期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 102, 期 1, 页码 28-44出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2011.03.022
关键词
Payday lending; Access to credit; Natural disasters; Foreclosures; Welfare
Does access to high-interest credit (payday loans) exacerbate or mitigate individual financial distress. Using natural disasters as an exogenous shock, I apply a propensity score-matched, triple-difference specification to identify a causal relation between welfare and access to credit. California foreclosures increase by 4.5 units per 1,000 homes after a natural disaster. The existence of payday lenders mitigates 1.0-1.3 of them, with the caveat that not all payday loans are for emergency distress. Payday lenders also mitigate larcenies (but not burglaries or vehicle thefts). In a placebo test of disasters covered by homeowner insurance, payday lending has no mitigation effect. (C) 2011 Elsevier B.V. All rights reserved.
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