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Doctoral Dissertation Research: Financial Technologies, New Financial Markets, and Socio-Economic Life

博士论文研究：金融技术、新金融市场和社会经济生活

基本信息

批准号：
2042955
负责人：
Carlos Forment
金额：
$ 1.25万
依托单位：
The New School
依托单位国家：
美国
项目类别：
Standard Grant
财政年份：
2021
资助国家：
美国
起止时间：
2021-05-01 至 2023-04-30
项目状态：
已结题

来源：
https://www.nsf.gov/awardsearch/showAward?AWD_ID=2042955&HistoricalAwards=false
关键词：
Doctoral Dissertation Research Financial Technologies

项目摘要

Credit bureaus and scoring agencies have played an active part in the impressive growth of consumer credit in the United States at the turn of the twenty-first century. Companies like Equifax (America’s oldest credit bureau) or FICO (providers of the most widely used consumer credit score) have managed to compile a massive volume of consumer histories and translate them into a standardized and objective three-digit number meant to predict the creditworthiness of a person. These companies grew beyond the US borders and expanded to Latin America, where they implemented similar methods. However, they were not as effective in seizing and refining consumer information in a region where almost half of the population lacks access to formal banking networks. This half, furthermore, has been better captured by local or regional financial technology (fintech) firms, that, assisted by artificial intelligence (AI), have managed to successfully lend to and assess borrowers without robust credit histories via the use and sophistication of other sources of information. The goal of this project is to understand the role of credit scoring and other financial technologies in the recent but sustained expansion of credit and indebtedness in the Southern Cone region of Latin America, which includes Argentina, Chile, and Uruguay. This is explored by empirically tracking and comparing the work of Equifax with that of local and regional fintech firms. By tracing the development of financial technologies in South America, this research makes intelligible the role of STEM disciplines in generating new forms of credit and indebtedness in a context where indebtedness rates are on the rise worldwide and credit remains crucial to access education, healthcare, housing, and subsistence. This project contributes to understanding the potential of financial technology to continually reshape socio-economic life.Drawing on qualitative data collected through in-depth interviews with local experts and industry insiders; participant observation in fintech conferences and seminars; and archival research on company, industry, and public polices, this project responds to two main research questions: a) How are AI and related technologies expanding financial services and reshaping socio-economic life in Latin America? b) What techniques have local fintech firms employed to capture excluded populations, generating knowledge regimes that far surpass what information giants like Equifax can assemble? These questions are explored by looking at the combination of technologies, innovation, and expertise that bring Latin American consumer credit markets into being. Such an approach yields valuable insights on how value and knowledge are produced through technical innovation and on how algorithms generated through machine learning are used to predict economic behaviors, especially in contexts of socio-economic uncertainty. This project builds on a hypothesis that states that the shallow reach of formal financial infrastructures in South America placed limits on Equifax’s capacity to expand, whereas regional fintech firms were able to take advantage of this infrastructural deficit by developing techniques for assessing creditworthiness by translating novel forms of data into commercially useful knowledge.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

二十世纪之交，信用局和评分机构在美国消费信贷的惊人增长中发挥了积极作用。 Equifax（美国最古老的征信机构）或 FICO（使用最广泛的消费者信用评分提供商）等公司已经成功地编制了大量消费者历史记录，并将其转化为标准化、客观的三位数数字，旨在预测一个人的信用度。这些公司的发展超越了美国边界，并扩展到拉丁美洲，并在那里实施了类似的方法。然而，在一个近一半人口无法使用正规银行网络的地区，它们在获取和提炼消费者信息方面并不那么有效。此外，这一半已被当地或区域金融科技（fintech）公司更好地抓住，这些公司在人工智能（AI）的帮助下，通过使用和完善其他信息来源，成功地向没有良好信用记录的借款人提供贷款和评估。该项目的目标是了解信用评分和其他金融技术在拉丁美洲南锥体地区（包括阿根廷、智利和乌拉圭）最近但持续的信贷和债务扩张中的作用。这是通过对 Equifax 的工作与当地和区域金融科技公司的工作进行实证跟踪和比较来探索的。通过追踪南美金融技术的发展，这项研究揭示了在全球负债率不断上升、信贷对于获得教育、医疗保健、住房和生存至关重要的背景下，STEM 学科在产生新形式的信贷和债务方面的作用。该项目有助于了解金融科技不断重塑社会经济生活的潜力。利用通过深入采访当地专家和业内人士收集的定性数据；金融科技会议和研讨会的参与者观察；以及有关公司、行业和公共政策的档案研究，该项目回答了两个主要研究问题：a) 人工智能和相关技术如何扩大拉丁美洲的金融服务并重塑社会经济生活？ b) 当地金融科技公司采用了哪些技术来吸引被排除在外的人群，产生的知识体系远远超出了 Equifax 等信息巨头的能力？通过考察拉美消费信贷市场形成的技术、创新和专业知识的结合来探讨这些问题。这种方法对于如何通过技术创新产生价值和知识，以及如何使用通过机器学习生成的算法来预测经济行为，特别是在社会经济不确定的背景下提供了宝贵的见解。该项目建立在一个假设之上，即南美洲正规金融基础设施的覆盖面较浅限制了 Equifax 的扩张能力，而区域性金融科技公司能够利用这一基础设施缺陷，通过将新型数据转化为商业上有用的知识来开发信用评估技术。该奖项反映了 NSF 的法定使命，并通过使用基金会的智力价值和更广泛的影响审查标准。