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Rise of Bank Competition : Evidence from Banking Deregulation in China

Gao, Haoyu; Ru, Hong; Townsend, Robert M.; Yang, Xiaoguang - 2023

Using comprehensive loan-level data in China, we investigate how the deregulation on bank entry barriers alters local banking industrial organisation and its economic consequences. We document a novel trade-off: the potential benefits of deregulation are adversely mitigated by entrant banks’...

Persistent link: https://econbiz.de/10014256421

Are High-Interest Loans Predatory? Theory and Evidence from Payday Lending

Allcott, Hunt; Kim, Joshua J.; Taubinsky, Dmitry; … - 2023

It is often argued that people might take on too much high-cost debt because they are present focused and/or overoptimistic about how soon they will repay. We measure borrowers' present focus and overoptimism using an experiment with a large payday lender. Although the most inexperienced...

Persistent link: https://econbiz.de/10014256736

Learning to Navigate a New Financial Technology : Evidence from Payroll Accounts

Breza, Emily; Kanz, Martin; Klapper, Leora - 2023

How do inexperienced consumers learn to use a new financial technology? We present results from a field experiment that introduced payroll accounts in a population of largely unbanked factory workers in Bangladesh. In the experiment, workers in a treatment group received monthly wage payments...

Persistent link: https://econbiz.de/10014256765

Merger or Acquisition? Introduction to the Handbook of Historical Economics

Bisin, Alberto; Federico, Giovanni - 2023

The relationship between history and economics as academic disciplines is methodologically subtle and sociologically contested. If the Cliometric revolution can be characterized as an acquisition of economics by history, the most recent trends in Historical Economics appear to turn this...

Persistent link: https://econbiz.de/10014257164

Procyclical Fiscal Policy and Asset Market Incompleteness

Fernández, Andrés; Guzman, Daniel; Lama, Ruy; Végh, … - 2023

To explain the fact that government spending and tax policy are procyclical in emerging and developing countries, we develop a model for the joint behavior of optimal tax rates and government spending over the business cycle. Our set-up relies on financial frictions, which have been shown to be...

Persistent link: https://econbiz.de/10014257265

Mortgage Lenders and the Geographic Concentration of Foreclosures

Ross, Stephen L.; Wang, Yuan - 2023

We use HMDA rate spread loans to identify lenders involved in riskier lending prior to the foreclosure crisis. We develop a shift-share measure of changes in high rate spread share lender representation in housing submarkets across origination years. While half the cross-sectional correlation...

Persistent link: https://econbiz.de/10014257297

The Impact of a Government Risk Pool and an Opt-Out Framing on Demand for Earthquake Protection

Kunreuther, Howard; Conell-Price, Lynn; Kovacs, Paul; … - 2023

This paper describes the design and analysis of a web-based choice experiment that examines how the demand for earthquake protection in Quebec and British Columbia is influenced by the default option and the structure of the insurance plan. Homeowners in both provinces were given the opportunity...

Persistent link: https://econbiz.de/10014257310

Return on Student Loans in Canada

Lochner, Lance; Liu, Qian; Gervais, Martin - 2023

This paper uses new administrative data with detailed borrower information and lengthy repayment histories from the Canada Student Loans Program (CSLP) to measure rates of return on undergraduate student loans. We document substantial heterogeneity in returns based on information available at...

Persistent link: https://econbiz.de/10014257839

On the Distribution of Estates and the Distribution of Wealth : Evidence from the Dead

Berman, Yonatan; Morelli, Salvatore - 2023

Detailed information about the distribution of estates left at death has commonly served as the basis for the estimation of wealth distributions among the living via the mortality multiplier method. The application of detailed mortality rates by demographics and other determinants of mortality...

Persistent link: https://econbiz.de/10014258612

Trade Credit and the Transmission of Unconventional Monetary Policy

Adelino, Manuel; Ferreira, Miguel A.; Giannetti, Mariassunta - 2023

We show that trade credit in production networks is important for the transmission of unconventional monetary policy. We find that firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries and extend more trade...

Persistent link: https://econbiz.de/10014258705