全球智库信息集成服务系统(G2TT): Targeted Debt Relief and the Origins of Financial Distress: Experimental Evidence from Distressed Credit Card Borrowers

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23545
来源ID	Working Paper 23545
	Targeted Debt Relief and the Origins of Financial Distress: Experimental Evidence from Distressed Credit Card Borrowers
	Will Dobbie; Jae Song
发表日期	2017-06-26
出版年	2017
语种	英语
摘要	We study the drivers of financial distress using a large-scale field experiment that offered randomly selected borrowers a combination of (i) immediate payment reductions to target short-run liquidity constraints and (ii) delayed debt write-downs to target long-run debt constraints. We identify the separate effects of the payment reductions and debt write-downs using variation from both the experiment and cross-sectional differences in treatment intensity. We find that the debt write-downs significantly improved both financial and labor market outcomes despite not taking effect for three to five years. In sharp contrast, there were no positive effects of the more immediate payment reductions. These results run counter to the widespread view that financial distress is largely the result of short-run constraints.
主题	Microeconomics ; Households and Firms ; Labor Economics ; Labor Supply and Demand ; Labor Compensation ; Other ; Law and Economics
URL	https://www.nber.org/papers/w23545
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/581218
推荐引用方式 GB/T 7714	Will Dobbie,Jae Song. Targeted Debt Relief and the Origins of Financial Distress: Experimental Evidence from Distressed Credit Card Borrowers. 2017.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w23545.pdf（806KB）	智库出版物		限制开放	CC BY-NC-SA	浏览