Braxton, John Carter; Chikhale, Nisha; Herkenhoff, Kyle; … - 2024
limits and more lenient bankruptcy - affected intergenerational mobility. Surprisingly, we find that the democratization of … credit led to less intergenerational mobility and greater inequality. Two offsetting forces underlie this result: (1) greater … credit limits raise mobility by facilitating borrowing and investment among low-income households; (2) however, more lenient …