International comparison of alternative finance

Franklin Allen, Elena Carletti, Meijun Qian and Patricio Valenzuela

Chapter 12 in Research Handbook on Alternative Finance, 2024, pp 283-302 from Edward Elgar Publishing

Abstract: Through a review of the literature, this chapter describes observed forms of alternative finance around the world, as well as their roles. It also uses World Bank Survey data to empirically compare alternative finance development across countries. We find that alternative finance is essential for industry development and economic growth in developed and developing economies and that it is a reasonable substitute for bank finance under certain conditions. Finally, we explore how the advancement of technology-based financial innovations in recent years has led to the rapid growth of online alternative finance. Financial innovation and new practices in financial conglomerates have triggered important features in alternative finance, such as implicit benefits, network information, and reputation. These drastic changes in financial innovation call for more research to understand these practices and to support policymaking.

Keywords: Asian Studies; Business and Management; Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2024
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