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Two Dimensions of Combating Over-Indebtedness: Consumer protection and financial stability

ECRI Research Report No. 18, October 2016

Authors: Sylvain Bouyon and Roberto Musmeci

The report can be downloaded here

The expansion of credit markets has fostered economic growth across the European Union, but it has also produced a sharp increase in the average level of household indebtedness. As a consequence of the financial crisis, the drop in households’ disposable income has undermined the ability of many EU households to honour their financial commitments. Against this background, this paper investigates the complexity of indebtedness and draws a distinction between its legal and economic dimensions in order to better understand the phenomenon.

The Business Models and Economics of Peer-to-Peer Lending

ECRI Research Report No 17, May 2016

Authors: Alistair Milne and Paul Parboteeah

The report can be downloaded here

This paper reviews peer-to-peer (P2P) lending, its development in the UK and other countries, and assesses the business and economic policy issues surrounding this new form of intermediation. P2P platform technology allows direct matching of borrowers’ and lenders’ diversification over a large number of borrowers without the loans having to be held on an intermediary balance sheet.P2P lending has developed rapidly in both the US and the UK, but it still represents a small fraction, less than 1%, of the stock of bank lending. In the UK – but not elsewhere – it is an important source of loans for smaller companies.

Relaunching the European Retail Finance Market: Comments on the Commission's Green Paper

ECRI Commentary 20, December 2015

Author: Sylvain Bouyon and Karel Lannoo

The commentary can be downloaded here.

The European Commission’s Green Paper on retail financial services, published on December 10th, provides valuable insights into the possible benefits of a single market, as well as the obstacles to its development and the possible remedies. While this could have a positive impact on both consumers and providers, it is also important to highlight that a greater diversity of products within countries could contribute to more effective macroeconomic policies at European level.

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