Marianne VERDIER



My research program focuses mainly on digital finance, with a special interest in the economics of platforms (payment platforms, P2P lending). I am interested in understanding the interplay between innovation, competition and regulation in the financial industry (including the entry of FinTechs).


‘The Financial Intermediation Role of P2P Lending Platforms’ (2018), with Olena Havrylchyk (Université Paris 1), forthcoming in Comparative Economic Studies.
‘Innovation and Competition in Retail Banking’ (2015), with Carlotta Mariotto (CERNA, Mines ParisTech), Communications & Strategies, pp.129-145.
‘Cooperative and Noncooperative R&D in Two-Sided Markets’ (2014), with Marc Bourreau (Télécom ParisTech), Review of Network Economics, 13(2), 175-190.
‘Fraud, Investments and Liability Regimes in Payment Platforms’ (2014), with Anna Creti (Université Paris Dauphine), International Journal of Industrial Organization, vol.35, pp. 84-93.
‘Interchange Fees and Inefficiencies in the Substitution between Cash and Debit Cards’ (2012), International Journal of Industrial Organization, vol.30, pp. 682-696.
‘Interchange Fees in Payment Card Systems: a Review of the Literature’ (2011), Journal of Economic Surveys, vol. 25 (2), pp. 273-297.
‘Interchange Fees and Incentives to Invest in Quality of a Payment Card System’ (2010), International Journal of Industrial Organization, vol.28, pp. 539-554.
‘Private Cards and the Bypass of Payment Systems by Merchants’ (2010), with Marc Bourreau (Telecom ParisTech), Journal of Banking and Finance, vol.34, pp. 1798-1807.
‘Cooperation for Innovation in Payment Systems: the Case of Mobile Payments’ (2010), with Marc Bourreau (Telecom ParisTech), Communications&Strategies, Vol. 79, 3rd Quarter 2010, pp. 95-113.
‘Payment Card Systems in Europe: Convergence or Disappearance?’ (2008), Communications&Strategies, Vol. 69, 1st Quarter, pp. 127-147.
‘Retail Payment Systems: What do we Learn from Two-Sided Markets?’ (2006), Communications&Strategies, Vol. 61, 1st Quarter, pp. 37-51.


“L’intermédiation financière à l’époque des FinTechs: le rôle des plateformes de crowdlending” (2017), avec Olena Havrylchyk, à paraître dans la Revue d’Economie Financière.
"Les développements récents de la littérature sur les plates-formes" (2016), Revue Economique N°67, p.25-38.
"Concurrence et développement de services bancaires en ligne", Revue Economie et Management (2016).
"Innovation, Concurrence et Réglementation pour la fourniture de services bancaires en ligne" (2015), Revue d'Economie Financière, pp.67-80.
Encyclopédie Universalis (2013) : « le paiement électronique ».
"La détention et l'usage des instruments de paiement en France" (2008), with David Bounie, Marc Bourreau, and Abel François, Revue d'Economie Financière, Vol. 91, April 2008, pp.53-76.


'What drives the expansion of the P2P lending', with Olena Havrylchyk (Université Paris 1), with Carlotta Mariotto (ESCP LabeX ReFi), Talal Rahim (Boston University).
'Competition between a Platform and Merchants for Selling Services' (2017), with Carlotta Mariotto (ESCP LabeX ReFi), Working Paper, available at ssrn.
'The Role of Merchants' Pass-Through in Payment Platform Markets’ (2017), avec Carlotta Mariotto (CERNA, Mines ParisTech), Working Paper, available at ssrn.
‘Interchange Fees and Innovation in Payment Systems’, avec Marc Bourreau (Télécom ParisTech), Working Paper, submitted.


The workshop aims to bring together scholars, industry leaders and regulators to have an open-minded discussion about our current state of knowledge about alternative finance. Researchers are increasingly using new forms of granular data to do an exciting research about alternative credit and equity markets, but many questions remain. Why are online finance providers emerging in the market? Will they make the financial system more democratic, responsible and fair? Will they lower the cost of financial intermediation? Or are they subject to the same agency problems as traditional intermediaries? What policies should the government adopt towards alternative finance sector? The workshop will provide a forum to discuss what data and research tools are needed to answer these questions.

Fore more information:

Co-editor of the special issue on digital finance (DigiWorld Economic Journal N°103)


Microeconomics of banking, FinTech and Financial Intermediation, Banking Regulation, Advanced Industrial Economics, Regulation of New Technologies