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来源类型Working Paper
规范类型报告
DOI10.3386/w24849
来源IDWorking Paper 24849
Expanding Financial Access Via Credit Cards: Evidence from Mexico
Sara G. Castellanos; Diego Jiménez Hernández; Aprajit Mahajan; Enrique Seira
发表日期2018-07-23
出版年2018
语种英语
摘要Credit card debt is increasingly common among poor and inexperienced borrowers – thus de facto a financial inclusion product. However, it remains relatively under-studied. We use detailed card level data and a product that accounted for 15% of all first-time formal loans in Mexico and show that default rates are high and ex-ante unpredictable for new borrowers – suggesting an important role for ex-post contract terms in limiting risk. However, using a large nation-wide experiment we find that default is unresponsive to minimum payment increases, a commonly proposed policy remedy. We provide evidence that the zero result is driven by the offsetting effects of tightened liquidity constraints and lower debt burdens. Surprisingly, we also find muted default responses to large experimental changes in interest rates – suggesting a limited role for ex-post moral hazard in our context. Finally, we use job displacements to document large effects of unemployment on default, highlighting the centrality of idiosyncratic shocks as a barrier to the expansion of formal credit among poorer populations.
主题Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w24849
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/582523
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Sara G. Castellanos,Diego Jiménez Hernández,Aprajit Mahajan,et al. Expanding Financial Access Via Credit Cards: Evidence from Mexico. 2018.
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