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来源类型Working Paper
规范类型报告
DOI10.3386/w17448
来源IDWorking Paper 17448
Costly Contracts and Consumer Credit
Igor Livshits; James MacGee; Michèle Tertilt
发表日期2011-09-22
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Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Markets ; Other ; Law and Economics
URLhttps://www.nber.org/papers/w17448
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575122
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Igor Livshits,James MacGee,Michèle Tertilt. Costly Contracts and Consumer Credit. 2011.
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