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Russian online microloan and crowdlending market: Assessment of risk exposure in the context of financial stability

Author

Listed:
  • Evlakhova, Yu.

    (Rostov State University of Economics, Rostov-on- Don, Russia)

  • Tregubova, A.

    (Rostov State University of Economics, Rostov-on- Don, Russia)

  • Chekunkova, I.

    (Rostov State University of Economics, Rostov-on- Don, Russia)

Abstract

The research presents the results of an assessment and analysis of changes in the level of credit risk in the online microloan market and crowdlending market and its interpretation through the prism of financial stability indicators. A distinctive feature of the proposed approach is the application of a system of adjustment factors that take into account the interaction of the population with digital technologies when assessing credit risks of online segments of the retail credit market, along with the construction of a "stability zone" of the calculated indicators. It was hypothesized that credit risks generated in the online microloan and crowdlending markets could become systemic risks of these markets and potentially, based on trends their growth, number of participants and interconnections with other financial institutions, systemic risks of the financial market as a whole. The results partially confirmed this assumption. Thus, we proposed to use the author's approach to assessing credit risk in the online microloan market for the population taking into account digital transformation for assessing financial stability. We also identified the limitations of using crowdlending market indicators to assess threats to financial stability.

Suggested Citation

  • Evlakhova, Yu. & Tregubova, A. & Chekunkova, I., 2025. "Russian online microloan and crowdlending market: Assessment of risk exposure in the context of financial stability," Journal of the New Economic Association, New Economic Association, vol. 67(2), pages 85-109.
    • Handle: RePEc:nea:journl:y:2025:i:67:p:85-109
    DOI: 10.31737/22212264_2025_2_85-109
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    References listed on IDEAS

    as
    1. Herzenstein, Michal & Dholakia, Utpal M. & Andrews, Rick L., 2011. "Strategic Herding Behavior in Peer-to-Peer Loan Auctions," Journal of Interactive Marketing, Elsevier, vol. 25(1), pages 27-36.
    2. Yuliya S. Evlakhova & Alexandra A. Tregubova, 2023. "Russian Market of Online Microloans to the Population: Credit Risks Analysis," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(3), pages 710-738.
    3. Garry Bruton & Susanna Khavul & Donald Siegel & Mike Wright, 2015. "New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations," Entrepreneurship Theory and Practice, , vol. 39(1), pages 9-26, January.
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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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