include the enhanced risk of a bank run, the increase in liquidity risk for incumbent banks, the fueling of precarious lending, and the potential compromise in the efficacy of monetary policy. Our discussion of online asset management and trading apps also highlights the risk of enhanced volatility in financial markets due to the increase in the participation of low-income and inexperienced investors. We observe that while the FinTech sector is still small in size, it already contains seeds of financial instability which should be all-too-familiar from recent history.
我们研究金融科技的发展，金融科技被定义为一系列创新以及一个经济部门，它将最近开发的数字技术应用于金融服务，特别关注支付和借贷平台、数字资产管理以及在线交易应用程序。我们采用混合方法，包括对金融科技银行业务中主要资产负债表相互作用的理论分析，以及来自拉丁美洲和美国实地调查的实证见解。我们的分析证实了先前文献中所指出的金融科技支付和借贷平台存在的若干系统性风险。这些风险包括银行挤兑风险加剧、现有银行流动性风险增加、不稳定借贷行为的助长，以及货币政策效力可能受到的损害。我们对在线资产管理和交易应用程序的讨论还凸显了由于低收入和缺乏经验的投资者参与度增加而导致金融市场波动性加剧的风险。我们观察到，虽然金融科技部门规模仍然较小，但它已经蕴含了金融不稳定的种子，这在近期历史中应该是屡见不鲜的。
