| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19069 |
| 来源ID | Working Paper 19069 |
| Borrowing High vs. Borrowing Higher: Sources and Consequences of Dispersion in Individual Borrowing Costs | |
| Victor Stango; Jonathan Zinman | |
| 发表日期 | 2013-05-23 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We document cross-individual variation in U.S. credit card borrowing costs (APRs) that is large enough to explain substantial differences in household saving rates. Borrower default risk and card characteristics explain roughly 40% of APRs. The remaining dispersion exists because a borrower can receive offers and hold cards with wide-ranging APRs, as different issuers price the same observable risk metrics quite differently. Borrower debt (mis)allocation across cards explains little dispersion. But self-reported borrower search/shopping (along with instruments for shopping implied by Fair Lending law) can explain APR differences comparable to moving someone from the worst credit score decile to the best. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19069 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576744 |
| 推荐引用方式 GB/T 7714 | Victor Stango,Jonathan Zinman. Borrowing High vs. Borrowing Higher: Sources and Consequences of Dispersion in Individual Borrowing Costs. 2013. |
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