全球智库信息集成服务系统(G2TT): The E\ufb00ects of Disclosure and Enforcement on Payday Lending in Texas

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28765
来源ID	Working Paper 28765
	The E\ufb00ects of Disclosure and Enforcement on Payday Lending in Texas
	Jialan Wang; Kathleen Burke
发表日期	2021-05-10
出版年	2021
语种	英语
摘要	Inspired by the ﬁeld experiment in Bertrand and Morse (2011), the state of Texas adopted an information disclosure for consumers taking out payday loans starting in January, 2012. The disclosure compares the cost of payday loans with other credit products, and presents their likelihood of renewal in easy-to-understand terms. Simultaneously, Austin and Dallas implemented stricter supply restrictions through city ordinances. We analyze both types of regulations, and ﬁnd that the statewide disclosures led to a signiﬁcant and persistent 13% decline in loan volume in the ﬁrst six months after implementation. The city ordinances led to a 61% decline in loan volume in Austin and a 44% decline in Dallas, with the timing of the eﬀect driven by the start of enforcement rather than the eﬀective date of regulation. The results show that both behaviorally-motivated disclosures and city-level supply restrictions can have a signiﬁcant impact on equilibrium loan quantities, with no eﬀect on prices or evidence of evasive income falsiﬁcation.
主题	Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions ; Behavioral Finance
URL	https://www.nber.org/papers/w28765
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/586439
推荐引用方式 GB/T 7714	Jialan Wang,Kathleen Burke. The E\ufb00ects of Disclosure and Enforcement on Payday Lending in Texas. 2021.

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
w28765.pdf（1167KB）	智库出版物		限制开放	CC BY-NC-SA	浏览