国际清算银行（BIS）：2021年金融科技与金融包容报告（英文版）（19页）.pdf

1、BIS Working Papers No 841On fintech and financial inclusion by Thomas Philippon Monetary and Economic Department February 2020 JEL classification: E2, G2, N2. Keywords: fintech, discrimination, robo advising, credit scoring, big data, machine learning BIS Working Papers are written by members of the

2、 Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessa

3、rily the views of the BIS. This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2020. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) On Fintech and Financi

4、al InclusionThomas PhilipponSeptember 2019AbstractThe cost of financial intermediation has declined in recent years thanks to technology and increased competitionin some parts of the finance industry. I document this fact and I analyze two features of new financial technologiesthat have stirred cont

5、roversy: returns to scale and the use of big data and machine learning. I argue that thenature of fixed versus variable costs in robo-advising is likely to democratize access to financial services. Bigdata is likely to reduce the impact of negative prejudice in the credit market but it could reduce

6、the effectivenessof existing policies aimed at protecting minorities.JEL: E2, G2, N2Stern School of Business, New York University; NBER and CEPR. This paper was prepared for the 2019 BIS Annual ResearchConference. I am grateful to my discussants Manju Puri and David Dorn, to Hyun Shin, Marina Niessn