Abstract
This study explores the link between fintech credit and de facto measures of financial openness, which has been largely overlooked in the existing literature. We utilise a new and comprehensive panel dataset consisting of a direct measure of fintech credit, allowing us to conduct a cross-country analysis of more than 78 countries between 2013 and 2019. Using a series of panel data estimation models, we provide robust evidence that an increase in all main components of total external liabilities leads to an increase in fintech credit volumes. Based on the empirical results, we highlight that each external liability component affects fintech credit volumes through certain channels and mechanisms.
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