We thank the editor, Robert DeYoung, an anonymous referee, Todd Gormley, Mark Jenkins, Paul Landefeld, Donald Morgan, Nick Roussanov, Luke Taylor, and Jeremy Tobacman for helpful reviews, along with seminar participants during the Wharton class, the GW/FRB/GFLEC Financial Literacy Seminar additionally the Consumer Expenditure Survey Microdata Workshop. I’m grateful to Jimmy Lee, Ryan Pfirrmann‐Powell, Geoffrey Paulin, Arcenis Rojas, as well as others when you look at the Division regarding the Consumer Expenditure Survey in the Bureau of Labor Statistics for help accessing the Consumer that is confidential Expenditure files, and I also have always been grateful to Paul Amos associated with Wharton GIS lab for help with GIS. The Jay H. Baker Retailing Center during the Wharton class offered nice financial help for the task before the writer’s work because of the Federal Reserve. Aftereffects of Use Of High‐Cost Credit.” The analysis and conclusions expressed in this paper are the ones of this author plus don’t always mirror the views of this Board of Governors associated with the Federal Reserve System, its people, or its staff. This research had been carried out with limited usage of Bureau of Labor Statistics (BLS) information. The views here usually do not necessarily mirror the views associated with BLS.
Abstract
In this paper, We reveal that high‐cost credit helps households smooth usage after durations of short-term distress that is financial. After experiencing distress—that is, extreme climate events—I realize that access to high‐cost payday lending mitigates declines in overall investing and nondurable items investing generally speaking. The outcome are especially concentrated among households with an increased tendency to make use of credit that is payday that have actually restricted alternatives: low income households, households with lower than a college level, and households with low levels of preserving. These outcomes highlight the consumption‐smoothing part that high‐cost credit plays for households with restricted use of other styles of credit.
Amount of times cited relating to CrossRef: 4
- Kabir Dasgupta, Brenden J. Mason, the result of Interest Rate Caps on Bankruptcy: Synthetic Control proof from Present Payday Lending Bans, Journal of Banking & Finance, 10.1016/j.jbankfin.2020.105917, (105917), (2020).
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