不幸和错误:高成本贷款借款人的财务状况和决策能力
Leandro Carvalho1, Arna Olafsson2,3,4, Dan Silverman5,6
1University of Southern California.
The journal of political economy
|October 7, 2024
概括
高成本贷款需求是由财务困难 ("不幸") 和缺乏决策能力 (DMA) 推动的. 许多贷款都向流动性低,决策能力受损的借款人提供,这表明借贷的原因是双重的.
科学领域:
- 行为经济学是一种行为经济学.
- 金融监管 金融监管
- 消费者金融是消费者金融.
背景情况:
- 高成本贷款法规往往取决于区分由金融困境 ("不幸") 驱动的需求和消费者不良选择 ("错误") 之间的区别.
- 了解需求驱动因素对于设计有效的消费者保护政策至关重要.
研究的目的:
- 调查推动冰岛对高成本贷款需求的因素.
- 区分"不幸"和"错误"作为获得高成本贷款的原因.
主要方法:
- 在获得贷款之前,对冰岛银行记录进行分析,以评估借款人的流动性.
- 利用选择实验来衡量借款人的决策能力 (DMA).
- 将借款人的财务特征和DMA与贷款需求相关联.
主要成果:
- 借款人在获得高成本贷款之前立即表现出明显低的流动性.
- 很大一部分高成本贷款资金 (45%) 是由决策能力分布的底层20%的个人获得的.
- 标准的经济因素不能完全解释DMA和贷款需求之间的观察到的关系,这与借款人的"错误"指标保持一致.
结论:
- 财务困难 ("不幸") 和决策能力受损 ("错误") 都对高成本贷款的需求做出了重大贡献.
- 调查结果表明,针对高成本贷款的法规应该考虑外部金融冲击和借款人的内部认知限制.
- 该研究强调,需要制定政策,解决金融素养和决策能力以及流动性限制的问题.
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