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Banking the Unbanked : What Do 255 Million New Bank Accounts Reveal about Financial Access?

Agarwal, Sumit - 2017

Using administrative account level data, we study the largest financial inclusion program in India that led to 255 million new bank account openings. About 77% of these accounts maintain a positive balance. While the initial usage remains quite infrequent, it gradually converges to that of...

Persistent link: https://www.econbiz.de/10012964578

Rushing into American dream? House prices, timing of homeownership, and adjustment of consumer credit

Agarwal, Sumit; Hu, Luojia; Huang, Xing - 2013

homeownership as a function of credit constraints and expectations of future house price. Our panel data allows us to track … quartile house price growth, the median individual become homeowners earlier by 5 years in their lifecycle compared to MSAs … with lowest quartile house price growth. The result suggests that the effect of expectation dominates the effect of credit …

Persistent link: https://www.econbiz.de/10010352190

Consumption and Debt Response to Unanticipated Income Shocks : Evidence from a Natural Experiment in Singapore

Agarwal, Sumit - 2014

This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unanticipated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each dollar received, consumers on...

Persistent link: https://www.econbiz.de/10013064215

Consumption and Portfolio Rebalancing Response of Households to Monetary Policy : Evidence of the HANK Channel

Agarwal, Sumit - 2020

This paper tests one specific monetary transmission mechanism through households: portfolio rebalancing. We use a unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets such as mutual funds and equities, as well as bank...

Persistent link: https://www.econbiz.de/10012835832

Age of Decision : Pension Savings Withdrawal and Consumption and Debt Response

Agarwal, Sumit - 2018

This paper exploits an administrative regulation in Singapore that allows individuals to withdraw between 10 to 30 percent of their pension savings at age 55. We find a large and highly significant increase in individuals' bank account balances within the first month of turning 55, which...

Persistent link: https://www.econbiz.de/10012937807

Soft Liquidity Constraints and Consumption : Evidence from Macro Prudential Policy in Turkey

Agarwal, Sumit - 2017

Using account-level credit card data from a major Turkish bank we show the impact of a unique restrictive credit card policy on consumption and debt repayment behavior. The complex policy imposes two types of soft liquidity constraints for certain credit card holders: progressively higher...

Persistent link: https://www.econbiz.de/10012972103

Rushing into the American Dream? House Prices Growth and the Timing of Homeownership

Agarwal, Sumit - 2016

We use the New York Fed Consumer Credit Panel dataset to empirically examine how past house price growth influences the … timing of homeownership. We find that the median individual in metropolitan areas with the highest quartile house price … growth becomes a homeowner 5 years earlier than that in areas with the lowest quartile house price growth. The result is …

Persistent link: https://www.econbiz.de/10013006927

Thy Neighbor’s Misfortune : Peer Effect on Consumption

Agarwal, Sumit - 2020

Using a large, representative sample of credit and debit card transactions in Singapore, this paper studies the consumption response of individuals whose same-building neighbors experienced personal bankruptcy. The unique bankruptcy rules in Singapore suggest liquidity shocks drive personal...

Persistent link: https://www.econbiz.de/10012855514

The Composition Effect of Consumption around Retirement : Evidence from Singapore

Agarwal, Sumit - 2014

It is well established that consumption is “hump” shaped over an individual's lifecycle, peaking in middle age and then declining in the years that follow. Prior research has documented that consumption declines at retirement, which is inconsistent with the standard lifecycle model with...

Persistent link: https://www.econbiz.de/10013044705

Consumption and Saving Response to a Tax-Subsidized Saving Policy : Evidence from India

Agarwal, Sumit - 2018

To incentivize households to increase private savings, the Indian government implemented in July 2014 a new tax-subsidized saving policy that largely incentivizes homeowners by allowing them to exempt an additional 50,000 INR ($833) of the mortgage principal and interest payments from taxable...

Persistent link: https://www.econbiz.de/10012933146

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