| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6183 |
| DP6183 Money Illusion and Housing Frenzies | |
| Markus Brunnermeier; Christian Julliard | |
| 发表日期 | 2007-03-16 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Information asymmetries are important in theory but difficult to identify in practice. We estimate the presence and importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major South African lender along three dimensions: 1) an initial "offer interest rate" featured on a direct mail solicitation; 2) a "contract interest rate" that was revealed only after a borrower agreed to the initial offer rate; and 3) a dynamic repayment incentive that extended preferential pricing on future loans to borrowers who remained in good standing. These three randomizations, combined with complete knowledge of the Lender's information set, permit identification of specific types of private information problems. Our setup distinguishes adverse selection from moral hazard effects on repayment, and thereby generates unique evidence on the existence and magnitudes of specific credit market frictions. We find evidence of moral hazard and weaker evidence for adverse selection. A rough calibration suggests that perhaps 7% to 16% of default is due to asymmetric information problems. Asymmetric information may help explain the prevalence of credit constraints even in a market that specializes in financing high-risk borrowers at very high rates. |
| 主题 | Development Economics |
| 关键词 | Adverse selection Credit markets Development finance Field experiment Information asymmetries Microfinance Moral hazard |
| URL | https://cepr.org/publications/dp6183 |
| 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/535023 |
| 推荐引用方式 GB/T 7714 | Markus Brunnermeier,Christian Julliard. DP6183 Money Illusion and Housing Frenzies. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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