Buy now, pay later as liquidity insurance: Evidence from an early experiment in China

被引：2

作者：

Ji, Yang ^{[1
,2
]}

Wang, Xue ^{[3
]}

Huang, Yiping ^{[3
]}

Chen, Shu ^{[4
]}

Wang, Fang ^{[4
]}

机构：

[1] Sun Yat sen Univ, Business Sch, Guangzhou, Peoples R China

[2] Xiamen Univ, Sch Econ, Dept Finance, Xiamen, Peoples R China

[3] Peking Univ, Natl Sch Dev & Inst Digital Finance, 5 Yiheyuan Rd, Beijing 100871, Peoples R China

[4] Ant Grp, Hangzhou, Peoples R China

来源：

CHINA ECONOMIC REVIEW | 2023年 / 80卷

关键词：

FinTech; Buy now; pay later; Liquidity insurance; CREDIT CARD DEBT; CONSUMPTION; CONSTRAINTS; BEHAVIOR; INCOME; ILLUSION; MARKET;

D O I：

10.1016/j.chieco.2023.101998

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study explores the liquidity insurance role of Buy Now, Pay Later (BNPL). As a complementary study to Bian et al. (2023), we provide institutional background and mechanism analysis of BNPL's consumption-boosting effects. Since a significant consumption boosting effect exists even for individuals who did not draw on the BNPL credit line, we argue that BNPL provides liquidity insurance by releasing preexisting precautionary liquidity reserves into consumption. We also explore several robustness checks and heterogeneity analyses.

引用

页数：13

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