Abstract
This study investigates the determinants of crowdlending in emerging economies, with a particular focus on the role of basic infrastructure, financial development, and regulatory frameworks. Using panel data for 29 emerging economies from 2017 to 2020, the analysis applies a panel regression model to evaluate the significance and direction of the identified determinants. The results indicate that within the basic infrastructure category, two variables emerge as significant: fixed broadband subscriptions (FBS), representing information communications technology usage, and credit information depth (CID), representing financial infrastructure. FBS demonstrates a negative relationship with crowdlending volumes, and this result reflects the structural realities of emerging economies, where fixed broadband access is concentrated among more affluent, urban populations already served by traditional financial institutions, thereby reducing the necessity of crowdlending. In contrast, CID exerts a strong positive influence, highlighting the importance of robust credit reporting systems in supporting crowdlending markets. Variables associated with financial development and regulatory frameworks were found to be statistically insignificant in the final model. These findings suggest that while broader financial and regulatory environments shape credit ecosystems, it is infrastructure-related components, particularly information, communications, and technology (ICT) usage and credit reporting depth, that exert the most immediate impact on crowdlending activity in emerging economies. The results provide important insights for policymakers seeking to foster sustainable growth in alternative lending markets.