Using a unique, multistate data set and exploiting policy heterogeneity across states and time, I examine average and marginal effects of changing payday‐lending policies on county‐month‐level branch counts between January 2001 and December 2010. Average results on operating branches are mixed: the effects of adopting liquidity requirements and fee ceilings are negative while the effects of adopting balance and rollover limits are positive. Adopting balance limits decreases new branch counts. Marginal effects of relaxing rollover ceilings are positive for operating branches, though negative for new branches. Results highlight the need to consider both consumer‐ and producer‐interest perspectives when examining the relationship between industry and regulation. (JEL L22, G28, D22)

中文翻译：

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监管与发薪日贷款行业

使用一个独特的多州数据集，并利用各州和不同时间之间的策略异质性，我研究了发薪日贷款政策的变化对2001年1月至2010年12月之间县级分支机构数量的平均和边际影响。 ：采用流动性要求和费用上限的影响为负面，而采用余额和展期限额的影响为正面。采用余额限制会减少新的分支机构计数。放宽限额的边际效应对运营分支机构是有利的，而对新分支机构则不利。结果表明，在检查行业与法规之间的关系时，需要同时考虑消费者和生产者的利益。（ JEL L22，G28，D22）