During the Great Recession, the collapse of consumption across the U.S. varied greatly but systematically with house-price declines. We find that financial distress among U.S. households amplified the sensitivity of consumption to house-price shocks. We uncover two essential facts: (1) the...

I study the effect of access to payday loans on the timing, level and composition of consumption. Using a newly obtained military administrative dataset of sales at on-base grocery and department stores, I examine how consumption behavior changes after the passage of a federal law that...

The attempts to explain the high and sticky credit card rates have given rise to a vast literature on credit card markets. This paper endeavors to explain the rates in the Turkish market using measures of non-price competition. In this market, issuers compete monopolistically by differentiating...

The failure of competition and the consequent high and sticky interest rates in credit card markets have been the subject of a considerable amount of debate and research lately. This paper presents the first regression testing for the existence of price competition in a credit card market to be...

Loan refusal has been a problem facing many loan applicants at the household level and this problem is not new to loan applicants in Ghana. Despite this knowledge, researchers passively discuss loan refusal and do not consider the intensity of this problem. This study analyses the effect of...

We have assembled a unique loan-level performance dataset for mortgages originated in the UK to study the differences in default likelihood between loans of varying borrower and loan characteristics. We can broadly confirm the relevance of most commonly known riskfactors and find that most...