| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13807 |
| DP13807 Regulatory Interventions in Consumer Financial Markets: The Case of Credit Cards | |
| Manolis Galenianos; Alessandro Gavazza | |
| 发表日期 | 2019-06-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We build a framework to understand the effects of regulatory interventions in credit markets, such as caps on interest rates and higher compliance costs for lenders. We focus on the credit card market, in which we observe U.S. consumers borrowing at high and very dispersed interest rates, despite receiving many credit card offers. Our framework includes two main features that account for these patterns: endogenous effort of examining offers and product differentiation. Our calibration suggests that most borrowers examine few of the offers that they receive, thereby foregoing cards with low interest rates and high non-price benefits. The calibrated model implies that interest rate caps reduce credit supply modestly and curb lenders' market power significantly, leading to large gains in consumer surplus, whereas higher compliance costs unambiguously decrease consumer surplus. |
| 主题 | Financial Economics ; Industrial Organization |
| URL | https://cepr.org/publications/dp13807-1 |
| 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/542680 |
| 推荐引用方式 GB/T 7714 | Manolis Galenianos,Alessandro Gavazza. DP13807 Regulatory Interventions in Consumer Financial Markets: The Case of Credit Cards. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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