Targeted Debt Relief and the Origins of Financial Distress: Experimental Evidence from Distressed Credit Card Borrowers
有针对性的债务减免与金融困境的起源:来自贫困信用卡借款人的实验证据
作者: Will DobbieJae Song
作者单位: 1Harvard Kennedy School and NBER (email: will_dobbie@hks.harvard.edu )
2 Social Security Administration (email: jae.song@ssa.gov )
刊名: American Economic Review, 2020, Vol.110 (4), pp.984-1018
来源数据库: American Economic Association
DOI: 10.1257/aer.20171541
原始语种摘要: We study the drivers of financial distress using a large-scale field experiment that offered randomly selected borrowers a combination of (i) immediate payment reductions to target short-run liquidity write-downs to target long-run debt constraints. We identify the separate effects of the payment reductions and interest write-downs using both the experiment and cross-sectional variation in treatment intensity. We find that the interest write-downs significantly improved both financial and labor market outcomes, despite not taking effect for three to five years. In sharp contrast, there were no positive effects of the more immediate payment reductions. These results run counter to the widespread view that financial distress is largely the result of short-run constraints. (JEL G56, K35 )
全文获取路径: 美国经济学会 
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关键词翻译
关键词翻译
  • financial 财政的
  • liquidity 怜性
  • downs 粗纺厚呢
  • short 短的
  • interest 兴趣
  • market 市场
  • labor 工作
  • distress 损坏
  • experiment 实验
  • largely 大量