全球智库信息集成服务系统(G2TT): Regulating Consumer Financial Products: Evidence from Credit Cards

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19484
来源ID	Working Paper 19484
	Regulating Consumer Financial Products: Evidence from Credit Cards
	Sumit Agarwal; Souphala Chomsisengphet; Neale Mahoney; Johannes Stroebel
发表日期	2013-09-26
出版年	2013
语种	英语
摘要	We analyze the effectiveness of consumer financial regulation by considering the 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act in the United States. Using a difference-in- differences research design and a unique panel data set covering over 160 million credit card accounts, we find that regulatory limits on credit card fees reduced overall borrowing costs to consumers by an annualized 1.7% of average daily balances, with a decline of more than 5.5% for consumers with FICO scores below 660. Consistent with a model of low fee salience and limited market competition, we find no evidence of an offsetting increase in interest charges or a reduction in volume of credit, although we are unable to analyze longer-run effects on investments or industry structure. Taken together, we estimate that the CARD Act fee reductions have saved U.S. consumers $12.6 billion per year. We also analyze the CARD Act requirement to disclose the interest savings from paying off balances in 36 months rather than only making minimum payments. We find that this "nudge" increased the number of account holders making the 36-month payment value by 0.5 percentage points on a base of 5.7%.
主题	Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Industrial Organization ; Market Structure and Firm Performance
URL	https://www.nber.org/papers/w19484
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/577158
推荐引用方式 GB/T 7714	Sumit Agarwal,Souphala Chomsisengphet,Neale Mahoney,et al. Regulating Consumer Financial Products: Evidence from Credit Cards. 2013.