| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3112 |
| DP3112 Executive Compensation in America: Optimal Contracting or Extraction of Rents | |
| Lucian Arye Bebchuk; Jesse Fried; David I Walker | |
| 发表日期 | 2001-12-12 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In this Paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five year period (1995-99) during which the consumer credit market rapidly expanded in Italy and a new law came into force that set a limit to interest rates charged to consumers (the usury law). We investigate ways in which the law may have affected the consumer credit market and show how the applicants? pool has changed over time in comparison to a representative sample of the Italian population. We compute behavioural changes by controlling for changes in the observable characteristics of the Findomestic clientele and argue that, under suitable identifying assumptions, these changes can be given a structural interpretation. If the usury shock is assumed to have affected credit supply but not credit demand, that is if the usury law had a differential impact on the supply of various types of credit but a uniform impact on demand , we can identify and estimate a demand equation. Our key finding is that demand is interest rate elastic, particularly in the North, where the consumer credit market is more competitive. |
| 主题 | International Macroeconomics |
| 关键词 | Consumer credit Choice-based sample Usury |
| URL | https://cepr.org/publications/dp3112 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532138 |
| 推荐引用方式 GB/T 7714 | Lucian Arye Bebchuk,Jesse Fried,David I Walker. DP3112 Executive Compensation in America: Optimal Contracting or Extraction of Rents. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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