【讲座时间】2023年10月17日 14:00
【讲座地点】会计学院108室
【讲座主题】Liquidity Constraint Threat and Household Indebtedness
【嘉宾介绍】邹欣，香港浸会大学
Xin is an Associate Professor of Finance in Department of Accountancy, Economics and Finance at School of Business, Hong Kong Baptist University.
Xin's main research interests are Household Finance, Household Sustainability, Digitization, E-commerce, and FinTech, Financial Intermediaries, and Behavioral Finance. She is the recipient of external General Research Funds from the University Grants Committee of Hong Kong. Her research is accepted for publication at top academic journals such as Journal of Financial Economics, American Economic Journal: Economic Policy, Management Science, Journal of Banking and Finance, and AEA Papers and Proceedings.
【内容提要】
Using individual-level credit card data, this paper investigates the effectiveness of a consumer financial regulation aiming to reduce household unsecured debt accumulation. A non-binding penalty of suspending all existing unsecured credit for heavily indebted individuals induces the credit card revolvers to reduce their monthly credit card balance by 211 SGD (or 10.2%) more than the non-revolvers after the policy announcement. A 188 SGD (or 9.9%) decrease in credit card debt accounts for the majority of the credit card balance reduction, while credit card spending decreases by 20 SGD (or 24%). We document significant adjustments in credit card behaviors during both announcement and implementation periods. Consistent with the probability weighting interpretation, we find significant debt reduction even among revolvers distant from the penalty threshold. The credit card debt response is stronger among revolvers with lower liquidity constraints and those whose existing unsecured credit is more important.
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