| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP14799
|
| DP14799 The Co-holding Puzzle: New Evidence from Transaction-Level Data |
| Arna Olafsson; John Gathergood
|
| 发表日期 | 2020-05-23
|
| 出版年 | 2020
|
| 语种 | 英语
|
| 摘要 | Using detailed and highly-disaggregated data on spending, income, bank account balances, and consumer credit, we examine the tendency of individuals to “co-hold”, i.e., to simultaneously hold low-interest liquid deposit balances and high-interest debt in the form of overdrafts. The disaggregated nature of the data allows us to calculate co-holding at daily frequency, while prior studies have relied on more aggregated measures. Daily measures reveal that co-holding is less common than these prior studies have documented, occurring on approximately 15% of individual × days in our baseline calculations. Most spells of co-holding are also short, lasting less than one calendar month. The detailed data allow us to examine the empirical relevance of the competing explanations for co-holding. When brought to the data, we find that co-holding appears to be driven by behavioral rather than rational forces. More specifically, we find evidence in support of explanations for co-holding based upon mental accounting while we find rational explanations for co-holding to be empirically much less relevant. |
| 主题 | Financial Economics
|
| 关键词 | Co-holding
Credit card puzzle
Household finance
|
| URL | https://cepr.org/publications/dp14799
|
| 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/543731
|
推荐引用方式
GB/T 7714 |
Arna Olafsson,John Gathergood. DP14799 The Co-holding Puzzle: New Evidence from Transaction-Level Data. 2020.
|
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