G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8580
DP8580 Costly Contracts and Consumer Credit
Michele Tertilt; Igor Livshits; James MacGee
发表日期2011-09-01
出版年2011
语种英语
摘要Financial innovations are a common explanation of the rise in consumer credit and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers? risk of default and a fixed cost to create each contract offered by lenders. Innovations which reduce the fixed cost or ameliorate asymmetric information have large extensive margin effects via the entry of new lending contracts targeted at riskier borrowers. This results in more defaults and borrowing, as well as increased dispersion of interest rates. Using the Survey of Consumer Finance and interest rate data collected by the Board of Governors, we find evidence supporting these predictions, as the dispersion of credit card interest rates nearly tripled, and the share of credit card debt of lower income households nearly doubled.
主题International Macroeconomics ; Public Economics
关键词Consumer credit Endogenous financial contracts Bankruptcy
URLhttps://cepr.org/publications/dp8580
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/537417
推荐引用方式
GB/T 7714
Michele Tertilt,Igor Livshits,James MacGee. DP8580 Costly Contracts and Consumer Credit. 2011.
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