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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w24849 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w24849 |
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/582523 |
推荐引用方式 GB/T 7714 | Sara G. Castellanos,Diego Jiménez Hernández,Aprajit Mahajan,et al. Expanding Financial Access Via Credit Cards: Evidence from Mexico. 2018. |
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 | ||
w24849.pdf(1607KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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